The European Commission recently launched proceedings against the Isle of Man over the tax breaks it gives to some of the world’s high-net-worth individuals when purchasing private yachts and jets. In the proceedings, the European Commission refers to these tax breaks as illegal.
San Francisco is known as a technology hub, but it also has a great deal of homelessness due to the high cost of living that comes from that high-tech status.
The United Kingdom has long expressed concerns about British Overseas Territories, specifically their offshore status and lack of tax regulations.
Elon Musk is certainly one of the best-known high-net-worth individuals in the world, and he has recently been under heat from various sources, including the SEC.
The 2017 Tax Cuts and Jobs Act (TCJA) certainly led to confusion around the country and mixed reactions. At the same time, it also laid out the groundwork for a program that would have great benefits for high-net-worth individuals, the Opportunity Zone Program.
Recent information reveals that those responsible for deforestation and overfishing have been funneling their money through tax havens. This means that despite the heavy environmental toll of these actions, the companies responsible cannot be held accountable in most ways, from corporate tax to fines.
Much of the debate regarding tax havens and offshore accounts focuses on evasions of those in Europe or the United States. However, Chinese sellers have come under scrutiny recently, particularly those selling on Amazon and eBay and operating in Europe.
American citizens with offshore assets are running out of time to participate in the U.S. Offshore Voluntary Disclosure Program (ODVP). The IRS announced several months ago that it will be closing this program on September 28.
Most high-net-worth individuals who take advantage of offshore accounts to pay lower taxes are aware that the EU created a blacklist of tax havens about a year and a half ago.
Spain is among the countries with a strong reputation of being tough on tax evasion, something Manchester United manager Jose Mourinho has recently discovered