With Switzerland long dead as an offshore tax haven for US savers unwilling to fund Uncle Sams central-planning machine (and who can blame them - isnt monetizing the deficit precisely what the Fed is for?) and with Cyprus banks, shall we say, compromised, many have been forced to look for greener tax-evading pastures, as far away as the Pacific Rim, especially that oasis of mega wealth creation, Hong Kong. Only this time the US is paying attention as SCMP reports that Hong Kong tax officials will soon be able to pass information about the finances of Americans working in Hong Kong to their US counterparts under an agreement signed yesterday as part of Washingtons global crackdown on tax evasion. In other words, for tax purposes, Hong Kong is now effectively under IRS control
Posted on: Thu, 27 Mar 2014 08:18:29 +0000