Category: Expatriate
-
Can Second Citizenship Reduce Taxes
There are eight criteria governments consider to determine your personal tax status. The most important of these are citizenship, residence, and domicile. In addition, your marital status, source of income, location of assets, timing, and status of beneficiaries may impact your tax status. Citizenship, the status of being a citizen of a specific nation state,…
-
What About the British?
It is estimated that in recent years 600,000 or more U.K. citizens have been driven into exile because of high British taxes. Once domiciled abroad, in Italy, Portugal, Singapore, or Bermuda, many Brits used to return home like migratory birds to spend six months annually “vacationing” in England. Stay one day more and under the…
-
Why Have Alternative Citizenship?
Many people believe that having more than one citizenship or passport is illegal, or if not illegal, somehow “unpatriotic.” That’s simply untrue. Public ignorance about this is not surprising. The average person only encounters this issue when reading an international espionage thriller, watching a James Bond movie, or reading reports in the media linking use…
-
What are the IRS reporting requirements for an offshore account?
Most major countries impose taxes on the worldwide income of their permanent residents. Thus, you must report earnings from an offshore bank, securities or other financial account as you would any other income on your tax return. Some countries additionally require you to report the existence of offshore accounts; notably, the United States and Canada.…
-
What are the advantages of doing business offshore?
Privacy. Anyone can hire a private investigator and find your domestic assets, including bank accounts, -or do it themselves on the Internet. But offshore investments are much more difficult to find. While you are required to disclose income from the account to your domestic tax authorities, these records aren’t ordinarily available to creditors. Asset protection.…