Word: visas
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Dates: during 2000-2009
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...entry into the rarefied world of private banking. Set yourself up in a Caribbean or Alpine tax haven, and you are in league with the superrich--with Marc Rich!--who cloak their identities and shield their assets from prying governments. With your shell company as host of a nameless Visa or Amex card, you are trading stocks, purchasing cars, paying bills and getting cash from ATMS--and leaving no trail. You are thumbing your nose at grasping creditors, ex-spouses, plaintiff's lawyers and tax collectors. And these days, you are screwed...
...just got a federal court in San Francisco to compel Visa International to disgorge credit-card records of U.S. citizens in 30 cash coves such as Bermuda and the Caymans. It will likely try to identify the cardholders through U.S. merchants where the cards were used. The agency, which earlier secured access to the logs of MasterCard and American Express, is looking for buried treasure overseas--an estimated $70 billion in unpaid taxes. The theory is that much more of it has flowed offshore in recent years, oiled by Internet technology and emboldened by a popular view that...
...available to the mass market. Americans who keep money in accounts overseas are required to pay taxes just as if the money were in a U.S. bank. But many countries have secrecy laws that keep these accounts hidden from the IRS. And companies like MasterCard, Visa and American Express make it easy to access offshore accounts, issuing overseas cards with million-dollar monthly credit limits...
...simple and elegant that--well, it's an affront to a dynamic capitalist society. And it's all about to change. Someday soon, when you just want to score five Andrew Jacksons so you can have dinner at that great little place that doesn't take Visa, you could find yourself in a very slow line behind people sending flowers to Mom or arguing over which seats to buy for the next Disney on Ice show...
Following his request for an exit visa, Ozernoy lost his teaching position at Moscow University and the government prohibited him from publishing his research. His wife was also fired from...