Martha Myron, JP CPA CFP (US) TEP specialises in independent fee-only cross border investment, tax, estate, and strategic retirement planning services for Bermuda residents with United States and multinational connections, and US citizens living and working abroad. She is a Master in Law candidate and the American Citizens Abroad Country Contact for Bermuda. www.americansabroad.org
Nov 30, 2013 8:00 am
While Bermuda government coffer revenues continue to inexorably decrease, the rhetoric here grows increasingly shrill. Paraphrasing headlines and various individual statements regarding proposals to open our doors wider to foreign investments, we witness constant mantras: “Bermuda for Bermudians”, “taking away our birth right”, “allowing foreigners in to dilute our votes and occupy our real estate”, “it’s not fair”, “we deserve more”, and on...
Nov 16, 2013 8:00 am
Oh, oh — another tax article that RG readers tell me they hate because, as we Bermudians love to say, “it’s got nothin’ to do with me”.
I will unequivocally state right now that United States tax compliance has everything to do with us.
On Wednesday, November 13, 2013, The Royal Gazette reported that the US Department of Justice in conjunction with its revenue collecting (and tax fraud enforcement...
Nov 9, 2013 8:00 am
Tired of banking transactions? There’s a new money concept out there.
Bermuda is a complex financial environment. We tend to forget this fact, until we have to trudge down to a bank teller for travelling money, or negotiate a foreign currency transaction online with our computer. Once in an FX menu, have you ever clicked on the wrong currency, and ended up with say Australian dollars when you wanted something completely...
Nov 2, 2013 8:00 am
MONEYWISE November 1, 2013
Bermuda Investment Primer Chp1 part 2
Another segment in the Bermuda Investment Primer Series.
The United States capital market S&P Index* reached an all-time high last week then settled back by Thursday, o’Halloween Day, 31 October 2013 as this article went to press. The S&P index value has grown by an almost 25 percent appreciation in one year. Investment returns at this...
Oct 26, 2013 8:00 am
In 2011, when our economists were still telling Bermuda residents that Bermuda was recovering from the recession, Moneywise saw things very differently — having lived (and painfully observed friends, neighbours, and clients’ difficult financial struggles) though an earlier recession in the United States.
The cost drag of a lengthy recession on Government coffers coupled with impending civil service underfunded pension liabilities...
Oct 12, 2013 8:00 am
One reader wrote in with the following suggestions for additional articles. I thank this individual for following the Moneywise column and providing this feedback. As always, I am very grateful to receive comments and inquiries on a reader’s interests or financial situations. All personal inquiries are entirely confidential.
Sep 28, 2013 8:00 am
The default of an insurance company has been in the headlines for the last couple of weeks.
Emotions are high. Thoughts of policies lost, and monies out of pocket — never to be recovered, are angrily listed again and again.
This is a just such a sorry state of affairs.
It is very understandable that individuals who invested are confused, angry, and disillusioned.
Sep 21, 2013 8:00 am
Reputation, reputation, reputation is the mantra for countries seeking high-grade foreign investment. We, in Bermuda, want to do business with the best of the best: countries and companies with impeccable reputations for transparency, fiscal solvency, rigorous enforcement of compliance measures, and legislation to combat corruption and financial crimes.
Sep 14, 2013 8:00 am
We are told to expect flat Bermuda economic performance for this year. Our Gross Domestic Product (GDP) as reported last week, has shrunk for the fourth straight year — the cumulative effect of increasing prior year’s expenditures and decreased revenues.
For those tired of acronyms, Gross Domestic Product (GDP) is a fancy term for some common sense math.
Sep 7, 2013 8:00 am
It was more than a little disconcerting to see the announcement that Bermuda was placed on France’s tax haven list. One would think that there had to be a substantive reason for this pre-emptive label-tarnishing directly before the G20 meeting that just took place in St Petersburg, September 05, and 06, 2013, but none seems to be forthcoming.
Aug 24, 2013 8:00 am
By Martha Myron
Murder has been committed for it, in the worst of human tragedies due to selfishness, total greed, and vicious disregard for the human suffering of the victim(s).
Suicide has been enacted in the name of “caring for the remaining family members”.
Larceny in the heart, then implemented through deception (and hired criminals) has resulted in phoney claims and catastrophic property damage.
Aug 17, 2013 8:00 am
Should you be watching your investment portfolio? Reuters and several other business media reported last week that the S&P market index was less than a percentage point away from its all–time high. Even with that assessment, trading market volume is low, as it appears that investors are unwilling to place more cash into a market that may change at any time. Additionally, many indicators that investors and analysts use to monitor market activity...
Aug 10, 2013 8:00 am
Make your university degree count, financially! Bermuda island students are readying their itineraries for the giant step of a first year in university, or returning to fully complete their degrees. Some may have already chosen a major, while some are ambivalent, taking a wait-and-see attitude.
Jul 27, 2013 8:00 am
It is a horrible business for those companies and individuals who after valiantly, in most cases, attempting to keep their finances above water, now must face the realisation that all efforts were for naught. They are insolvent, and must begin the long navigational swim back to financial security.
Jul 20, 2013 8:00 am
Jul 6, 2013 8:00 am
Will the Twinkle return to Twinkies? After several weeks of heavy taxing (in more ways than one) discussions regarding the perception and direction of the country, it is time to look at some lighter matters. Thing is, in our rapidly changing world, few topics ever stay light for long. They either morph into something more, possibly life changing, or dwindle away into inconsequentiality.
Jun 29, 2013 8:00 am
Moneywise: Preventing taxpatriation: US citizens who renounce their citizenship for tax purposes could face obstacles
US Expatriates have additional worries. On the week before the 4th of July celebrations in the United States, the land of the free and the home of the brave, I write concerning relevant events for former United States citizens who have relinquished their US citizenship in the last ten years (and are now considered covered expatriates or non-resident aliens), and for those United States citizens and long-term permanent residents (aka green card...
Jun 22, 2013 8:00 am
By Martha Harris Myron
When the G8 Heads of State Summit meeting in Northern Island convened amid urgent, rampant press releases last week, the OECD world waited to see the results of the three point agenda proposed by Prime Minister David Cameron: advancing trade, ensuring tax compliance and promoting greater transparency.
Jun 15, 2013 2:13 pm
Building talking points for Bermuda as the premier offshore financial centre. This column has been in existence for more than 13 years; almost never are there comments or feedback made. That is because finance and economics are of great interest for finance people as these are always evolving, never static, and sometimes completely unpredictable topics. For many people, however, in spite of the importance, finance discussions are still perceived...
Jun 8, 2013 8:00 am
Bermuda is tired. We are tired of being called a tax haven nation. We are tired of watching partisan politicians imperiously attack Bermuda for so-called underhanded tactics while they are focused on their political future career prospects and surrounded by conflicted interests and highly paid lobbyist agendas.
Jun 1, 2013 8:22 am
Part One in updated series on money and relationships: Sharing households; legalising relationships through marriage or civil unions; dissonance, divorce, and equitable asset distribution; and truncated or extended families moving forward.
The composite case illustrations are not intended to resemble, nor should they be interpreted to describe any individual or family, living or deceased.
May 25, 2013 8:00 am
Are Young Men More Irresponsible Financially Than Young Women? We heard from old men and their opinion of young women and their finances in the Royal Gazette article of April 06, 2013. http://www.royalgazette.com/article/20130406/COLUMN07/704069989
Older men — who just happened to be financial advisers — were rather blunt in their opinion of whether young women handled their finances in an appropriate manner.
May 18, 2013 7:38 am
Further commentary on elderly exploitation articles featured last week in The Royal Gazette.
May 11, 2013 8:00 am
Last in the series of young women and their money — that is, unless we receive more letters from readers.
And, now as promised, back to the last question from our young professional career woman.
Apologies for the sidetracking with other pressing commentary in the last few weeks. I hope this last article is worth waiting for.
May 4, 2013 8:00 am
The Elephant called FATCA is now in the room. This elephant is large, unfriendly, and will brook no dissent. The FATCA programme* and the accompanying US tax compliance issues have been discussed on many occasions over the last few years in Moneywise, some references below.
Apr 27, 2013 8:00 am
Part 3 in the series on moving to the United States. Please see Part 1 Options for those who dream of settling in the US, March 23, 2013 and Part 2 The pondstraddlers dilemma, March 30, 2013. Part 4 will be directed to the investor treaty programme.
Apr 13, 2013 8:00 am
Part 2 of Young Women and Their Money. (Part 1 was featured on April 06, 2013 in the Royal Gazette.
Young women, Older women, Ancient women. This is the realistic picture of our lifespan from age thirty going forward. Thus, the answer to how much should you save or should have accumulated by age of thirty (30) is never easy, nor should it be passed off in the generic advisory phrase of three-six months of general living expenses.
Apr 6, 2013 8:00 am
Last week, Moneywise received a letter from a 29-year old professional and Bermudian resident employed successfully in Bermuda. She asked us to consider answering some financial questions in order to assure herself that she is on track financially. While we cannot provide specific personal financial advice, however, we requested permission to place a sanitised version (scrubbed of personal information) of her queries into the public domain. We...
Mar 30, 2013 8:00 am
Illuminating the challenging choices investors, foreign property owners, and pondstraddlers make when crossing borders.
A pondstraddler is a person with multiple citizenships who has a foot in more than one country across the North Atlantic pond and whose heart is in both places. This group in particular have many issues to face.
Mar 23, 2013 8:00 am
The recent ongoing serious commentary centred on the right to work and reside in Bermuda has seen a fierce uproar of feelings among many Bermuda citizens and residents. It is a vigorous debate: over term limit changes, suggestions of selling Bermuda residency to obtain much needed foreign cash infusions, and other proposals regarding the right to live, work, and / or become a temporary / permanent resident of Bermuda continues on.
Mar 9, 2013 11:10 am
Bermudas economy is wallowing in the fifth year of a devastating recession. Local workers, who are employed, will have serious concerns about the viability of their jobs in a still uncertain future.
Workers made redundant may have had to use every resource at their disposal for financial survival, including pension hardship withdrawals. Their accumulated pensions may still represent a bright spot on the horizon of financial security.
Mar 2, 2013 8:00 am
Financial Reality is here. We have seen the Bermuda Government budget for 2013*2014.
We, the people, represented by our politically-ruled Government, know what we cant spend.
We know how much revenue we need to generate just to break even on our bare, bare bones budget.
Feb 9, 2013 8:00 am
Liberation by LIBOR? Well, here we go again. Type LIBOR in any search engine on the internet these days to review current multiple jurisdictional investigations, now against the third global financial institution (in what appears to be a continuous line of scrutinised banking establishments) facing huge settlement penalty fines to both the United Kingdom and United States regulatory authorities and governments for their roles in the manipulation...
Feb 2, 2013 8:00 am
We revisit a bond investment discussion of twelve years ago — interest rates were low then, too. You are at a childrens playground in front of a giant see-saw; you know, the ones that have been immortalised in childhood memories.
Sitting on its very pivot point is Ed Striver Smith, CEO, of Creative Carpentry Products, a NASD publicly listed manufacturing corporation (CCP).
Jan 26, 2013 8:00 am
In this day and age, can you tell me the item of most interest (on a daily basis) for most people? Yes, we know money is probably the first on the list — but besides that? The answer of course is information.
This is the Information Age where immediate access to information is extremely important to most individuals.
Jan 19, 2013 8:00 am
The State of our Economy: Anyone with business sense or intelligent intuition suspected, conjectured, and estimated that government coffers were routinely running negative by 250-300 BMD million a year.
And now, what an daunting task we have ahead of us to clean up our financial books, contracts, budgets, grants, and related expenditures in order to be fiscally solvent with unqualified (clean) audited report.
Jan 12, 2013 7:53 am
Bermuda needs an educated workforce. And its that time again for many students on the island. They are struggling with those interminable university application forms with the excruciating wait to see if theyve been accepted at the right school.
Jan 5, 2013 10:00 am
Martha Myron Harris
New year, new start, new government, new goals, or are we recycling the same old topics? Of course, we are!
Nothing changes that much in a year. What is expected, however, is that with the new year comes fresh perspectives and new initiatives on working through these agendas.
Dec 29, 2012 8:00 am
Out with the Old and In with the New! This is the twelfth year of the New Years Day Resolution article.
It is a timely topic but a challenge to make the trite relevant in these difficult times.
This Old year looks back at times of many positive (and negative) changes.
Bermuda has new political leadership governing our country. Weve lost the long-standing highly respected editor of our daily local newspaper.
Dec 15, 2012 8:00 am
Freedom is the best term for democracy. Individual freedom to choose, free to be, free to express opinions, free to pursue individual goals and successes.
In two days, registered voters of Bermuda will tend to a virtual sacred rite.
Dec 8, 2012 8:00 am
Fatca: How comfortable are you with government having access to your personal financial information?
Bermuda resident readers of the Moneywise column tell me that they like to read my articles (and I thank them for that) but they will inevitably point out that they aren’t too interested when I go off on United States tax tangents.
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