Monthly Archives: May 2016

US should be added to tax haven blacklist, says EU report – Irish Times

But, I thought the purpose of FATCA was to eliminate competition to the USA in the Tax Haven Industry.

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via Automatic Exchange of Tax Information – Google News

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Here are the U.S. and international fraudsters in the new Panama Papers release – Fusion

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An ex-NFL player with a history of making borrowed money disappear. An American fraudster reportedly caught abroad with 547 diamonds and nine fake passports. An aspiring arms dealer who once negotiated with the genocidal Sudanese regime.

These are some of the Panama Papers-connected crooks that the public is learning about this afternoon.

As the International Consortium of Investigative Journalists launched its searchable database of more than 200,000 anonymous shell companies and their beneficial owners today, it also published a series of stories focusing on previously unrevealed U.S. and international wrongdoers linked to some of those shadowy companies.

All those companies, along with the secret details of who they really benefited, were maintained by Mossack Fonseca, a Panamanian law firm specializing in offshore corporations whose 11.5 million leaked internal documents were the basis of the Panama Papers investigation. Fusion is one of two English-language U.S. media partners to participate in…

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The Life Insurance “Gotcha Tax” – IRS Assesses Excise Tax on Normal Life Insurance Policies

Thank you very much for this “public service” announcement. Could you confirm that a person:

1. Born in the United States
2. Who has not lived in the United States since he was a child
3. Is a citizen of the country where he resides
4. Buys a life insurance policy in his country of residence and country of primary citizenship

is required to pay the IRS for NOT being a “Good Homelander” and buying a “foreign life insurance policy?”


The information featured on this blog is designed to orient U.S. citizens (“USCs”) and U.S. lawful permanent residents, i.e., “green card” holders Uncle Sam Wants You(“LPRs”) to important U.S. federal tax consequences to them.  It’s primary focus relates to those USCs or LPRs who are contemplating renouncing their citizenship or abandoning their permanent residency status.

There are many complex federal tax rules that are often overlooked in the international area.  One of those is the excise tax that is payable by the USC or LPR individual, not the non-U.S. insurance company, when premiums are paid to an insurance company.   The IRS taxes the position that the ” . . .  the Service will generally seek payment of the excise tax from the U.S. person making the premium payment . . .” See, IRS Foreign Insurance Excise Tax- Audit Technique Guide.

This is a 1% excise tax on the premiums paid for each…

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From FATCA to GATCA: The Making of Global Tax Network (Part 1)

FATCA & CRS Training. Advice. Consultancy.

“If you’ve never heard of FATCA, I don’t blame you. Few people have, and even fewer fully grasp what it really means… Now that FATCA has become a fait accompli, the foundation has been laid for GATCA. In the end, this means a permanent record of every penny you have ever earned, saved, borrowed, or spent anywhere in the world will be available in an instant to be analyzed and scrutinized.” – Casey Research, International Man

You must have heard about the recent Panama Paper leaks which by far is the largest leak of its kind, releasing more than 11 million documents containing transactions for the last 40 years. The Panama based company, Mossack Fonseca, helped the global elite in establishing more than 214,000 shell companies (See Figure 1) to evade tax and lauder money. However, this massive leak exposed only a small part of the tax evasion industry (which…

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