Tag: Foreign Account Tax Compliance Act
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The Success of FATCA: A Case Study in International Financial Regulation
In an era of burgeoning globalization and digital finance, the Foreign Account Tax Compliance Act (FATCA) stands as a remarkable achievement in the fight against tax evasion and the promotion of financial transparency. Implemented in 2010 by the U.S. government, FATCA aims to detect and deter U.S. taxpayers who use foreign accounts to circumvent U.S.…
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Criminal sanctions may apply to an offshore escrow account
Beware of FATCA! It has recently come to our attention that some people have mistakenly been recommended to use an Escrow Account for privacy of overseas financial transactions. Criminal sanctions would apply to any U.S. Person use of an Escrow Account for the purpose of secrecy. Any U.S. Person participation, interest, legal right, beneficial ownership,…
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IRC 402(b) Global and Mobile International Retirement Plan
IRC 402(b) Global and Mobile International Retirement Plan International enforcement of Tax Compliance by the U.S. Foreign Account Tax Compliance Act (FATCA) took effect on 1 July 2014 and for the OECD it begins in 2017. This reporting of foreign financial accounts dramatically effects the way employers establish, administer and financially report international retirement plans…
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It’s about to become much easier to open a bank account in Hong Kong
It all started with 9/11. After the twin towers fell in 2001, the US government sprang into action to wage the global war on terrorism. Within days following the attack, Congress pushed through the USA PATRIOT Act, providing unprecedented authority to the US federal government. The legislation also gave several government agencies sweeping powers over…
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The Invest Offshore Unique Selling Proposition
About “How to Invest Offshore”? we are asked again, and again what makes the 402(b) RAPS (regulated asset protection structure) unique. Or, in biz-dev parlance; what is the unique selling proposition of Invest Offshore? The following points were written to an American Tax Attorney but the fact of the matter is that because Pension Law…
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American’s Living Abroad and FATCA
An American’s Living Abroad, or an Expat as they’re commonly known, now faces radical changes in how they file annual income tax reports because of the new FATCA (foreign account tax compliance) regulations. Amongst the more common questions and concerns relates to owning offshore mutual funds (held but not sold). This brings us to the…
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JP Morgan private banker: “We can’t make money anymore…
[typography font=”Cantarell” size=”11″ size_format=”px”]by Simon Black[/typography] July 1, Singapore – Yesterday over coffee, a friend of mine leaked the news that JP Morgan’s private banking division here in Singapore is going to start charging negative interest rates. I almost fell out of my chair. He’s a successful hedge fund manager and one of their best customers.…
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A Recognized, Registered and Regulated Foreign Retirement Plan
O.E.C.D. Income Tax Deferred Overseas Retirement Plan. Internationally there are occupational retirement plans. The International Organization of Pension Supervisors (IOPS) covers this whole area, and also if you look at the E.U. Directive itself the whole idea behind these laws and legal concepts is primarily to do with people’s work. It is in regards to…
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Asset protection and tax deferred solutions (offshore) for U.S. Persons
Many US citizens know that it is extremely difficult to hold assets outside of the US solely for asset protection and tax deferral. Some perceived to be authorities say you can invest ” anywhere you want” but that’s just not true. The fact is that there is tax deferred solution that when used the Internal…