Category: Citizenship

Worldwide: Financial Institutions And Personal Data

Combating Tax EvasionIn recent years, there have been several high-profile prosecutions for the crime of tax evasion (for example the actor, Wesley Snipes, and the footballer, Lionel Messi). Governments around the world have been making a concerted effort in an attempt to tackle this problem. Their objective is for their respective tax administrations to work together so that taxpayers pay the correct amount of tax in the correct jurisdiction. ... - Continue reading

FATCA blamed for one in five US expats planning to give up passport

One in five US citizens living abroad are on the verge of giving up their passports according to a survey published by US tax consultants Greenback. The Greenback survey – which was conducted by more than 3,000 US expats – studies the expat community’s opinions on taxation, citizenship renunciation, and… – Continue reading

IRS offers tax break to some American expats

The Internal Revenue Service (IRS) has outlined new procedures for some “accidental Americans,”, giving them the chance to comply with their US tax and filing obligations and in turn qualify for relief from back taxes, penalties and interest. The changes would allow people with less than $2m in net worth… – Continue reading

US-born British citizen launches crowdfunding campaign to stop FATCA

A US-born British citizen has started a crowdfunding campaign to stop HMRC sharing her personal information with the US Internal Revenue Service (IRS) under the US Foreign Account Tax Compliance Act (FATCA). Law firm Mishcon de Reya has taken on the UK case for a client who alleges HMRC is… – Continue reading

British citizens born in America face having bank accounts frozen

Tens of thousands of British citizens born in the US but only lived there for a few months or years face having their bank accounts frozen as part of a crackdown by the US tax authorities.    The Internal Revenue Service (IRS) is ordering British banks to hand over the… – Continue reading

CBI Dominica: Leading with Transparency

19 August 2019, Since 1993, Dominica has been at the forefront of the citizenship by investment (CBI) industry, setting high standards in due diligence, processing times, and most recently, transparency. Indeed, this month the nation liaised with prominent international professional services firm PricewaterhouseCoopers (PwC) to release a report clarifying the… – Continue reading

Citizenship of the Republic of Vanuatu and its advantages

The Republic of Vanuatu is a group of islands in the Pacific. The country exists by growing fruits, fishing, and tourism. In 2016, the government introduced the program of achieving local citizenship through investment to increase the flow of external finance. Foreign businessmen want to get a second passport in… – Continue reading

Tanzanian freelance journalist in court over money laundering, tax evasion

DAR ES SALAAM, Aug. 5 (Xinhua) — Tanzanian freelance journalist Eric Kabendera on Monday appeared in court charged with money laundering, tax evasion and leading organized crime. The state prosecution told the Kisutu Resident Magistrate’s Court in the commercial capital Dar es Salaam that on diverse dates between January 2015… – Continue reading

RGN Reviews the State of Play for CRS and AEOI Rollout

Ivan Pelle, one of the Founders and Executive Director, expert in International Taxation at Recontam Global Network (RGN) is on a mission to make its clients and partners aware of the rollout of CRS and AEOI across Asia-Pacific and how this might affect tax planning and investment strategies. He addressed… – Continue reading

India: Split Residency – ITAT Upholds The Taxpayer’s Claim For Treaty Exemption, Applies Centre Of Vital Interest Test

Dual Residency gets attracted when an expat in the year of move qualifies as a resident of the host country (i.e., the country in which he is deputed) as well as home country (i.e., the country of his residence). On account of dual residency, an expat can be doubly taxed… – Continue reading

Malta: Malta Citizenship And Residency By Investment (8 February, 2019)

As of 2019, the Individual Investor Program has received more than 1000 Malta passport applications on behalf of investors from more than 40 different countries. The Malta Individual Investor Programme (MIIP) offers high and ultra-high net worth individuals and families worldwide citizenship in a highly respected EU Member Country. Malta,… – Continue reading

Antigua and Barbuda and Malta discuss Citizenship by Investment programmes

Prior to the commencement of the World Economic Forum at Davos on Wednesday, Prime Minister Gaston Browne held a bilateral meeting with the Finance Minister of Malta, Edward Scicluna. According to a release from Antigua and Barbuda’s Director General of Communications, Maurice Merchant, the main items on the agenda for… – Continue reading

1.6 million Canadian banking records shared with IRS

CRA now transferring 600,000 banking records per year under controversial information sharing agreement The Canadian government has shared more than 1.6 million Canadian banking records with the U.S. Internal Revenue Service since the start of a controversial information-sharing agreement in 2014, CBC News has learned. In 2016 and again in… – Continue reading

Pakistanis pose high risk to global financial system: IMC

KARACHI: A global investment migration association on Wednesday termed Pakistanis among high-risk nationalities who could exploit loopholes in the OECD’s common reporting standard (CRS) developed to curb offshore tax evasion and avoidance. “Of those nearly one million citizenships granted by the EU each year that are not related to CBI… – Continue reading

Government prepared to amend laws to prevent tax evasion

The Antigua and Barbuda government is willing to amend the necessary laws to ensure that local financial institutions are able to share banking information of dual citizenship holders with the relevant authorities in their original country of birth, if this becomes necessary. Prime Minister Gaston Browne made the disclosure following… – Continue reading

OECD report shines a light on how the wealthy dodge tax rules

On the list of countries operating CBI/RBI schemes, that the OECD feels have the potential to be used for tax dodging, are 2 tax havens that are popular with wealthy Canadians and large Canadian companies. These are Barbados and Panama. Ottawa (19 Oct. 2018) — New information from the Organization… – Continue reading

Malta’s residency, citizenship schemes ‘pose high-risk to integrity of Common Reporting Standard’

The Organisation for Economic and Social Development named and shamed 22 countries out of over 100 it studied that have either residency or citizenship programmes, for having lax rules that potentially pose high-risk to the integrity of Common Reporting Standard’. Malta, which has long cited the OECD’s endorsement of its… – Continue reading

The Hukou System in Shanghai: Benefits, Eligibility, and Application Process

Hukou (户口) is a system of household registration in China. Each citizen is issued a household register under supervision of the Ministry of Public Security, China’s police. Hukou serves as an identity proof for citizens, recording their basic information and permanent residence. The hukou registration also determines access to housing,… – Continue reading

NBI probe in Turku targets real estate firm, nabs third suspect

A large-scale police operation into money laundering appears to have targeted the Airiston Helmi real estate firm, led by a Russian man with Maltese citizenship. An exceptionally large police operation took place in southwest Finland this weekend, in what the National Bureau of Investigation (NBI) said was an extensive search… – Continue reading

Can the PHL fully participate in ASEAN Taxation Cooperation?

(Second of two parts) Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in… – Continue reading

Parliament approves Bitcoin BCH payments for Antigua and Barbuda citizenship

Securing citizenship in the Eastern Caribbean jewel of Antigua and Barbuda is now easier for Bitcoin Cash (BCH) investors. Early this week, the parliament of Antigua and Barbuda unanimously approved the resolution to amend the Citizenship by Investment Program (CIP) Act, allowing for payments to be made in Bitcoin BCH… – Continue reading

Moldova to Ease Citizenship Requirements for Investors

The Moldovan parliament is divided over proposed amendments that would allow wealthy investors to bypass certain requirements in the citizen application process, Balkan Insight reported Friday. Some members of parliament warn that the changes, which are expected to pass next week, will undermine security and worsen Moldova’s reputation for corruption…. – Continue reading

Keith Schembri Once Again Contradicts His Own Statements Regarding His Offshore Company Network

His story has changed somewhere along the line Keith Schembri’s latest explanation today of his network of offshore companies flies in the face of his original statement when the Panama scandal first broke out two years ago. Reacting to stories published today by German paper Süddeutsche Zeitung and the Times… – Continue reading

Accidental Americans’ fight to stop double taxation

PARIS — Tom Wallis was born here and has spent his entire life in France, but it turns out that the 40-year-old entrepreneur from Grenoble owes tens of thousands of dollars in taxes to the United States. Wallis’ mother was French, but he holds U.S. citizenship through his American father…. – Continue reading

Peru: President Admits Using Offshore Firm to Avoid Taxes

Peru’s under fire President, Pedro Pablo Kuczynski, admitted using an offshore company to avoid paying US taxes ahead of an impeachment vote on Thursday. The septuagenarian leader’s disclosure came during a marathon seven hour testimony to a congressional investigative committee on Friday as he attempted to disentangle himself from an… – Continue reading

High net worth expats in UAE increasingly applying for second passport

High net worth residents in the UAE are increasingly applying for second passports to avail of maximum visa-free travel opportunities, expand businesses and avoid double taxation, experts have said. According to companies involved in citizenship programmes, most of the demand for second citizenship programmes is coming from Indians, Pakistanis, Syrians… – Continue reading

Malta makes 518 mln euros from its citizenship by investment scheme

VALLETTA, Jan. 24 (Xinhua) — Malta has generated 518 million euros since it started its citizenship by investment scheme, according to Prime Minister Joseph Muscat. Replying to a parliamentary question on Wednesday, Muscat said that of the total revenue generated, 363 million euros had entered in the country’s National Development… – Continue reading

Digital residency pays off big for Estonia

Estonia is expected to get a 100-to-one-euro return on investment for its e-Residency program, which lets anybody start a business from afar. It is even planning to launch ‘estcoins,’ its own cryptocurrency. Becoming a ‘digital resident’ of Estonia, Michael M. Richardson says, was “as easy as getting a fishing license… – Continue reading

Loophole In New Global Tax Evasion Crackdown: Why An International Effort May Be Blunted

A major new global transparency measure aimed at curbing cross-border tax evasion by requiring countries to share information on the wealth of each other’s nationals could be undermined by the abuse of residency- and citizenship-for-sale schemes. Tax justice campaigners say that some of these schemes are already being marketed as… – Continue reading

New tax law sees increase in financial emigration

The government’s planned changes to the tax law for South Africans working abroad – either permanently or on a long-term contracts – has brought financial emigration into sharp focus. Financial emigration is a formal process with the South African Reserve Bank (SARB) to change your tax status from “resident” to… – Continue reading

Tax burdens prompt more Americans to ditch their citizenship

Some 9 million Americans reside abroad. More than 4 in 10 wouldn’t rule out renouncing U.S. citizenship, according to a survey. Americans abroad have just about had it with Uncle Sam’s tax filing requirements. Those were the findings from a recent survey of more than 2,100 U.S. expatriates, according to… – Continue reading

Transfer Tax Rules for the Non-Citizen Spouse

Transferring wealth to a spouse who isn’t a U.S. citizen can create complex gift, estate and generation-skipping transfer tax challenges. Such transfer tax issues require careful planning, as well as a clear understanding of the differences in how citizens and non-citizens are taxed. Unlike citizens and resident aliens, a non-resident… – Continue reading