Offshore

The list below is a collection of articles that refer to, mention or discuss Offshore.

Tax Dodgers Warned They Can’t Hide Money Offshore Anymore

Tax authorities around the world are warning expats to own up to offshore tax avoidance as a new international data sharing network is switched on to full capacity. The Common Reporting Standard links tax services in more than 100 countries. The way the network swaps data is simple. Each country sends every other network member … Read more

Categories Tax

New Offshore Tax Avoidance Warning As Data Sharing Starts

The net is closing on expats and taxpayers with offshore accounts and investments who have not declared their interests to the tax man. Financial advisers who has referred a client to an overseas financial institution or to pointed them towards offshore advice or services must declare the information to HM Revenue & Customs by the … Read more

Categories Tax

Where In The World Can You Have A QROPS?

Freedom of going where you want, when you want is one of the main reasons for making the expat lifestyle choice for many. The notion is romantic, because in many cases, finances and taxes tie people to living in one place. Banks don’t like cross-border dealings, so credit cards, bank accounts and mortgages are limited … Read more

QROPS Transfers – Numbers Down But Values Go Up

The number of British expats switching their retirement savings to offshore pension schemes is falling – but the average value of a transfer is still rising, according to the latest official figures. Fewer expats are transferring their UK pension savings to offshore QROPS shown by a drop of 48% from 9,700 transfers in the 2016-2017 … Read more

Tax Havens Are Not All Villains, Claims Study

Offshore finance centres are not the hotbeds of tax evasion everyone seems to believe, according to a new study. Debunking myths about tax havens, think tank the Institute of Economic Affairs argues tax havens have a key economic function helping the wealthy and businesses with tax planning. And although this is seen as controversial by … Read more

IRS To Close Door On OVDP For Offshore Tax Dodgers

US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have owned up about their offshore … Read more

Categories Tax

Tax Dodgers Warned To Tell HMRC About Offshore Assets

Taxpayers with cash or assets hidden offshore have only a few months to disclose them before tough penalties kick in, warns HM Revenue and Customs. Later this year, HMRC proposes to change the time limits for investigating offshore tax cases to 12 years. “HMRC is extending the time limit because it can take much longer … Read more

Categories Tax

How To Hide Cash In An Offshore Tax Haven

Funnelling money through an offshore tax haven is not illegal – providing the idea is not to hide the true extent of your wealth from the tax man so you pay less tax than you should. How international corporations and wealthy individuals keep their wealth offshore is exposed in the Paradise Papers, which are millions … Read more

Categories Tax

New QROPS Code On The Way From Pension Watchdog

Moves to clean up Qualifying Recognised Overseas Pension Schemes for expats is missing the mark, according to critics. The aim is to stop fraudsters stealing pension cash by making more checks into the people behind the scheme and the way money transferred in is invested and managed. The Pension Liberation Industry Group (PLIG) is updating … Read more

QROPS Transfer Charge Is Opportunistic Tax On Expats

The Overseas Transfer Charge is an opportunistic tax on expats who have no one to speak up for them when the British government decides to demand extra money from their offshore pensions. Expats suffer financially because they have no collective voice in government and no representation in Parliament. British expats outnumber the number of voters … Read more