Beware of IRS Fraud
Although this advisory was sent by the US Embassy in Belize we have just been informed the advisory has been extended to the Cayman Islands. Beware of IRS fraud, says US Embassy in Belize An advisory issued by the United…
The Government crackdown on offshore tax dodging just got real
By Alan Pyke From Think Progress Over 77,000 separate foreign banks and financial firms will start sharing information on their American accountholders with the Internal Revenue Service (IRS) in cooperation with a major crackdown on offshore tax evasion, the Associated…
Private Funds, the Cayman Islands IGA and FACTA
By Simon Riveles and Simon M. Cooke. From Riveles Law Group On November 29, 2013, the Cayman Islands signed a FACTA Model 1 intergovernmental agreement (“IGA”) with the United States. The IGA ensures that financial institutions located in the Caymans,…
On 2013, an extraordinary year for offshore tax enforcement
By Dan Reeves From OffshoreAlert There was a time when offshore financial secrecy laws were ironclad and impenetrable. Some used those laws to engage in legitimate financial activities directed at investing, increasing wealth and facilitating international trade, but many others…
Cayman Islands is the new Switzerland, but not the way you think
By Robert W Wood From Forbes Are the Cayman Islands The Next Offshore Target? The U.S. has cast its tax net far and wide, more a shotgun than a rifle shot. Mixing fishing and shooting metaphors seems appropriate to show…
This is the location of tens of billions of dollars that won’t be declared to the IRS today
By Tim Fernholz From Quartz Today (Tue 15) is tax day in the United Sates, and most Americans pay their fair share without a peep. Some of the folks that aren’t playing ball keep their money in offshore accounts to…
Bahamas wants regional centre of excellence in financial services
From Caribbean Export Development Agency The creation of a regional centre of excellence in financial services is being touted as the way forward if the region is to face the challenges and volatility of the global world of financial services….
An undercover U.S. sting is focusing attention on undeclared accounts in the Cayman Islands.
By Laura Saunders From Wall Street Journal U.S. authorities are expanding their investigation of hidden overseas assets far beyond Switzerland. The latest focus: the Cayman Islands. Undercover agents from the Internal Revenue Service conducted a yearlong probe that led to…
To evade taxman, hop on a bike [don’t stash cash in Caymans]
By Catey Hill, MarketWatch Sen. Chuck Schumer proposes tax break for bike commutes What does using a bike-share program have in common with stashing cash in the Cayman Islands? Both may soon be tax shelters. U.S. Senator Chuck Schumer (D-New…
Bitcoin slips in the wake of the IRS’s tax decision
By Alex Wilhelm From techcrunch Earlier this week, the IRS decided that Bitcoin is property, not currency, setting in place a regulatory structure that could see users of the cryptocurrency forced to keep price score in a rapidly shifting market….
