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The "Wealth Tax" Contagion Is Rapidly Spreading: Switzerland, Cyprus And Now ....
It was only yesterday that we wrote about comparable problems to those which Russian depositors may (or may not be?) suffering in Cyprus right, this time impacting wealthy Americans and their Swiss bank accounts, where as a result of unprecedented DOJ pressure the local banks will soon breach all client confidentiality and expose all US citizens who still have cash in the former tax haven under the assumption that they are all tax evaders and violators. And in the continuum of creeping wealth taxes which first started in Switzerland, then Cyprus, and soon who knows where else, there was just one question: "The question then is: how many of the oligarchs, Russian or otherwise, who avoided a complete wipe out and total capital controls in Cyprus, will wait to find out if the same fate will befall them in Switzerland? Or Luxembourg? Or Lichtenstein? Or Singapore?" Today we got the answer, and yes it was one of the abovementioned usual suspects. The winner is.... Lichtenstein.
Yes: the little principality that is an even greater tax (evasion) haven for the world's ultra wealthy, even more so than Zurich, Geneva or Zug, is now under Big Brother's microscope.
But fear not. All the other tax havens listed above are quite certainly about to meet the iron, resolute fist of the US Department of Injustice. After all, unlike TBTF banks, depositors are hardly "systemic", and thus Eric Holder and his henchmen will have zero reservations when pursuing the full extent of the (selectively crony) US laws against them.
From Bloomberg:
The U.S. has asked Liechtenstein to hand over data on foundations that may have been used to hide untaxed American money from the Internal Revenue Service, a step that may threaten Swiss banks.
The U.S. wants to know the number of foundations set up by fiduciaries -- lawyers, accountants, financial advisers and asset managers -- for American taxpayers, according to a letter sent by the Department of Justice to authorities in the Alpine principality. A “formal request” to fiduciaries will follow, the DOJ said.
“Seeking documents from the Liechtenstein fiduciaries is an important investigative step,” which will shed light on “the roles of banks, of bankers outside of Liechtenstein,” the Justice Department wrote in the letter, adding that it looked forward to receiving the data by March 29.
The DOJ is investigating at least 11 financial firms, including Credit Suisse Group AG (CSGN) and Julius Baer Group Ltd. (BAER), for allegedly helping Americans hide money from the IRS. The Liechtenstein request will add to the information the IRS garnered as 38,000 Americans avoided prosecution through an amnesty program, which involved paying back taxes and penalties and disclosing their offshore accounts and bankers.
“It’s a further evolution of the Department of Justice using third-party fiduciaries to gather more information on these structures and the banks involved,” said Milan Patel, a former IRS trial attorney who is now a partner at Zurich-based law firm Anaford AG. “This could be bad news for Switzerland, as the information could be used against more Swiss banks.”
In case anyone is still confused about what is going on, here is the summary: any geographic venue that for whatever reason was once considered a global tax haven in the "Old Normal", be it Switzerland, Greece, Luxembourg, Singapore, or as the case may be Lichtenstein, is now fair game for confiscation and otherwise expropriation of local capital.
Alas, as this money will not be enough to plug what is not a liquidity but global insolvency black hole, which is made worse daily by the endless interventions of central planners, once the deposits of the wealthy at these small, powerless to defend themselves countries is concluded, next come the entities with the really big deposits: the US, the Eurozone, and the grand daddy of them all: China.
In other words, the forced ~30% wealth tax on all financial assets is coming. Just as foretold here first in September of 2011 and as was recapped last weekend.
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Sure is nice to be sitting pretty in China now. China has the balls (and ability) to tell the US to fuck off. Russia, on the other hand essentially declared it an act of war if anything happens with it. Guess it sucks to be a small, insignificant, dicksucking nation right about now. Have fun trying to live abroad, none of those FATCA countries will be giving you an account anymore.
China......Maybe for awhile. The implosion awaiting their central planning folly is monstrous and already inevitable. Central planning idiot savants are the same everywhere.
Chinese elites are absconding with multi-billion $/Yuan ripoffs as we breathe....much of it invested in U.S. real estate and the Wall Street casinos. How long before the Chinese are going to begin to claw it back?
And some people still think the USA is not an empire. You just got a list of it's subject nations.
The question is, who is the emperor?
When do you think they might get around to the Cayman Island accounts? Or would that be too embarrassing for US Oligarchs and Corporations for the "justice" department to look in to?
Eugenics of the 1%
Banksters, Dudes, brothers of destruction you better get your shit together some of these guys are liable to get pissed.
30% per jurisdiction
Its hard to track.... My stack...
Holy cow, didn't I just say a couple of days ago that this was the place to drive to if you have enough zeros to your name and the CH betray you? I now have to wonder if the Gov trolls are not on this site full time, data & idea mining. Mother Phuckers! I mean.. Coitus indulgers!
why the focus on europe?
what about cayman, bermuda, bahamas, isle of man, etc.? or is that where the crooked american politicians and banksters keep their tax evaded money?
According to french and uk channel tonight: From tomorrow, people trying to leave Cyprus will be searched and if they are found to be carrying thousands of Euros they will not be allowed to leave the country with them.
LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL
I wouldn't mind if it's one of those cute Greek gals grabbing my scrotum to check for....well, you know.....but unfortunately, it's most likely some Grumpy old Turk jealous of my Manhood who will squeeze too hard just for jollies.
What's so tough about going to the north side and taking the ferry to Turkey?
Long carrier pidgeons!
tax revenues from these 'tax havens' amounts to shit, regarding all the debt that the frb has put on it's balance sheet since 2008!
the only logic behind this witch hunt is to destroy [bring in line?] the top wealthiest 0.009 % of the entire free world,... whereas the true power takes no prisoners-- as always, with the true 0.0001 % controlling all the wealth in the world, therefore dictating to all governments their 'nwo'
every continent's ruling 'money master' elite's are in on it,... especially china, russia, india, *israel*, saudi arabia, japan, *england*, and yes... germany!?
jmo
You got one thumbs down. Seems someone must really like Saudi Arabia....oh, wait.
Of course, given that there are Trillions in all these Havens, one can see why the desperate and broke governments are taking off the gloves. EVERYONE pays taxes now, no matter where hidden from the small circle of CB's.
Not everyone..apparently, if your work email ends in .gov you dont pay...maybe owe...108000 owe in excess of 3.5 billion
3.5 billion...lots of anything can be gotten for that
They are attacking the 1%. The goon squads of the rich versus the government. Move it to Singapore until you get the big public warning and set up a trace that shows you are on the run, move it to another haven. Wonder if it is like Cyprus where the big depositors all had warning, or if it is the last act of Henry the Fifth. We will kill that Napoleon Blownapart before he is even born.
sing me back home.
http://www.youtube.com/watch?v=BcaLhxaFNME
This always ends in War. WW3 is on the way.
No one has mentioned cutting the huge Defense budget.Oh,right,terrorists,bad guys,bogey men...
The last base the USA withdrew from,to my memory,was Clark Air Base,Phillipines,after Mt. Pinatabo dumped ten feet of ashes all over it. Google search Bagram airbase and see where your taxes are going. Last report was a gallon of fuel,what kind doesn't matter much,costs $400 when poured into the fuel tank of a vehicle in Afghanistan. And yet,ta da,they are still producing 8000 tons of opium a year.Without an effective,expensive border network (including the Russkies) to prevent the European delivery of this heroin,Europe is stuffed. The Iranians could help but we need them as the bad guys,they nationalize their oil resources,won't support the Petrodollar peg in the Gulf. Say,didn't Saddam mention something about pricing his oil in Euro's? Fuck it,nevermind....
Heads up! Rational and factual thought processes may soon be considered Thought Crimes.
No, but when Gaddaffi mentioned pricing his country's oil in gold....Well...we see how that worked out for him.
If only the rich used bitcoin they would never be detected, traced, tracked, and none of their wealth could be confiscated because the encruption can not be broken.
You can't tax my gold and silver until you find it assholes. Watch out for the gators and venemous snakes if you decide to come looking for it.
Any trueth to the rumor that I am starting that Cyprus will be imposing a 15% tax on all gold holdings over 5 oz?
DOJ is an upscale, well-equipped looting and gun running operation based in North America. It is now seeking opportunities abroad and will share the wealth with willing partners.
so if something is insolvent you feed it money and if someone is solvent you take their money...
as that British cabby says, they pissing it all over a wall!!!
fuck you tiny tim!!
So how does this fit in with the widespread premise that the rich are invulnerable? Or are the rich just pickin's for the vultures just like the rest of us. And if so, when does vulture season open?
why no reference to the Cayman Islands where all the big USA banks stash billions ( if not more) in cash, derivatives, and located offshore entities for the sake of avoiding both USA tax AND regualtion ? ? ? And the biggest off shore tax haven the City of London
Those with an urge to stick a knife into Offshore tax havens need to chill a little. I wrote a defence (yes, English spelling!) of them in August last year. Check it out on my blogsite (Google "Barlow's Cayman"). August was in the middle of the US Presidential election campaign - or was it the Primaries? Doesn't matter. The point is that there IS a legitimate defence.
Well, of Cayman, anyway. Not sure about Cyprus.
http://barlowscayman.blogspot.com
What is Bono and his mates going to do with all those tax haven million$$$????
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only the rich itch to put their money in tax havens.
Boil the tax haven banks thru regulation and the rich fall out like rats from their ships treading water.
Now that they have done it with forceps provided by IMF in Cyprus, let the symphony of banksta pain continue all over tax haven utopia; now cringing in fear with precedence so near.
Its only right that the TBTF, whom the oligarchy protects as its the visible face of their shadow plays, now gets milked by their statists counterparts without solutions, cringing at the thought of losing their elected power.
"We haven't a clue" now goes "lets bail in that crew of rich n corrupt", in its "every man for himself" logic on the Titanic, while the band plays on its WS levitation serenades.