By Mark Nestmann • July 7, 2015
A little over two decades ago, the elites of Europe met in Maastricht, the Netherlands, to realize a long-held dream. It was to create a common currency that could be used throughout Europe, and possibly, the world.
By Mark Nestmann • June 30, 2015
Earlier this month, news emerged that the US government had suffered its worst cyberattack ever. On June 4, the Office of Personnel Management (OPM) revealed that hackers had penetrated its networks, possibly for many months.
By Mark Nestmann • June 23, 2015
Leave it to bureaucrats to decide that while some competition is good, too much is bad. In a nutshell, that’s what the Organisation for Economic Co-operation and Development’s (OECD) ongoing campaign against lower taxes is all about.
By Mark Nestmann • June 16, 2015
Back in 1970, Congress enacted a law that became known as the Bank Secrecy Act, or BSA. But like the PATRIOT Act, the USA Freedom Act, and many other opaquely named laws Congress enacts, the BSA had nothing to do with encouraging bank secrecy.
By Mark Nestmann • June 9, 2015
Talk about a comeuppance. Former Speaker of the House of Representatives Dennis Hastert, who helped force through Congress stricter laws against anonymous cash transactions, now faces financial ruin – and an extended jail sentence – thanks to the very same laws.
By Mark Nestmann • June 2, 2015
By Mark Nestmann • May 26, 2015
Dual citizenship, coupled with a second passport, holds numerous benefits. It can: Expand your travel and investment possibilities; Give you the right to reside in another country or countries; and
By Mark Nestmann • May 19, 2015
I got a good laugh earlier this month when a federal appeals court ruled that the National Security Agency (NSA) could no longer collect the phone records of all US persons – and then store them in a massive database.
By Mark Nestmann • May 12, 2015
I’m a die-hard science fiction fan, and one of my all-time favorites in this genre is Douglas Adams’ superb The Hitchhiker’s Guide to the Galaxy.
By Mark Nestmann • May 5, 2015
Cash has never been a popular asset with the totalitarian set. It’s difficult, if not impossible, to trace. Cash makes it possible to do business “off the books.”
By Mark Nestmann • April 28, 2015
With an annual budget now approaching $4 trillion, it’s not surprising that the US government has quite a few departments that most of us know nothing about.
By Mark Nestmann • April 21, 2015
Almost everyone can benefit by having a second citizenship and passport. The biggest advantage is that it gives you a way to travel internationally if you lose your primary passport or if your government seizes it.
By Mark Nestmann • April 14, 2015
One of the most important services that I think I provide our consulting clients is to say “no” to some of their harebrained ideas. Over the last year or so, the scheme that I’ve said “no” to more than anything else involves Puerto Rico.
By Mark Nestmann • April 7, 2015
I just got back to the US from 10 days in Nevis (the smaller island in the Federation of St. Kitts & Nevis). The purpose of my visit was to put together the infrastructure to service clients through Fortress Trust Ltd.
By Mark Nestmann • March 31, 2015
Every three months, the mainstream media participate in a ridiculous charade: interpreting the quarterly announcements from the Federal Reserve Board of Governors.
By Mark Nestmann • March 24, 2015
With the US dollar hitting multiyear highs against other global currencies almost daily, Americans are in a sweet spot for making international investments. Your US dollars will buy a lot more rubles, yen, and Canadian dollars than they would a year, or even a month, ago.
By Mark Nestmann • March 17, 2015
US citizens who expatriate – those who give up their citizenship and passport – don’t get a lot of respect.Take Facebook co-founder Eduardo Saverin, for instance. When the Brazilian-born Saverin gave up US citizenship in 2011, it led to a political witch-hunt.
By Mark Nestmann • March 10, 2015
It’s bad enough to have the IRS or another government agency after you. But when Uncle Sam – or even a state or local government – hires a collection agency to chase after you, things can go downhill fast.
By Mark Nestmann • March 3, 2015
One of the assumptions of the eurozone – those 19 countries in Europe that use the euro as their national currencies – is that if any country left the zone, economic disaster would follow in its wake.
By Mark Nestmann • February 24, 2015
I’ve written frequently about FATCA, the Foreign Account Tax Compliance Act. This one-sided law forces other countries to enforce US tax laws. If they fail to do so, they’re effectively locked out of US markets and the US dollar – the world’s reserve currency (at least for now).
By Mark Nestmann • February 17, 2015
Just about every middle-class and wealthy family in the US uses household help at some point. Babysitters, maids, gardeners, nannies… American homes are full of them.
By Mark Nestmann • February 10, 2015
Each year, with great fanfare, the IRS publishes a list of what it calls the “Dirty Dozen Tax Scams.” Last month, it published its most recent list, which you can read here.
By Mark Nestmann • February 3, 2015
It was a warm spring day in St. John’s, Antigua. Driving on the left, as is the custom in much of the Caribbean, was a bit of a challenge, but eventually I found the building I was seeking.
By Mark Nestmann • January 27, 2015
One of the departing initiatives taken by retiring US Attorney General Eric Holder was to impose limits on a legal process called “adoption.” This is not the kind of adoption in which you add a child to your family.
By Paul Rosenberg • January 22, 2015
There’s a good reason why Google, General Electric, Abbott, Honeywell, Johnson & Johnson, Microsoft, Oracle, Apple, and more or less all the other big corporations use offshore strategies: ...
By Mark Nestmann • January 20, 2015
FATCA, otherwise known as the Foreign Account Tax Compliance Act, is one of the most arrogant and one-sided laws ever passed by Congress. I first wrote about it in this essay.
By Mark Nestmann • January 13, 2015
One of the highlights of my life was the nearly three years that I spent in Vienna, Austria. I was there to attend an LL.M. course in international tax law at the Wirtschaftsuniversität, the Vienna University of Economics and Business.
By Mark Nestmann • January 6, 2015
Every so often, I read an article predicting that the US and other major countries are about to force nations that offer “citizenship by investment programs” (CIPs) to shut them down.
By Mark Nestmann • December 30, 2014
One of the recurring questions I get from our US readers and clients is, “Since the IRS has to know everything you do ‘offshore’ anyway, why should you even bother?”
By Mark Nestmann • December 23, 2014
In case you missed the announcement, Cyprus-style bail-ins are coming to a bank near you. On November 16, leaders of the G20 Group of Nations – the 20 largest economies – made an important decision.