Friday, April 5, 2013

Who Uses the Offshore World

As a result of intense lobbying, paid for by corporations and individuals who benefit from this tax evasion, Puerto Rico, a US Territory has been coded in the IRS as a foreign country so as to be used as an OFFSHORE FOREIGN TAX SHELTER so as to evade US Federal Taxes.

Puerto Rico is an important link in the global tax evasion scheme, since we are almost like a state, with US currency, banks, etc. But worse of all is the fact that this benefit to tax evaders is at the expense of the US Citizens in Puerto Rico who are denied the benefits of statehood, (after voting in favor of statehood in Nov 6th, 2013), in order to protect this tax scam.

Puerto Rico's only non voting representative in the US Congress, Pedro Pierluisi, supports this tax scheme. He works and lobbies strongly in their favor.

One of the recent mortal blows to Puerto Rico is the bankruptcy of the Public Pension System. UBS has been responsible for Puerto Rico's Government public pension system investments. Miguel Ferrer, who directs the Puerto Rico UBS office led the team that resulted in the PR Public Pension Plan going bankrupt due to bad investments and possibly fraud with the people's money.

Thousands of Puerto Rico's present and retired government workers are affected ! This is presently producing extreme anxiety and chaos in our island, a United States Territory. mj

Secret records obtained by the International Consortium of Investigative Journalists reveal tens of thousands of people in more than 170 countries and territories linked to offshore companies and trusts. Here are some examples from around the world:

-Government officials and their families and associates in Azerbaijan, Russia, Canada, Pakistan, the Philippines, Thailand, Mongolia and other countries have embraced the use of covert companies and bank accounts.
-The mega-rich use complex offshore structures to own mansions, yachts, art masterpieces and other assets, gaining tax advantages and anonymity not available to average people.
-Many of the world’s top’s banks – including UBS, Clariden and Deutsche Bank – have aggressively worked to provide their customers with secrecy-cloaked companies in the British Virgin Islands and other offshore hideaways.
-A well-paid industry of accountants, middlemen and other operatives has helped offshore patrons shroud their identities and business interests, providing shelter in many cases to money laundering or other misconduct.

-Ponzi schemers and other large-scale fraudsters routinely use offshore havens to pull off their shell games and move their ill-gotten gains.