IRS Expatriation Report: 1998-2015
Earlier this month, the Federal Register published its quarterly list of former US citizens and permanent residents who have “expatriated,” i.e., given up their US citizenship or permanent residence.
You, an accidental terrorist? Thank Ted Cruz
It’s bad enough that the US government has the authority to revoke your passport if you have a “seriously delinquent tax debt.” That little gem was buried in the 2015 Highway Funding Bill, which President Obama signed in December.
Best Place to Launder Money (Surprisingly)
I’m in the executive lounge at Princess Juliana International Airport in St. Martin drinking double espressos and waiting for a connecting flight to Charlotte.
The dirty little secret about EU passports
Greetings from the island of Nevis! I’m here dealing with yearend formalities associated with Fortress Trust Ltd., a registered agent for Nevis trusts, LLCs, and IBCs.
Civil Forfeiture Case: Police Seized His House for $40
When I was nine years old, I was one of the smallest students in my fourth grade class. With my small size, not to mention my smart mouth, I attracted more than my share of elementary school bullies.
Potential Threats to Puerto Rico’s Tax Cuts
In the 30 years I’ve been writing about developments in the offshore world, I’ve been called a lot of things: “Insightfulâ€â€¦ â€thoughtfulâ€â€¦ but also “misguidedâ€â€¦ and (my personal favorite) “pessimistic.â€
Swiss Banking Secrecy for Americans: Myth or Reality
From 2006–2008, Falciani worked in HSBC’s information technology department. While there, he secretly downloaded the account details of more than 100,000 HSBC clients.
It’s (Almost) Official: Tax Debt = No Passport
The paragons of public virtue that make up the US Congress really, really want to crack down on tax cheats. Thanks to a highway funding bill about to head to President Obama’s desk, if you owe the IRS more than $50,000, you’ll lose your passport.
Austria: Anonymous Storage and The World’s Safest Bank
I just finished a week’s visit to Vienna, where I lived from 2003-2005 while earning a LL.M (Master of Laws) in international tax law at a local university.
The Impact of Negative Interest Rates on Your Finances
It might sound like a conspiracy theory spun by right-wing crazies. But judging by the increasing desperation of governments to reboot the world economy, it just might happen.
How to Stay Off the “No Fly” List
Airport security in the USA is a joke, and a bad one at that. It’s easy to create a fake boarding pass with Photoshop. And it’s not much harder to create fake identification documents.
Watch Out for these 3 Offshore Scams
You could be forgiven for believing offshore frauds are a thing of the past. After all, with “Know Your Customer” rules that practically require you to submit to a DNA test to open an offshore account, you wouldn’t think it’s exactly easy for scam artists to bank the proceeds of fraud.
How to Protect Yourself from Border Big Brother
Big Brother is alive and well at US border crossings. The latest example comes from published accounts describing the recent ordeal of the mayor of Stockton, California, at the San Francisco International Airport.
Your Data Isn’t Safe in the USA
In 2013, former National Security Agency analyst Edward Snowden stunned the world by revealing top-secret details of the agency’s data collection practices.
The Big Biz, Big Gov World of Donald Trump
A hidden danger of a government that intervenes in every aspect of its citizens’ lives is that it develops harmful alliances with the rich and powerful.
The Canadians to save us from FATCA? Maybe…
FATCA, officially known as the Foreign Account Tax Compliance Act, is probably the worst law that most Americans don't know about.
Bank Secrecy Act: The Surveillance of Everyday Transactions
Do you distrust the banking system? Prefer to do business in cash? Complain about the encroachment of Big Brother into every facet of your life?
![There Are No Markets, Only [IMF] Manipulation](https://cdn-cgnhb.nitrocdn.com/ZKSprjXsTOgMJltgEVzOLijCmVKGsFpA/assets/images/optimized/rev-344f68c/www.nestmann.com/wp-content/uploads/2021/03/IMF-700x280.jpg)
There Are No Markets, Only [IMF] Manipulation
I can’t help but be reminded of the truism of this week’s article title, watching Chinese stock prices drop, day after day. In response, Chinese securities regulators have banned most short selling.
Second Passport Scams Exposed
When I was a teenager, I was a fan of the Rolling Stones. I bought their 1971 album, Sticky Fingers, immediately after its release. Unfortunately, the record was unplayable.
Are You Fit to be Boiled?
I’ll never forget the first time I saw a lobster boiled alive. It was at a family gathering when I was very young, perhaps five or six years old. One of my aunts calmly picked up a happily wriggling lobster out of an ice chest and dropped it in a pot of boiling water.
Why the US is the World’s Biggest Tax Haven
It’s often not “PC” (politically correct) to point out the truth. But someone needs to do it. Here’s an “inconvenient truth†for President Obama and those in Congress who want to shut down what they call “offshore tax havens.â€
A Sneaky Way to Grab Your Retirement Savings
With an $18 trillion debt and $97 trillion or so in unfunded liabilities, Uncle Sam is anything but flush with money. So Congress and President Obama are looking for ways to stem the flow of red ink.
“You? A Tax Evader?”
It’s no secret that governments worldwide are broke. One country after another is cutting social benefits and taking other measures to reduce government spending.
Congress’s Plans to Lock You in
Freedom to travel is a fundamental and internationally recognized human right. Article 13 of the Universal Declaration of Human Rights (UDHR) states:
Make Sure You File This Form by June 30
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.
Famous politician gets caught in his own web
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.
Even if Congress Repeals the PATRIOT Act, You’ll Still Have Zero Electronic Privacy
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.
Will Central Banks Abolish Cash?
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.”
The Raisin Administrative Committee Strikes Back!
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.
Should Congress End Puerto Rico Tax Breaks for Wealthy Americans?
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.
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