Archive for the nominee services Category

Tax haven UK is alive – and prospering on the back of corruption

Posted in Economics, fiduciary, international tax advice, international tax planning, nominee services, offshore banking, offshore company formations, offshore tax planning, Tax Avoidance, Trustees on September 3, 2012 by John

Tax haven UK is alive – and prospering on the back of corruption

The FT reports this morning

A £38bn development boom in London’s most expensive neighbourhoods has been spurred by rampant demand from European and Asian buyers seeking safe investments away from turbulent Eurozone economies.

The pipeline of upmarket housing projects in planning or already under construction in the UK capital has increased more than two-thirds during the past year, with 15,500 units slated for delivery by 2021, even as building work in other parts of the country remains stagnant.

That’s one version of the story. The Guardian offers another (in a compelling story that deserves to be read in full). They report:

Britain has allowed key members of Egypt’s toppled dictatorship to retain millions of pounds of suspected property and business assets in the UK, potentially violating a globally-agreed set of sanctions.

The situation has led to accusations that ministers are more interested in preserving the City of London’s cosy relationship with the Arab financial sector than in securing justice.

I and the Tax Justice Network have long argued there is an economy within an economy n the UK – which is that of tax haven UK. Boith these reports are clear signs of this.

Of course money floods to the UK – but that is because our domicile rule makes the UK a perfect tax haven. But these people who come do not add value: they simply distort our housing markets, destroy the balance in our society, encourage more financial services which imbalance our economy and have no role to play in our democratic and other processes. It’s worse than that though: as the second report shows, far too much of this money is illicit and the UK has a willingness to turn a blind eye to such funding that is reflected in the behaviour of our banks who all to knowingly it seems do just the same thing.

This is tax haven UK at work, like a cancer within our country, destroying it from within


UBS & The USA & Swiss Banking Secrecy

Posted in Asset Protection, Asset Protection & Tax Planning., Big Brother, international tax advice, international tax planning, Nanny State, nominee directors, nominee services, offshore banking, offshore company formations, Privacy, Private Banking, Secrecy, Tax Avoidance on January 19, 2010 by John

So the USA gave 40 months of prison time to the guy who gave up UBS… he was partly responsible for 12 convictions (so far) and payments of over 800 million dollars in fines, taxes and interest – he will sleep well in his cell knowing he did the right thing.

Bloomberg had a roll call of the convicted and their sentences, several of the non US citizens have been “declared fugitive”. I will add a link at the bottom of the post.

A Swiss court has now ruled that the handing over of confidential UBS bank details to United States investigators by the Swiss authorities last year was illegal and against the Swiss Constitution. The federal court said the Swiss Financial and Market Supervisory Authority (Finma) abused its power when it ordered that details of 285 account holders suspected of tax evasion in the US be sent to Washington.
Though this won’t help the convicted or the hundreds of others not convicted, who after all paid good money for the privacy and expertise of UBS, it will potentially now lead to a myriad of claims against them.
Carlo Lombardini, expert on banking law in Geneva, came out in favour of the court ruling because it helped to reassure clients. “It proves that the justice system in Switzerland works” he said, well, if that is how it works I leave it up to you to decide whether you need that service.

Saga in Brief:
A Swiss bank that makes more money in the USA than at home is threatened with the loss of its US banking licence.
A weak government who didn’t want to lose face with Obama’s USA batted the decision around until it fell to someone deniable who gave in to the IRS.

4,750 US citizen’s details so far given up to the US authorities.

Swiss Privacy?

The economy of Switzerland is one that relies on the prestige and privacy of their financial institutions. A Swiss banker friend said that the Swiss in general, not just the banks want the whole thing to die away, his bank are not taking on any new US clients and are keen to move the existing clients into trust structures which offer better protection and privacy.

Besides as my Swiss friend says there is now far more potential in offering his services to the Russians, Indians and Chinese!

Business Week Article