Five Stone Tax Advisers' Take on an Important Tax-Related Article:
Even under international pressures in conjunction with pressures from the EU and the OECD, Luxembourg has recreated itself as the wealth management center of Europe. Banks from China, Switzerland and the Islamic states are committed to maintaining large banking hubs in Luxembourg due the countries “tax friendliness.”
Additionally, Luxembourg has officially entered the “FreePort” market for high net worth individuals. Luxembourg touts its newly minted FreePort as “[t]he ultimate secured storage and trading platform for valuables.” While Luxembourg believes that it can insulate businesses and individuals from adverse developments on the tax front, United States taxpayers (whether businesses or individuals) should heed the lessons learned in Switzerland and proceed with caution and compliance.
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Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.
