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
The leaders of various British Overseas Territories recently made headlines when they entered talks with the ministers in hopes of reversing the UK’s decision to end bank secrecy related to offshore tax havens.
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.