Category: Offshore Foundations

Swiss bank hid assets for Jews, then tax evaders

Dreyfus Sons & Co. has operated for two centuries as a private Swiss bank, catering to Jewish clients who wanted to hide assets from the Nazis during the 1930s and World War II. More recently, it helped U.S. clients hide assets from the Internal Revenue Service by concealing their true… – Continue reading

Interim tax in connection with non-resident beneficiaries

Introduction Facts Decision Introduction The European Court of Justice (ECJ) recently ruled that the system of interim taxation for Austrian private foundations does not comply with EU law.(1) A special feature of private foundations is the so-called ‘interim tax’ – a type of corporate income tax. Pursuant to Section 13(3)… – Continue reading

US Justice Department Announces Banque Bonhôte & Cie SA Reaches Resolution Under Swiss Bank Program

The Department of Justice announced today that Banque Bonhôte & Cie SA (Banque Bonhôte) has reached a resolution under the department’s Swiss Bank Program. The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States…. – Continue reading

Gibraltar looks to establish private foundations

Gibraltar’s Government has released a public consultation on the establishment of private foundations, in a bid to level the playing field with other jurisdictions. As an incorporated body, foundations are able to transact, sue, and be sued in their own name. They are primarily used for private wealth management, succession… – Continue reading

Bitcoin Foundation is “effectively bankrupt,” board member says

Advocacy group’s founders involved in crimes, bankruptcy, and offshore relocation. One of the newly-elected board members of the Bitcoin Foundation—the 2.5-year-old organization that was meant to bring order to the famously open-source and freewheeling cryptocurrency—has declared the group “effectively bankrupt.” While the Bitcoin Foundation obviously does not have control over… – Continue reading

Swiss Leaks: No further tax amnesties envisioned – Prime Minister Joseph Muscat

Frank R. Suess writes: Every time you think the US establishment can do no more to threaten the freedom and livelihood of the very Americans who contribute the most to the prosperity of the country, they increase the heat in the furnace by a notch with more cheap money and… – Continue reading

Maryland nonprofits investing in offshore accounts

When the Chesapeake Bay Foundation, the Johns Hopkins University and other Maryland nonprofits want to maximize the money they can spend in pursuit of their missions, they do what many wealthy individuals and businesses do. They open investment accounts overseas. Many of Maryland’s wealthiest nonprofits — including the University of… – Continue reading

Swiss Banker Seeks Bail in U.S. Without Going to Court

A Swiss banker accused of helping U.S. clients cheat on their taxes wants a judge to grant him bail without his having to appear first in a New York courtroom. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading

Levine on Wall Street: Golf and Taxes

A while back we talked about how very complicated it seems to have been for U.S. citizens to avoid taxes on Swiss bank accounts. Here’s a criminal case that New York U.S. Attorney Preet Bharara just brought against a Kentucky resident (OK!) who allegedly did some of that tax avoidance…. – Continue reading

Swiss Banker Faces Charges of Conspiring to Hide Hundreds of Millions

Preet Bharara, the United States Attorney for the Southern District of New York, and Shantelle P. Kitchen, Acting Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced today the indictment of MARTIN DUNKI, a former client advisor and Senior Vice… – Continue reading

Spanish king’s sister faces trial after court approves tax fraud charges

Cristina de Borbón could stand in the dock over claims involving husband’s charity unless special law is used to end case A Spanish court has approved charges of tax fraud against Princess Cristina de Borbón, the sister of King Felipe VI – paving the way for an unprecedented criminal trial…. – Continue reading

The Big Banks Organise Massive Tax Evasion on an International Scale

Another example of the “Too Big to Jail” doctrine: International tax evasion and fraud organised by UBS, Switzerland’s biggest bank. UBS, which had to be saved from failure in October 2008 by massive injections of Swiss public money, was involved in the LIBOR manipulation scandal, the currency markets manipulation scandal… – Continue reading

Dropped plans on tax avoidance could have affected legitimate charities, says Treasury minister Nicky Morgan

HMRC and Morgan both say the proposals, announced last year in the Autumn Statement, will not be included in the Finance Bill 2014 The government has abandoned plans to introduce legislation that would make it tougher to set up a charity for tax-avoidance purposes because it would have had a… – Continue reading

Ghana and Denmark sign Double Taxation Agreement

Ghana and Denmark have signed a Double Taxation Agreement, moving the bilateral cooperation between the two countries to another level. A Double Taxation Agreement regulates the tax treatment of income or capital gains in situations where the same taxpayer is subject to tax in two states with respect to the… – Continue reading

Switzerland may no longer be a honeymoon spot for tax evaders

Switzerland may no longer be a honeymoon spot for tax evaders. A new international standard of tax data sharing is set to make things harder for tax haven networks around the world that have in the past included Switzerland and tiny island nations and enclaves. But India would have to… – Continue reading