Posted by offshorepedia on Feb 26, 2010 in Press Releases | 0 comments
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This is a press release from Barclays Wealth International
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LONDON, February 22, 2010 /PRNewswire-FirstCall/ — Barclays Wealth International has introduced a limited offer for new clients enabling them to save money on online international payments and urgent same day transfers for up to 14 months*. This means that international clients who make as few as three online international payments or urgent same day payments a month, could save GBP1,080 over a 12 month period**.
This special offer is available to new clients who open an account with Barclays Wealth International between 15 February 2010 and 31 March 2010.
Under this latest offer the following online payment types will have the Barclays standard payment fee waived:
– Urgent same day payments such as CHAPS (Clearing House Automated
Payment System)
– International payments
– SEPA credit transfers (Single Euro Payments Area)***
This exclusive offer to new clients joining Barclays Wealth International before the 31 March 2010 will expire on 22 April 2011, so accounts opened early will benefit from the waived fees on international online payments for up to 14 months.
Mark Richards, Managing Director, Head of Sales for Barclays Wealth International & Wealth Intermediaries, commented: “We are delighted to be waiving the Barclays standard payment fee on international payments and the urgent same day transfer service from 15 February 2010 to 31 March 2010. “As the UK’s largest wealth manager with an expertise in servicing the requirements for international clients, to be able to move their money online at the touch of a button. Our offer will give new international clients the opportunity to make unlimited urgent same day payments and international transfers with no standard fees, potentially offering a huge cost benefit.”
Barclays Wealth already offers all of its international clients a number of free payments and transfers as standard, including; non-urgent payments, transfers between a client’s own Barclays Wealth accounts and standard payments such as bill payments to third parties.
Notes to editors:
Lines are open 7am to 8pm weekdays and 8am to 5pm weekends and UK bank holidays local time. Call charges may vary. Please check with your local telecoms provider. Calls may be recorded for training and security purposes.
*The offer is open to all new clients to Barclays Wealth International including those who currently hold an account with another division of Barclays Wealth. The offer includes the Barclays Standard Payment charge. Additional charges may still apply – these will be advised at time the online transaction is made.
**Based on current online international payment charges of GBP25-30 per transaction
***SEPA Credit Transfers are only available to EU / EEA account holders and not currently available to clients based in Jersey, Guernsey and the Isle of Man
For further information regarding the latest international payments offer visit: http://www.barclayswealth.com/paymentsoffer and to find out how you can benefit from the range of International Payment Services currently offered visit http://www.barclayswealth.com/international or telephone enquiries please call +44(0)1624-684316. To apply for a Barclays Wealth International account visit: http://www.barclayswealth.com/internationalapply
About Barclays Wealth International
Barclays Wealth International is the international banking division of Barclays Wealth. We specialise in international and offshore banking, savings, investments and mortgage services designed for expats, UK resident non-domiciles (RNDs) and those banking offshore, and for residents of Jersey, Guernsey, Isle of Man and Gibraltar.
About Barclays Wealth
Barclays Wealth is a leading global wealth manager, and the UK’s largest, with total client assets of GBP151.3bn, as at 31 December 2009. With offices in 25 countries, Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, investment management, fiduciary services, and brokerage.
Barclays Group is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the Americas, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 145,000 people. Barclays moves, lends, invests and protects money for over 49 million customers and clients worldwide.
For further information about Barclays Wealth, please visit our website http://www.barclayswealth.com.
Twitter page: http://www.twitter.com/barclayswealth
SOURCE Barclays Wealth International
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Posted by offshorepedia on Feb 26, 2010 in Press Releases | 0 comments
The Federal Department of Finance in Switzerland informs that today in The Hague, Switzerland and the Netherlands signed a new double taxation agreement (DTA) in the area of income tax. It will replace the existing DTA of 1951/1966. The new agreement contains namely provisions on the exchange of information in accordance with the OECD standard, which were negotiated in line with the key points decided by the Federal Council. The new DTA will contribute to the further positive development of bilateral economic relations.
Compared with the current DTA, improvements have been achieved in the area of withholding taxes: the percentage holding for withholding tax exemption for dividends has been reduced from 25% at present to 10%. Dividend payments to pension funds will also be exempt from tax in the source state in future. Furthermore, a zero rate has been agreed for interest. In addition, the new DTA contains an arbitration clause. This is used if the competent authorities are unable to reach an agreement within three years following the commencement of a mutual agreement procedure.
After negotiations finished, a report on the new DTA with the Netherlands was submitted to the cantons and the business associations concerned for their comments. The Conference of Cantonal Finance Directors and the business associations largely welcome the signing of the agreement.
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Press Release from the Federal Department of Finance in Switzerland
Original Release can be found at: http://www.efd.admin.ch/00468/index.html?msg-id=32020&lang=en
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http://www.efd.admin.ch/00468/index.html?msg-id=32020&lang=en
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Posted by offshorepedia on Feb 25, 2010 in Press Releases | 0 comments
Defendant Skimmed Proceeds from his Watch Businesses to Fund Secret Accounts
WASHINGTON – Jack Barouh of Golden Beach, Fla., pleaded guilty today to filing a false tax return, the Justice Department and Internal Revenue Service (IRS) announced. Sentencing has been set for April 16, 2010, before U.S. District Judge Adalberto Jordan in Miami. The defendant remains free on a $1 million bail pending sentencing. He faces a maximum sentence of three years in prison.
According to court documents and statements made in court, Barouh admitted to filing a false tax return for 2007 in which he failed to report that he had an interest in or a signature authority over financial accounts at UBS AG, one of Switzerland’s largest bank. He also failed to report income earned on his UBS Swiss bank accounts. The UBS accounts were opened in the names of Domilou S.A., a nominee Panamanian corporation, and Similen Investments Limited, a nominee British Virgin Island corporation. For years 2002 through 2007, the tax loss associated with the Domilou and Similen accounts at UBS is approximately $736,269.
In addition to the Domilou and Similen accounts, the defendant owned and controlled several additional offshore bank accounts located at banks other than UBS, including accounts in Switzerland and Hong Kong.
According to court documents, the defendant owned and operated several businesses that manufactured and sold watches. Beginning in 1976, the defendant skimmed income from his watch businesses and deposited the proceeds into his undeclared UBS bank accounts. The defendant also deposited unreported sales commissions into the accounts.
According to court documents, beginning in 2007, the defendant attempted to withdraw his funds from Switzerland and repatriate all of the money into the United States. However, a Swiss attorney persuaded the defendant to transfer the money from Switzerland to a newly created bank account in Hong Kong in the name of a nominee Hong Kong corporation. The Swiss attorney then told the defendant to pay himself an annual “consulting fee” until all of the funds were brought into the United States. The Swiss attorney knew the defendant was not going to perform any consulting work.
As part of his plea agreement, the defendant agreed to pay a 50 percent penalty for the one year with the highest balance in his offshore accounts in order to resolve his civil liability for failing to file Reports of Foreign Bank and Financial Accounts, Forms TD F 90-22.1. The highest balance of all of the assets the defendant owned and controlled offshore was approximately $10,017,613. The defendant also must pay any additional taxes, interest and penalties he may owe.
“Today’s guilty plea is the latest success in our crackdown on illegal offshore tax evasion,” said John A. DiCicco, Acting Assistant Attorney General of the Justice Department’s Tax Division. “The Justice Department and U.S. Attorneys’ Offices will continue our investigations and prosecutions of individuals who utilize offshore accounts in Switzerland and elsewhere.”
“Skimming from one’s business and placing the assets in a secret offshore bank account is a classic example of tax evasion,” said Jeffrey H. Sloman, U.S. Attorney for the Southern District of Florida. “With tax day looming, today’s guilty plea is a reminder that those who violate the tax laws will be held accountable.”
“Hiding money in foreign bank accounts to evade paying taxes is a crime,” said Victor S. O. Song, Chief, IRS Criminal Investigation. “The IRS will continue our efforts to bring non-compliant taxpayers into the tax system either through the voluntary disclosure program or criminal prosecution.”
Acting Assistant Attorney General John DiCicco and U.S. Attorney Jeffrey H. Sloman commended the investigative efforts of the IRS agents involved in this case, as well as Senior Litigation Counsel Kevin M. Downing and Trial Attorney Mark F. Daly of the Tax Division, and Assistant U.S. Attorney Jeffrey A. Neiman, who are prosecuting the case.
In February 2009, UBS entered into a deferred prosecution agreement pursuant to which the bank admitted to helping U.S. taxpayers hide accounts from the IRS. As part of their agreement, UBS provided the United States government with the identities of, and account information for, certain United States customers of UBS’s cross-border business. Jack Barouh is the seventh former client of UBS to plead guilty to a tax felony.
U.S. citizens who have an interest in, or signature or other authority over, a financial account in a foreign country with assets in excess of $10,000 are required to disclose the existence of such account on Schedule B, Part III of their individual income tax return. Additionally, United States citizens much file a Report of Foreign Bank and Financial Accounts, or F-Bar, with the U.S. Treasury, disclosing any financial account in a foreign country with assets in excess of $10,000 for which they have a financial interest in or signature authority, or other authority over.
More information about the Justice Department’s Tax Division and its enforcement efforts is available at http://www.usdoj.gov/tax/.
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Posted by offshorepedia on Feb 16, 2010 in Press Releases | 0 comments
WASHINGTON – Dr. Andrew Silva of Sterling, Va., pleaded guilty today to conspiracy to impede the United States and to making a false statement, the Justice Department, Immigration and Customs Enforcement (ICE), U.S. Postal Inspection Service (USPIS) and the Internal Revenue Service (IRS) announced.
Sentencing has been set for May 7, 2010, before U.S. District Judge Liam O’Grady. The defendant was released on his own recognizance. He faces a maximum sentence of ten years in prison and a maximum fine of $500,000.
According to court documents, in 1997, Silva inherited an undeclared bank account from his mother at the Zurich, Switzerland, branch of one of the world’s largest international banks. The bank is headquartered in England and also has offices in Zurich, Geneva, and the Eastern District of Virginia . The account was held in the name of a sham Liechtenstein trust. In 1999, Silva met with an attorney who managed the account in Zurich, Switzerland. The Zurich attorney instructed Silva to keep the account “hush,” to not keep any records relating to the account, and to send coded letters if he wished to meet with the attorney. Further, the Zurich attorney advised Silva that if he transported or mailed less than $10,000 in U.S. currency back to the United States, he would not have to declare the funds to the U.S. government upon re-entry to the United States.
According to court documents, in September 2009, Silva was informed that the international bank was closing his undeclared Swiss account and that he had until the end of the year to travel to Switzerland to withdraw all funds. He made two trips to Zurich in October and November 2009 and met with the Zurich attorney at his office and a Swiss banker at the private wealth office of the international bank. The Zurich attorney and the Swiss banker refused to wire the money to the United States as it would leave a trail for U.S. law enforcement. Instead, they provided him with $235,000 in U.S. currency. Of that total, Silva received $200,000 in two individually wrapped “bricks” of $100,000 of sequentially numbered, new $100 bills.
According to court documents, with the assistance of the Zurich attorney, Silva mailed 26 packages containing over $200,000 in U.S. currency from Switzerland to the United States to himself and another person.
According to court documents, for the years 1997 through 2008, Silva made and subscribed false U.S. Individual Income Tax Returns, Forms 1040, that failed to report on the Schedules B attached to the returns that he had an interest in a financial account in a foreign country. Additionally, Silva failed to report the income he earned on his undeclared Swiss account on his tax returns.
According to court documents, from 1997 through 2008, Andrew Silva failed to file with the Department of the Treasury a Report of Foreign Bank and Financial Accounts on Form TD F 90-22.1 (FBAR) reporting his interest in his undeclared Swiss account that had an aggregate value of more than $10,000 at any time during a particular year.
As part of his plea agreement, Silva agreed to forfeit to the government $211,200 in U.S. currency that law enforcement officials seized from packages that Silva mailed from Switzerland to Silva’s residence in Sterling, Va.
“Today’s plea shows the continued efforts of the Justice Department to investigate and prosecute those citizens who use offshore accounts to hide income and assets,” said John A. DiCicco, Acting Assistant Attorney General of the Justice Department’s Tax Division. “American taxpayers should rest assured that those who do not file accurate tax returns and who utilize offshore accounts to hide money will be investigated, and when appropriate, prosecuted and sent to jail.”
“We are capable of thwarting offshore banking schemes because of the increased cooperation among ICE, Postal Service, and the IRS,” said Neil H. MacBride, U.S. Attorney for the Eastern District of Virginia. “The tax charges in this case came to light because agents caught Mr. Silva structuring cash to avoid reporting requirements, and that kind of coordination is making it possible for us to discover Americans who conceal their wealth overseas and make them pay for their actions.”
“Failing to report the transportation of more than $10,000 into or out of the United States is smuggling,” said Scot R. Rittenberg, Deputy Special Agent in Charge for U.S. Immigration and Customs Enforcement (ICE) in Washington, D.C. “ICE continues to work closely with it federal partners to ensure smugglers are held accountable for their crimes.”
“The U.S. Postal Inspection Service is dedicated to ensuring those that use the U.S. Postal Service to commit crimes are prosecuted to the fullest extent of the law,” said Daniel S. Cortez, Postal Inspector in Charge of the Washington Division. “We have Postal Inspectors throughout the country who work tirelessly to ensure the mail isn’t used to facilitate criminal activity.”
“At this time of year, when hard-working citizens are sitting down to prepare their tax returns, it is especially disappointing to see the overt steps some individuals will take to hide their taxable funds from the government,” said IRS Criminal Investigation Chief Victor S. O. Song. “We are determined at the IRS and Department of Justice to halt international tax evasion, and the facts outlined in today’s plea are strong indicators that we can and will find this fraudulent activity.”
Acting Assistant Attorney General John A. DiCicco commended the criminal agents from ICE, USPIS, and IRS who investigated the case, as well as Assistant U.S. Attorney Gordon Kromberg, Tax Division Senior Litigation Counsel Kevin M. Downing, and Tax Division Trial Attorneys Mark F. Daly and John E. Sullivan, who are prosecuting the case.
United States citizens and residents have an obligation to report to the Internal Revenue Service on the Schedule B of a U.S. Individual Income Tax Return, Form 1040, whether that individual had a financial interest in, or signature authority over, a financial account in a foreign country in a particular year by checking “Yes” or “No” in the appropriate box and identifying the country where the account was maintained. United States citizens and residents have an obligation to report all income earned from foreign bank accounts on the tax return.
United States citizens and residents who had a financial interest in, or signature authority over, a financial account in a foreign country with an aggregate value of more than $10,000 at any time during a particular year were required to file with the Department of the Treasury a FBAR. The FBAR for the applicable year is due by June 30 of the following year.
Individuals who physically transport, mail or ship, or cause to be physically transported, mailed, shipped or received, currency, traveler’s checks, and certain other monetary instruments in an aggregate amount exceeding $10,000 into the United States are required to file a FinCen Form 105, Report of International Transportation of Currency or Monetary Instruments, with the Bureau of Customs and Border Protection (the CMIR).
United States law prohibits individuals from structuring mailings of U.S. currency into the United States in amounts less than $10,000 if the purpose of the structuring was to evade the requirement to file a CMIR.
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FOR IMMEDIATE RELEASE
TUESDAY, FEBRUARY 16, 2010
WWW.USDOJ.GOV
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Posted by offshorepedia on Jan 28, 2010 in Press Releases | 0 comments
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This is a press release from CCLOGIC Ltd
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(Free-Press-Release.com) January 28, 2010 — CCLOGIC Ltd is offering professional services towards businesses, private investors and individuals considering moving their activities offshore, whatever activity one may be into, investments, online business, selling of gods and services or takeover of competing or synergy companies, we provide the service one will need to achieve the goals.
CCLOGIC Ltd is offering their services as following:
Belize Company Formation , we register a company in Belize, compared to many on the competitors we deliver the real thing, means original corporate documents with apostille, original company certificates and a memorandum of articles.
BVI Company Formation , since we know many are looking in the direction of the British Virgin Islands we have partnered with one of the most reliable law firms on the BVI to register BVI Companies, again, we will provide you with a comprehensive package including the original corporate documents, company certificates and a standard memorandum.
Cyprus Company Formation , since we are located our self in Nicosia, Cyprus, then we are directly on the source to the different authorities who official register the companies in the companies register in Cyprus, when ordering a Cyprus Company through us, you will get an impressive package of original corporate documents with apostille, company certificate and a “REAL” office address with real people, not just “a plate on the wall” – we have a unbeaten service level when it comes to a Cyprus Company Formation.
Seychelles Company Formation , due to a very tight partnership with one of the leading law firms in the Seychelles we are able to provide a quality package with original corporate documents with apostille, a company certificate and a office address in the Seychelles, again, compared to the many competing organizations or rather pure websites, we deliver what we promise, no crap, but only a quality package with a set of corporate documents.
Offshore Bank Accounts and Cyprus Bank Accounts
When it comes to offshore banking and Cyprus banking we are a leader in providing such services, regardless which bank you want to open your bank account with in Cyprus (northern side) we can help you to do so, if you need a Bank account in the Bahamas or Seychelles we can do so and all ONLY WITH RELIABLE banks, no hunk or bogus bank accounts like the pure other service providers provide! We have seen a lot and it is not good, on a daily basis we receive many enquiries from clients which are that dissatisfied because they got trapped and now want to start from the beginning, that we feel we have to defend our business and industry.
Above are all very professional services offered by one of the most reliable service agency, CCLOGIC LTD, don’t let you be fooled into the many fake organizations and websites out there which promise you the same for the half of the price, look at it in this way, if you want a Mercedes or BMW you don’t buy a Toyota just because it looks like the Mercedes or BMW, no, you take the real thing and will drive safe and secure through the traffic.
CCLOGIC Ltd has specialized in the formation of real offshore companies and the opening of real offshore bank accounts with reputable partners and financial institutions/banks that have a I high grade of Trust and credibility to the many thousands of clients served during many years. CCLOGIC Ltd is only entering into a business relationship with new clients if we feel comfortable and feel that our new client has got all the help they need to take decision to proceed, we never oversell or sell any of our services just to make more profit, we want our new clients to sit back after a business deal with the feeling they really got value for their money and are 100% satisfied.
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Posted by offshorepedia on Jan 15, 2010 in Press Releases | 0 comments
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This is a press release from the British Virgin Islands Financial Services Commission
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Tortola, British Virgin Islands – 15 January, 2010 – The British Virgin Islands Financial Services Commission today announced that several new legislative provisions will become effective shortly including the Insurance Act, 22008, the Financing and Money Services Act, 2009 and the Regulatory Code, 2009. The effective dates for the Insurance Act, 20008 and the Financing and Money Services Act, 2009 are as follows:
Insurance Act, 22008 EFFECTIVE: 1 February, 2010 Financing and Money Services Act, 20 09 EFFECTIVE: 31 March, 2010
The Regulatory Code, 2009 will also come into effect on 1 February, 2010.
The Insurance Act, 2008 replaces the Insurance Act, 1994 and the Insurance Regulations, 2009, which were gazetted on 22 December, 2009, replace the Insurance Regulations, 1995.
The Insurance Regulations were made by Cabinet, acting on the advice of and in consultation with the Commission, according to powers granted by section 82 of the Insurance Act, 2008. The Insurance Regulations, 2009 provide more details for classifications for insurance business, maintenance of registers and specifications for what constitutes public record.
A legislative framework for the licensing, regulating and supervision of persons who engage in the provision of money or value transfer services is provided by the Financing and Money Services Act. The Act brought the Territory into full compliance with the Financial Action Task Force’s (FATF) Recommendation 23 which among other things requires that natural and legal persons who provide money or value transfer services or money or currency changing services should be licensed or registered.
The Financing and Money Services Act establishes a transition period of six months from the date the Act comes into force for existing business to make the required application for licensing to the Commission. The Commission is urging all persons with business activities that now fall within the ambit of the Act to contact the Commission as the commencement of the regime for licensing makes it an offence to carry on those activities without a licence.
Interested persons may obtain a copy of the Financing and Money Services Act, 2009 and all other financial services legislation from the Commission’s website, www.bvifsc.vg.
For further information, please contact:
Corporate Communications BVI Financial Services Commission Pasea Estate, Tortola, British Virgin Islands Tel: (284) 494-4190 Fax: (284) 494-5016 Email: corpcomm@bvifsc.vg
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