We posted Offshore Swiss Bank Account? This May Be Your Last Chance To File A Voluntary Disclosure! regarding that as of January 2014, The United States Justice Department has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official.
Concurrently with this influx of Private Wealth to he Bahamas; the British Virgin Islands got more foreign direct investment last year than the major emerging economies of India and Brazil combined, a UN survey said on Tuesday January 28, 2014. It welcomed US$92 billion of foreign cash last year, according to preliminary figures compiled by the Geneva-based UN Conference on Trade and Development (UNCTAD) think tank.That was the fourth-biggest haul of investment globally. The world’s biggest economy, the US, attracted US$159 billion.
The OECD has said big international companies, banks and agencies may think twice about investing through these jurisdictions. It is apparent that much of this Private Wealth Exodus, will mostly have a short stay in the Bahamas; since it has agreed to enter into a FATCA Agreement. In our post Bahamas Agrees to Enter into FATCA Agreement With the US!, we discussed that on August 12, 2013, the Minister of Financial Services Ryan Pinder said that the Bahamas Government has agreed that the country will achieve compliance under the United States Foreign Accounts Tax Compliance Act (FATCA) by negotiating and entering into a Model 1 Intergovernmental Agreement (IGA) with the United States Department of the Treasury.
has started talks with the US Treasury to comply with a law designed to counter offshore tax evasion.
Read more at: Tax Times blog