For years, high-net-worth individuals have been using offshore bank accounts in countries considered to be tax havens to reduce their annual taxes. With increasing attention pointed to these tax havens and many governments beginning to crack down on the low tax associated with them, some see Bitcoin as a potential alternative to the traditional offshore bank.
Early in August, the minister for finance confirmed that the Irish revenue commissioners brought in nearly 88 million Euros during the initiative to tackle the common problem of offshore tax evasion.
President Trump tends to take bold actions on a weekly, if not on a daily basis, including with his planned tax cuts. Recently, those in the know heard about a potential plan that would cut $100 billion in taxes, something which would likely benefit high-net-worth individuals instead of the average person.
Among those in search of an offshore financial center, New Zealand is growing in popularity. This country certainly does not meet the typical description of an offshore center to avoid international tax, but it poses its own benefits.
Pope Francis recently made headlines in the world of wealth planning for high-net-worth individuals by denouncing the practice of using offshore tax havens.
Earlier this year, the UK’s HM Revenue and Customs (HMRC) department made headlines for a consultation on the plans to extend the time limits related to offshore tax investigations.
The royal wedding was recently all over the news, with millions around the world celebrating the marriage of Prince Harry and Meghan Markle. This event was more than just a glimpse into the life of the British elite and royals; it was also a prominent example of the complexities of tax planning, particularly when dealing with international taxes.
In addition to all the headlines about the World Cup, football (or soccer, depending on where you live) fans around the world have also likely noticed the scandal involving Cristiano Ronaldo and his tax situation.
China has made headlines recently for the launch of a tax evasion probe that specifically targets the film and TV industry. According to early reports, tax authorities have expressed concern over the common “yin-yang” contracts signed by actors in the country.
Former French budget minister Jerome Cahuzac was sentenced to two years in prison in May on tax fraud charges. Cahuzac, a 65-year-old former cosmetic surgeon, served as the budget minister under former French president Francois Hollande between 2012 and 2013.