More Tax havens to give out details

[David68]

Just for information purposes.

 

 

More so-called 'tax havens' have agreed to disclose the bank details of British taxpayers as part of the crackdown on evasion.

The deal signed today commits Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands to automatically share information with the UK.

The British Overseas Territories will pass on names, addresses, dates of birth, account numbers, account balances and payment details and the move also extends to some accounts held by trusts.

They will also share information with other G5 nations - France, Germany, Italy and Spain - as part of an international pilot to clamp down on wealthy banking clients who escape paying taxes by hiding their money overseas.

According to the Treasury, the Isle of Man, which was the first non-US jurisdiction to agree to greater exchange of information with the UK, will also extend information to the four other nations involved in the scheme.

The move was announced ahead of the UK's presidency of the G8, which Prime Minister David Cameron vowed would see tax transparency as a top priority.

 

[Choppermike]

This is very sad to hear.  The UAE Central Bank is also considering mandating that banks here disclose US account holders.  The mandate is thought to go into effect in July if it is approved by the Governor of the Central Bank.  Banks who do not disclose will lose USD clearing house privileges.

[umbertino]

I heard that in the English Channel, the isle of Sark is still good at privacy banking laws. Not sure, though....

You supposedly still have  the Cayman islands in the Caribbean  and ( I believe) the Seychelles in the Indian Ocean. And a few more, I'd guess.

Edited May 2, 2013 by umbertino

[Adam Montana]

I actually visited several banks and met with a few key people in the BVI, Anguila, and Bermuda when I was originally working on our OSI strategy.

 

I chose to not include them in our plans because I wasn't convinced they were solid... looks like my decision was correct.

[umbertino]

Then of course... ( I'm not kidding) there's  Cuba which will never  ( for the time being...who knows about the Future) exchange  banking info with the US.  I personally know of some Europeans who have money deposited in Cuban banks.

Edited May 2, 2013 by umbertino

[umbertino]

http://en.wikipedia.org/wiki/List_of_banks_in_Cuba

[ag man]

The places that stay true to their customers will flourish, because the wealthy will flock to them.

[umbertino]

The places that stay true to their customers will flourish, because the wealthy will flock to them.

Absolutely. And.. as the "secrecy banking" market gets shrinked.... The few left spots will boom. And others ( as it's a market) will open...Doesn't really ( almost)  matter what part of the world.

Edited May 2, 2013 by umbertino

[PA10]

Specifically, is there any change of status with Belize and the Seychelles?

[Adam Montana]

Specifically, is there any change of status with Belize and the Seychelles?

Not even a tiny one.

[DoD]

Not even a tiny one.

 

Just what I wanted to hear...