The removal of Barbados from Mexico’s blacklist of tax havens is a pivotal landmark. Now Mexican residents have secure and reliable alternatives for outbound investments through the use of Barbados entities. Using Barbados as a platform, this new development provides excellent tax planning opportunities for Mexican clients. For more information on how Barbados may be…
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Super-rich 'hiding' at least $21tn in Tax havens
A new study for the lobbying group Tax Justice Network (TJN) claims that wealthy individuals worldwide are holding between USD21 trillion and USD32 trillion in bank accounts in low-tax international financial centres. The research was compiled by James Henry, formerly chief economist at the management consultancy McKinsey. He used data published by the Bank of…
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US Expatiation More Than Doubling.
America’s rich are renouncing their citizenship at record levels. New data from Uncle Sam show that defections by Americans are expected to double this year, largely to avoid any stiff tax bills resulting from the proposed 55 percent hike on the rich; as well as the likely expiration on Dec. 31 of the Bush era…
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FATCA Compliance deadline extended for QIs
The US Internal Revenue Service (IRS) is giving qualified intermediaries (QIs) an extra year to achieve compliance with the Foreign Accounts Tax Compliance Act (FATCA), which requires foreign banks to notify the assets of US taxpayers to the IRS. Foreign banks cannot remain as QIs unless they become FATCA-compliant, and those whose QI status expires…
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