LiveOffshore

Volatile stock markets and a lack of confidence in the UK banking system has boosted demand for gold bars and coins from private investors to levels not seen for 25 years.

Tens of thousands of investors have rushed to buy gold from bullion dealers over the past year, during which the gold price has broken through the $1,000 barrier on occasions.

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No one watching the Treasury select committee’s inquiry into the offshore centres, friend or foe of tax havens, can think that MPs are about to come up with a solution.

The havens have come under scrutiny following suggestions they have been critically involved in many of the failings of the global economy.

That was a suggestion witnesses before the committee last week, the first meeting the MPs have had, were keen to play down.

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On or before March 13, 2008, another request was made of the Options Exchanges to open additional March and April put series with very low exercise prices, although the March put options would have just five days of trading to expiration. Again the exchanges accommodated the requests and massive amounts of puts were bought. Olagues contends that there is only one plausible explanation for “anyone in his right mind to buy puts with five days of life remaining with strike prices far below the market price”: the deal must have already been arranged by March 10 or before.

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Now, under proposals put forward by Udaras na Gaeltachta, all the Irish islands could become tax havens -- modelled loosely on the tax-free principality of Andorra.

The regional authority responsible for the economic, social and cultural development of the Gaeltacht has proposed a radical plan to the Commission on Taxation recommending a special taxation incentive scheme for islands.

The islands that could benefit from a change in tax status include Tory and Aranmore islands in Co Donegal, Clare Island in Co Mayo, the Aran Islands and Inishbofin in Co Galway, and the Co Cork islands of Cape Clear, Bere Island and Sherkin Island.

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He finally got rich by selling stolen bank account data from LGT Group, owned by Liechtenstein's royal family, to German agents, according to the bank. The German government said it paid as much as €5 million, or $7.7 million, for the data.

Kieber, a 43-year-old computer technician with a checkered past, is the target of an international arrest warrant. His U.S. lawyer said Kieber has gone into a witness protection program because bankers, LGT clients and even drug dealers who had money in Liechtenstein were trying to find him. The lawyer would not divulge the country Kieber was in.

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The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.

"A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.

A report by the bank's research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as "all the chickens come home to roost" from the excesses of the global boom, with contagion spreading across Europe and emerging markets.

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The clash between the European Central Bank and the US Federal Reserve over monetary strategy is causing serious strains in the global financial system and could lead to a replay of Europe's exchange rate crisis in the 1990s, a team of bankers has warned.

"We see striking similarities between the transatlantic tensions that built up in the early 1990s and those that are accumulating again today. The outcome of the 1992 deadlock was a major currency crisis and a recession in Europe," said a report by Morgan Stanley's European experts.

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Situated at the southernmost tip of Spain, Gibraltar guards the gateway to the Mediterranean. Tourists to Gibraltar annually take in the unique combination of warm climate, Anglo-cosmopolitan spirit, unique culture, wildlife and its geographical location as the “stepping stone between Europe and North Africa.” The territory's residency legislation-specially designed to target high net worth individuals-is also attracting the world's wealthy.

Some of the many advantages to acquiring a residency permit in Gibraltar include zero inheritance tax, no VAT, no capital gains tax, nor wealth tax. Additionally, “No exchange control regulations exist in Gibraltar on the investment of capital, and property may be purchased anywhere in the world without restriction.”

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Montenegro will adopt 800 national standards in the areas of trade, industry, commerce and taxation this year in its effort to bring the country in line with European Union (EU) membership criteria. The announcement was made by the Director of the Montenegrin Institute for Standardisation, Miodrag Perovi?, following last week’s meeting between Montenegrin government officials and European Community (EC) representatives to discuss progress made by the country in implementing an interim agreement on standardisation.

Of the 800 standards, 500 have already been discussed and debated in the public arena and the government of Montenegro is ready, willing and able to proceed with their implementation.

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Good news for long-suffering gold bugs. Iran is switching a chunk of its $80bn reserves into bullion.

Mohsen Talaie, the deputy foreign minister in charge of economic affairs, said Tehran was pulling its money out of euro instruments (presumably Bunds, BTps, EIB bonds, etc) to avoid sanctions over its nuclear weapons programme.

“Upon the decision of the government’s task force a segment of Iran’s foreign exchange assets will be converted into real assets such as gold and stocks,” he told Iran’s Etemad-e Melli newspaper.

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