November 2008 Archives

More advice for Americans from the Jacobs Report

QUESTION: I was wondering if you could help me with a recent question I received. Can a
non-US resident and non-citizen (NRA) invest in an offshore registered mutual fund
(PFIC) and then eventually transfer those assets to a US citizen (while still living) without
US tax consequences?

IOM and Liechtenstein Under Fire

Giving evidence on the banking crisis to a treasury select committee on Monday, the chancellor Alistair Darling has let it slip that, "We need to have a long hard look at the relationship between this country and a tax haven sitting in the Irish sea." The following day, Germany's finance minister launched an attack on Liechtenstein in threatening the legitimacy of European economic models.

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