Word: havener
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Sure, Yahoo! is practically a historic landmark, the last of the pure dotcom plays from the wild 1990s. But brace for impact: Microsoft hasn't even promised to keep the Yahoo! brand alive. ("That's a question we haven't answered yet," purrs Yusuf Mehdi, Microsoft's senior vice president of strategic partnerships. Really...
...Switzerland, the most famous tax haven of all, that remains the global leader in attracting cash from overseas. The number of tax exiles living there shot up from 2,394 in 2003 to 4,175 in 2006, according to consulting firm KPMG, and they poured around $917 million into its tax system in 2006 alone. The central government lets foreigners negotiate how much tax they pay directly with whichever of the country's 26 cantons they move to; an annual lump sum is calculated, based on five times the rental value of the expat's Swiss home. Rates average around...
...Switzerland collected an extra $492 million in withholding tax from the bank accounts of E.U. residents. And as the rate goes up to 35% by 2011 in compliance with the E.U. directive, foreigners will find the Swiss tax man reaching deeper into their pockets. But for every tax haven that loses its seductive charms, there's another working hard to woo the rich. Dubai, which has been dubbed the Switzerland of the gulf, has spent billions creating zones where foreigners can set up and invest in companies free from corporate tax. And other gulf states like Qatar and Oman...
Further east, Singapore has likewise turned itself into a major offshore haven by not taxing capital gains or income derived from outside the city-state. It's also easier now for foreigners to gain permanent residency, as long as they have at least $1.1 million to invest in a Singapore-based start-up or venture-capital fund, or $3.5 million to stick in a local financial institution. And while the E.U. is forcing European banks to open up to the authorities, Singapore has strengthened its customer confidentiality laws: anyone who reveals private financial information faces a fine...
...Harvard men’s swimming and diving team continued its march toward perfection this weekend with a resounding sweep in the annual Harvard-Yale-Princeton meet. The Crimson defeated the usually feisty Tigers 213.5-139.5 and trounced the Bulldogs 227.5-125.5 over the two-day meet in New Haven, Conn. Princeton topped Yale, 213-140.With the double victory, No. 22 Harvard ran its record to 8-0 overall and 7-0 EISL. The Crimson also rebounded from a defeat at the hands of Princeton at last year’s HYP meet, when the Tigers managed to escape with...