Category: Z Legacy: Offshore Banking

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Taxes

Important update to FBAR filing requirements

August 6, 2015 Vilnius Lithuania Here’s a great example of how an important rule that may affect your life gets BURIED within a giant piece of legislation— At first glance the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 doesn’t seem like it should have any impact on foreign bank

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Taxes

Top 5 FBAR mistakes: what you need to know before June 30th.

June 25, 2015 Bali, Indonesia If you’re filling out your FBAR this weekend, here are some things to keep in mind. The FBAR is a disclosure form, not a tax form. So even though it goes to the treasury department, it’s not like there’s any money owed. Nonetheless, this is not something to

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Even the FDIC doesn’t think it’s ready for the next banking crisis

We have entered a most bizarre and unprecedented age in the financial system where there’s risk in just about everything that we do. Indiscriminately investing in stocks at their all-time highs carries enormous risk, and financial history is unkind to people who fail to learn that lesson. To buy bonds, on the other

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The US government just made it easier for you to confess

May 13, 2015 En route to New York One of the many experiences uniquely endured by Americans is having to confess your sins once a year to the federal government. Specifically, Uncle Sam requires most individuals with foreign bank and financial accounts to fess up and disclose on an annual basis. In fact,

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US government’s new ‘rule’ allows banks to completely make sh*t up

February 23, 2015 Hong Kong In 1494, a 47-year old Franciscan friar named Luca Pacioli invented something that was revolutionary. Pacioli was, in fact, a friend and contemporary of Leonardo da Vinci, and the two collaborated frequently. So you’re probably guessing that Pacioli was a co-designer in Leonardo’s famed flying machine, or a

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Surreal: IRS apologizes for seizing bank accounts

February 12, 2015 Puerto Varas, Chile Twenty-seven years ago at the 1988 Republican National Convention in New Orleans, George H. W. Bush accepted his party’s nomination to run for President of the United States. (This was when he announced Dan Quayle as his running mate, to which Senator John McCain later remarked “I

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Here’s some frightening honesty, courtesy of the US Congress

January 30, 2015 Sovereign Valley Farm, Chile A member of my staff caught an obscure resolution that was introduced in the US House of Representatives last week—Resolution no. 41. The fact that there was essentially no coverage of this Resolution really shows how the mainstream media is completely turning a blind eye to

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One simple trick to set up an offshore bank account in Hong Kong

January 27, 2015 Sovereign Valley Farm, Chile We’ve been very vocal in the past about the importance of holding a portion of your savings at a safe, stable bank offshore. The reasons are numerous: Many foreign banks are much healthier than their Western counterparts who usually have razor-thin capital and tight liquidity. Foreign

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Enter scam artists

It begins: IRS launches International Data Exchange service

Yesterday, the IRS announced the International Data Exchange Service. If you’ve not heard of it, it’s is an outgrowth of the Foreign Account Tax Compliance Act (FATCA), which requires every single bank in the world to get in bed with IRS to share information about customers. We’ve said this over and over, FATCA

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How to evaluate if your bank is safe, and what to do if it’s not

December 18, 2014 Santiago, Chile On the morning of September 19, 1873, an excited crowd of people gathered outside the Fourth National Bank in lower Manhattan. It was a wet morning, yet the line continued to grow, stretching across Pine Street down Nassau Street as rain-soaked customers jostled with one another for position.

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Why Singapore is the best place to store your gold

December 4, 2014 Santiago, Chile On May 15, 1855 one of the greatest gold robberies in history occurred. Three British firms had arranged for some of their gold to be sent from London to Paris by ferry and train. The gold was stored in solidly built boxes secured within iron safes with two

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central bank negative interest rates

It begins: German bank charging NEGATIVE interest to its customers

November 4, 2014 Santiago, Chile Don Quixote is easily one of the most entertaining books of the Renaissance, if not all-time. And almost everyone’s heard of it, even if they haven’t read it. You know the basic plot line- Alonso Quixano becomes fixated with the idea of chivalry and sets out to single-handedly

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Obama enjoying it while it lasts

Obama’s dumbest move to date… seizing a foreign bank??

July 24, 2014 Barcelona, Spain Ten dark suited men entered the premises of FBME bank in Cyprus on Friday afternoon and took it hostage. It must have looked like a scene from the Matrix. And given the surrealism of how this conflict is escalating, maybe it was. The men were from the Central

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I pity anyone who holds funds in this banking system…

June 2, 2014 Buenos Aires, Argentina From the days of the Soviet Union, there’s a great story about a shoe factory that was under pressure by the political bosses to increase production. The factory, however, didn’t have sufficient materials to meet the quota. Fearful of the consequences, they decided to increase their production

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Meet the woman who aims to put all the corrupt bankers in jail*

May 28, 2014 Santiago, Chile Iran and Viet Nam recently put their fraudulent banksters to death. Even in Iceland, they put their banksters in jail. How about in the Land of the Free? Has any banker ended up in jail? Actually, yes. More than you’d think. Meet Christy Romero, SIGTARP. It’s a catchy

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Prize

You won’t believe this award they give out to Central Bankers

January 8, 2014 Sovereign Valley Farm, Chile The “Ig Nobel Prize” is parody of the Noble Prize that is awarded every year for the most trivial scientific achievement. (‘ig’ is short for ‘ignoble’) For example, the 2007 recipient for the ‘Ig Nobel Peace Prize’ went to the United States Air Force Wright Lab

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Senior bank executives explain how US dominance is declining…

November 13, 2013 Singapore By the early 4th century AD, the Roman Empire was suffering tremendous turmoil, including plague, barbarian invasions, deep recession, civil wars, coups, etc. Much of this had been brought on by Rome’s utterly dismal economic condition. The government simply did not have enough money to sustain its operations, let

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Some hard numbers on the Western banking system

June 25, 2013 Santiago, Chile At our Offshore Tactics Workshop in Santiago three months ago, Jim Rickards (author of the acclaimed Currency Wars) told the audience of roughly 500 people– (paraphrased) ‘If one of you stands up right now and heads for the exit, the rest of the audience probably won’t pay much

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