The actual truth is that Gibraltar has a much better record in regulating its financial services than Spain does.
mathis is innocent
In the United States House of Representatives, where I had the honor to
serve for eight years, there is a strict rule against Members using
"unparliamentary" or "offensive" words. Should a speaker use such
language, any other member can object and demand that "the words be
taken down."
Indeed, I once used this parliamentary device on my late colleague from
New York. I effectively silenced the Honorable Bella Abzug, when she
accused all Republicans of being "racists."
This ruling is so serious that the offending Member will not be allowed
to speak again on that day, except by motion or unanimous consent.
In fact, the House Speaker has ruled certain words are so inherently
offensive that the offending member is out of order per se. These
include words like accusing another Member of being a "Nazi."
I cite this quaint House rule because it appears to me that the world's
demagogues are trying mightily to make us believe that the words "tax
haven" denote places that are inherently offensive. They try to make you
believe that completely legal, free-market centers are full of the dirty
cash and hidden assets from tax evaders. (See my former A-Letter comment
"Why Tax Havens Are a Blessing.")
The tax-hungry politicians, and their lap-dog media, made the most of
the recent criminal act in Liechtenstein. In case you missed it, the
German government bribed a FORMER Liechtenstein bank employee to sell
them the names of foreign account holders. And then the Germans tried to
imply the mere act of having a bank account is automatic proof of tax
evasion (which of course, is ridiculous).
The latest chapter in this coordinated attack on havens is an outrageous
demand by the newly re-elected Spanish government. In short, the
Spaniards want to "black list" Gibraltar simply because it is a tax haven.
Spanish officials claim to believe that because "The Rock" is indeed, a
tax haven, the territory shelters corrupt businesses, tax evaders and
money launderers. They want the hardly impartial Organization for
Economic Cooperation and Development (OECD) to investigate this alleged
criminal conduct.
Peter Caruana, the Chief Minister of Gibraltar, disputes these claims:
"If the Spanish government is saying that the Gibraltarian authorities
are not cooperating with Spain in the way we cooperate with other
countries, that is simply untrue," he said.
This latest complaint is the long series of attacks by the Spanish
government against the British overseas territory. It comes just weeks
after Spain criticized both Gibraltarian and British authorities for
failing to secure a stricken ship in disputed waters off the peninsula.
****The actual truth is that Gibraltar has a much better record in
regulating its financial services than Spain does. In fact, almost every
independent international organization that measures financial
activities has said so. The latest very positive International Monetary
Fund (IMF) report on Gibraltar shows just how wrong Spanish officials
are to criticize. It once again proves the clean reality of how The Rock
operates.****
Gibraltar has fashioned itself into a dual purpose residential tax haven
for high net worth individuals from around the world. The Rock is also a
professional base for tax-free international business corporations and
trusts. Gibraltar imposes no capital gains, wealth or estate taxes.
Find out about Gibraltar and other offshore havens where you may be able
to lower or avoid taxes completely, click here.
BOB BAUMAN, Legal Counsel