Offshore Retirement Accounts and Tax Haven Scams That Will Earn You an IRS AUDIT! PT4

The IRS requires individuals and third parties to report foreign assets, accounts, entities, and digital assets. Malta, which imposes a corporate tax rate of 35% for local companies and zero to six percent for outside entities, is identified as a tax haven. Unusual tax benefits have also drawn the attention of the IRS to Maltese pensions, such as a case involving a 49-year-old US resident who avoided taxes on large withdrawals of excess funds by contributing highly appreciated assets to a Maltese pension and making lump sum payments after turning 50. Other offshore tax havens to watch include Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Ireland, the Isle of Man, Luxembourg, Mauritius, Monaco, the Netherlands, Singapore, and Switzerland.
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