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Category: Offshore Account Update - Page 5

The Paradise Papers: What Are They and Why Do They Matter?

Hot Topics, Offshore Account Update

Posted in on November 29, 2017

In recent years, there have been several major leaks of data related to offshore financial accounts. The Paradise Papers is the fifth major leak. The Paradise Papers contain more than 1,400 gigabytes of data, including an estimated 13.4 million documents that expose insider details about the world of offshore banking.  An estimated 6.8 million of the leaked documents come from Appleby, which is a law firm that provides assistance to individuals and businesses in setting up offshore companies and registering those organizations.

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After Tax Evasion Crackdowns, Geneva Banks Hope for a Better 2018

Offshore Account Update

Posted in on October 27, 2017

Following the global financial crisis, countries throughout the world began to crack down heavily on tax evaders, passing new laws and going after both offshore investors and financial institutions.Read More

The Top Countries for Offshore Accounts

Offshore Account Update

Posted in on September 15, 2017

There are many reasons to make offshore investments with foreign financial institutions, including diversifying your investment holdings, investing in different currencies, and protecting yourself in case of financial or political disasters.  However, offshore accounts are often treated with suspicion because taxing authorities believe investors with foreign financial accounts regularly fail to report those accounts to taxing authorities in their home country.Read More

Swiss Firm to Pay Millions in Tax Evasion Settlement

Offshore Account Update

Posted in on September 1, 2017

The United States Department of Justice has entered into an agreement with a Swiss asset management firm. The firm will pay $5 million to settle allegations that it helped U.S. affiliated clients to evade their tax obligations. The firm, Prime Partners SA, is one of a huge number of foreign entities that have cooperated with the Department of Justice.Read More

The Downsides of Streamlined Disclosure

Offshore Account Update

Posted in on August 31, 2017

If you have offshore accounts and you failed to comply with requirements to report those accounts, you should talk with a Washington DC tax attorney as soon as possible. The U.S. government has been aggressively cracking down on offshore investors, as well as on banks that cater to U.S. account holders. Many banks have turned over information on accountholders in exchange for avoiding prosecution for their parts in facilitating tax evasion, which means the IRS has information about a substantial number of offshore accounts – and you could be one of them.Read More

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