Archive | July, 2017

Panama Papers Update: Pakistan Prime Minister Resigns

July 31, 2017  |   Posted by :   |   Panama Papers,Tax Evasion   |   0 Comments

As reported on 7/28/17 by the NY Times Nawaz Sharif, Pakistan Prime Minister, resigned after the Pakistan Supreme Court ordered his removal for corruption. In 2016, the Panama Papers disclosed that Sharif and 3 of his children owned expensive residential real estate in London held anonymously thru offshore companies. The Court held that Sharif was […]

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Monaco striker Radamel Falcao pays €8.2m in tax case

July 24, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

Monaco forward Radamel Falcao has paid E8.2m ($9.3m US) to tax authorities in Spain as part of an ongoing investigation into alleged tax evasion. Spanish Tax Authorities are investigating Falcao for tax evasion. They allege he failed to correctly declare 5.6m Euros in income earned from image rights between 2012-2013 while at Atletico Madrid. If […]

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Recording Artist and Performer DMX Charged With Tax Fraud

July 17, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

Rapper DMX (aka Earl Simmons) was arrested in NY on 7/13/17 and charged with 14 separate counts of tax fraud and tax evasion for a multi-year scheme to hide millions in income from the IRS and pay $1.7m due in taxes. He faces 40 years in jail for not paying $1.7m in taxes incurred between […]

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Global High Net Worth Investors: Money Laundering & Luxury Real Estate

July 13, 2017  |   Posted by :   |   International Investors,International Tax Planning   |   0 Comments

In July 2016 the US Treasury Dept. expanded its pursuit of international criminals who launder money (hide the illicit funds) through all cash US luxury real estate purchases. According to the NY Times, nearly 1/2 of luxury real estate nationwide is purchased using shell companies. Effective August 2016 the US Treasury Department has ordered title […]

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Chinese Investors and US OECD Tax Issues

July 10, 2017  |   Posted by :   |   International Investors   |   0 Comments

For Chinese investors who become EB5 Visa holders or other US green card they will be subject to annual US world wide tax reporting for income and disclosure of all offshore Financial Accounts over $10,000 that they own or control (FBAR filing: FinCen Form 114) and foreign financial assets over $50,000 (FATCA/Form 8938 attached to […]

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Offshore Tax Evasion & Worldwide Soccer

July 05, 2017  |   Posted by :   |   Tax Evasion   |   0 Comments

With the publication of the Panama Papers in 2016, some of the world’s wealthiest individuals were revealed as tax cheats who hide their assets offshore through anonymous companies. Worldwide soccer has now been thrust under a similar spotlight as some of its brightest stars are being prosecuted for tax evasion, fraud and related crimes. In […]

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