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There are a lot more former U.S. citizens than there once were. Americans fed up with paying tax—and their government—are voting with their feet. And they're doing it in much greater numbers than ever before.
On September 1, Austria's parliament approved a law to ease banking secrecy in the last EU country on the Organization for Economic Co-operation and Development (OECD) "gray list" of tax havens. It was a challenge to assemble a two-thirds majority necessary to weaken the law, but Austria's leaders persuaded legislators of the importance for Austria to get off the OECD's odious list.
The abominable practice of "civil forfeiture" is a legal procedure in which prosecutors can seize your property without accusing you—much less convicting you—of any crime.
I arrived yesterday afternoon, May 18, in Vienna for a series of meetings with Austrian banks, lawyers, and financial advisors.
In my most recent blog entry, I described how exchange controls—laws restricting private ownership of, or transactions in, foreign currencies and gold—are spreading from third world countries to the industrialized world.
Exchange controls—laws restricting private ownership of, or transactions in, foreign currencies and gold—are blossoming throughout the world. Residents of Cuba, Malaysia, Myanmar, Venezuela, and Zimbabwe have long dealt with these restrictions.
In my last post, I described how Senators Carl Levin (D-Mich.) and Byron Dorgan (D-N.D.), along with the Obama administration, are misinterpreting a report published by the U.S. General Accountability Office to advance their anti-offshore agenda.
U.S. Congressional blowhards are using a recent report from the Government Accountability Office to push for even harsher sanctions against low-tax jurisdictions, and the U.S. companies that use them.
In recent years, offshore private interest foundations (OPIFs), mainly formed in Panama, have become popular asset protection and estate planning vehicles. However, if you establish this entity without expert tax advice, you could be in for a rude awakening from the IRS.
Asset forfeiture is a hugely profitable enterprise for city, county, and state governments, and the federal government as well.
About a year ago, former New York governor Elliot Spitzer made a series of cash withdrawals from his own bank account. The total amount he withdrew came to more than $15,000.
When you retain a licensed attorney, you generally have the right to refuse to disclose all "confidential communications" between you and your attorney. You also have the right to prevent others from disclosing confidential communications. In U.S. law, this is known as the attorney-client privilege.
If you've ever wondered how Congress could possible enact legislation as complex as the USA PATRIOT Act less than 30 days after the events of Sept. 11, 2001, you're not alone.
Back in 2005, our Congressional kleptocrats snuck an obscure provision into a military spending bill that, in effect, creates the first national ID card in U.S. history.
The United States is the only major country that imposes tax on a citizen's worldwide income, no matter where that citizen lives.
A diplomatic passport is the "Nirvana" of international travel. Once you receive diplomatic status from a recognized government, you may be eligible to enjoy the privileges granted diplomats under international treaty.
As wacky as some of the anti-terrorist initiatives that I've written about in the good ol' USA, they don't hold a candle to those advanced in the United Kingdom.
No, there haven't been any nuclear missiles launched, at least not yet. No mobilization of U.S. forces on Iran's border. But on March 20, the United States launched the equivalent of an invasion of Iran, in the world of global finance.
Talk about comeuppance. New York governor Elliot Spitzer, the poster boy for ethics on Wall Street and elsewhere in the financial markets now finds his political career in ruins. And it's all because of an almost-unknown law: the Bank Secrecy Act.
Variable annuities and life insurance have a reputation as pretty boring investments. Yet, they're some of the most flexible contracts available to achieve tax deferral, asset protection, and a degree…
Debunking the Panama Passport Myth Regularly, we receive inquiries about Panama's "instant passport" program. But here’s the deal: Panama does NOT have a legally sanctioned economic citizenship/passport program. But, there…
In the last few months, I've received several e-mails requesting assistance in obtaining an "Anti-Terrorist Clearance Certificate."Â They supposedly need the certificate to claim a monetary award, generally for US$100,000 or more, purportedly from an offshore source.
If you live or do business in the United States, you're almost certainly a criminal, even if you don't know it.
Life insurance enjoys uniquely preferential treatment under U.S. tax law: All earnings accumulate free of taxes until withdrawal; The death benefit can pass to beneficiaries tax-free; Tax-free loans are possible;…
Joe’s an average American guy. He and his wife Jane live in a three-bedroom tract home in the suburbs with a couple of children. Joe has a middle-class occupation. So does Jane—they…
A few years ago, I read Christopher Reich's massive novel, Numbered Account, billed as an inside look at the "anonymous" world of offshore banking. While the book is definitely a…
As I described in yesterday's blog entry, Austria has one of the world's strongest bank secrecy laws. Critics of bank secrecy laws claim that they help criminals shield illicit gains…
There's no point denying it—banking fees and commissions in Austria—and many other offshore financial centers—are substantially higher than in the United States. Fortunately, there are some ways to reduce them.…
Corporations are the traditional way to limit personal liability in a business. A corporation has a separate legal personality from its owners, officers, and directors. This legal personality provides a "corporate…