Guide to Income Tax Havens

The Federal Reserve will create a “final crisis” by continuing to print money because it is underestimating the strength of the economy, Marc Faber, the author of “The Gloom, Boom and Doom Report,” told CNBC Tuesday.

Read More: http://www.cnbc.com/id/38534143

New Tax Reporting Rules Will Significantly Impact Offshore Funds

Edward H. Dougherty, Deloitte Tax LLP  — On March 18, 2010, new information reporting rules were adopted which will significantly increase the compliance burden for managers of non-U.S. hedge and private equity funds.  Indeed, in many cases these funds have not been subject to U.S. tax reporting by virtue of their offshore domicile.  While the new rules were adopted as part of the Hiring Incentives to Restore Employment [“HIRE”] Act, the specific provisions have come to be known as the foreign account tax compliance or “FATCA” rules. 

Read More: http://www.finalternatives.com/node/12996

Responding to an attack by offshore insurers on the proposed bill in the House of Representatives which would close an alleged loophole that enables them to avoid US taxes, the Coalition for a Domestic Insurance Industry (CDII), which represents US-based insurance groups, has released its own defence of the legislation.

The bill, introduced last year by Richard E. Neal, Chairman of the Subcommittee on Select Revenue Measures, is aimed at ending what he called “the use of excessive affiliate reinsurance by foreign insurance groups to strip their US income into tax havens, avoid tax, and gain a competitive advantage over American companies.”

Read More http://www.tax-news.com/news/US_Insurers_Defend_Neal_Bill____44013.html

By Nicholas Larkin

June 9 (Bloomberg) — Demand for gold coins is tightening supplies and boosting premiums as mounting concern over Europe’s debt crisis and a proposed increase in U.K. capital-gains tax spur purchases, according to GoldCore Ltd.

Wholesale premiums on British sovereigns, added to the price of immediate-delivery bullion, have jumped to about 7 percent from as little as 2.5 percent in early May, the broker and dealer said. For the more popular Krugerrands, they have risen between 1 percent and 1.5 percent in the past month. May bullion sales almost tripled from a year earlier, GoldCore said.

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(Reuters) – Swiss efforts to tempt financial professionals away from the UK with the promise of lower taxes are being frustrated by regulatory question marks and high living costs.

With its tax haven status gone and its prized banking secrecy under fire, Switzerland needs new tricks to maintain its pre-eminence as a wealth management powerhouse and major financial center, some financial professionals say.

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A tax haven is any territory or country where there are low taxes or no taxes at all. For some people and many companies, they find that it is more economic and makes more sense to relocate to this area because they can save a considerable amount of money on their taxes. What this creates, in essence, is tax competition or governmental competition. Governments begin to have to compete for the tax revenue of different people and companies. When this happens, the average person typically makes out the best.

http://www.fortliberty.org/tax-havens.html

Gold surged to a record high on Wednesday as investors piled in, seeking safety from turmoil in government bond markets and the risks of Greece’s debt crisis spreading to other countries.

Read More @ Reuters

I was on Marc Faber’s website this afternoon and I discovered the link to this PDF which outlines some of the early history of Switzerland and the Legend of William Tell.

http://www.gloomboomdoom.com/lifestyle/download/WilliamTell_TaxRebel.pdf

The Swiss Confederation was founded in 1291 as a defensive alliance among three cantons. In succeeding years, other localities joined the original three. The Swiss Confederation secured its independence from the Holy Roman Empire in 1499. A constitution of 1848, subsequently modified in 1874, replaced the confederation with a centralized federal government. Switzerland’s sovereignty and neutrality have long been honored by the major European powers, and the country was not involved in either of the two World Wars. The political and economic integration of Europe over the past half century, as well as Switzerland’s role in many UN and international organizations, has strengthened Switzerland’s ties with its neighbors. However, the country did not officially become a UN member until 2002. Switzerland remains active in many UN and international organizations but retains a strong commitment to neutrality.