VALLETTA, Jan. 24 (Xinhua) — Malta has generated 518 million euros since it started its citizenship by investment scheme, according to Prime Minister Joseph Muscat. Replying to a parliamentary question on Wednesday, Muscat said that of the total revenue generated, 363 million euros had entered in the country’s National Development… – Continue reading
Estonia is expected to get a 100-to-one-euro return on investment for its e-Residency program, which lets anybody start a business from afar. It is even planning to launch ‘estcoins,’ its own cryptocurrency. Becoming a ‘digital resident’ of Estonia, Michael M. Richardson says, was “as easy as getting a fishing license… – Continue reading
A major new global transparency measure aimed at curbing cross-border tax evasion by requiring countries to share information on the wealth of each other’s nationals could be undermined by the abuse of residency- and citizenship-for-sale schemes. Tax justice campaigners say that some of these schemes are already being marketed as… – Continue reading
The government’s planned changes to the tax law for South Africans working abroad – either permanently or on a long-term contracts – has brought financial emigration into sharp focus. Financial emigration is a formal process with the South African Reserve Bank (SARB) to change your tax status from “resident” to… – Continue reading
KUWAIT CITY, Oct 7: The Ministry of Finance has sent the first official list of names of Americans and Kuwaitis who also hold the US citizenship to the US Department of Revenue in compliance with the Foreign Account Tax Compliance Act (FATCA) based on agreement signed between the countries, reports… – Continue reading
BASSETERRE, St Kitts — Chief executive officer (CEO) of the St Kitts and Nevis Citizenship by Investment Unit (CIU), Les Khan, gave some insight into the current due diligence process of the citizenship by investment (CBI) programme, implemented after 2015. “Due diligence is an area that we take really seriously… – Continue reading
Finance has no clue about number of people covered KUWAIT CITY, Sept 24: Unconfirmed statistics indicate there are about 13,000 Kuwaitis holding US citizenship and they have the option now to file bank and tax statements and benefit from the tax reconciliation program or make a formal request to the… – Continue reading
Huge numbers of the 9 million US expats living around the world are fed up with the IRS and resent tax filing from their new homes. A poll suggests two-thirds of expats feel they should not have to tell the IRS about their finances if they do not live in… – Continue reading
South Africans face a tax crackdown on offshore earnings under a new government proposal. The measure will scrap the current rules that allow South Africans to work in another country for half the year without paying tax on income. If the change is adopted, South Africa will become one of… – Continue reading
Some 9 million Americans reside abroad. More than 4 in 10 wouldn’t rule out renouncing U.S. citizenship, according to a survey. Americans abroad have just about had it with Uncle Sam’s tax filing requirements. Those were the findings from a recent survey of more than 2,100 U.S. expatriates, according to… – Continue reading
Transferring wealth to a spouse who isn’t a U.S. citizen can create complex gift, estate and generation-skipping transfer tax challenges. Such transfer tax issues require careful planning, as well as a clear understanding of the differences in how citizens and non-citizens are taxed. Unlike citizens and resident aliens, a non-resident… – Continue reading
The United States continues to be a magnet for immigration, with nearly 8 million new immigrants settling here between 2008 to 2014 — and some of these new immigrants are high-net-worth individuals who are unprepared for the intricacies of the U.S. tax law, according to Seth Entin, a shareholder at… – Continue reading
Witnesses call for repeal of Foreign Account Tax Compliance Act An agreement that has resulted in hundreds of thousands of Canadian banking records being sent to the U.S. Internal Revenue Service could violate the U.S. constitution, a congressional subcommittee heard Wednesday. Testifying before a subcommittee of the House Committee on… – Continue reading
The United States Court of Federal Claims has turned down a claim from an Irish citizen that more than USD5m in US tax withheld on gambling winnings should be refunded under the US-Ireland double tax avoidance treaty. The claim was filed by the plaintiff, John P McManus, after USD5.22m in… – Continue reading
Unknown to many Kenyans, Parliament’s passing of Finance Bill, 2016 that granted amnesty to Kenyan residents who have offshore incomes and assets in foreign banks had a very global agenda. The foreign income that is subject to amnesty is for the year ended December 31, 2016 and offers a waiver… – Continue reading
According to unofficial estimates, more than $2 billion has flowed into Dubai real estate from Pakistanis every year for the past three years. Last week, account holders in a major UAE bank began receiving letters alerting them that soon they would be required to furnish information “with a view to… – Continue reading
Recent social and economic developments have had a powerful impact on many Ukrainian citizens and businesses and have led them to look for a better life beyond the borders of Ukraine. Obviously, Ukrainians moving abroad is not something new. Periods of economic crisis in almost every state are usually accompanied… – Continue reading
The USA Tax and Financial Consultants Office in the Middle East confirmed that Kuwait has revealed the accounts of about 7,000 Kuwaitis who hold dual citizenship and are covered by the US tax laws according to the Foreign Account Tax Compliance Act (FATCA), reports Al-Anba daily quoting informed sources. Sources… – Continue reading
The number of individuals who renounced their US citizenship for Q-3 of Y 2016 was the 2nd-highest in history at 1,380, US Treasury Department reported. The Foreign Account Tax Compliance Act (FATCA), which enacted in Y 2010, and took years to implement, is “having an impact, perhaps bigger than these… – Continue reading
Several Swiss banks have received a letter from the United States Ambassador to Bern, Suzan LeVine, asking them not to shun US citizens who want to open accounts in Switzerland. Many Swiss banks have frozen out US clients, and even closed down existing accounts, in the wake of a damaging… – Continue reading
Israeli owners of US accounts and US citizens in Israel have until September 30 to object to information about them being disclosed to the IRS. Within 10 days, all the financial information about Israelis with a green card or a financial association with the US and US citizens with bank… – Continue reading
One disadvantage of United States citizenship is that all income from whatever source, worldwide, is subject to taxation. This is true regardless of how one obtains American citizenship; indeed, there are many “accidental Americans” who, by dint of having been born to a person with American citizenship, are technically American… – Continue reading
There is little that can be done about FATCA and the change has to come from within the U.S. Death and taxes, life’s two certainties according to Keynes, sometimes have a causal relationship. One dies and some taxes are often associated with that event. Alternatively, one encounters so much regulation… – Continue reading
In early April 2016 files leaked from a large Panama-based law firm (known as the ‘Panama Papers’) brought to the attention of many the ways in which offshore companies and structures can be used to obscure the identity of beneficial owners, some of whom have used such entities to avoid… – Continue reading
Local banks will report account holders with American citizenship to the IRS beginning in September The Knesset Finance Committee on Monday approved a series of regulations by the Finance Ministry, paving the way to full implementation of the US Foreign Account Tax Compliance Act, which was signed between the two… – Continue reading
Contrary to FATCA, accounts under $50,000 have been disclosed The Canada Revenue Agency has been transferring information about Canadian bank accounts worth under $50,000 U.S to the U.S Internal Revenue Service but cannot say how many accounts below that threshold have been shared with the Americans. Under a controversial information-sharing… – Continue reading
With regard to the increasing talk in the US Congress on tax reform, American Citizens Abroad (ACA) has provided the House of Representatives Ways and Means Committee with a full reform proposal for the enactment of residence-based taxation (RBT) for American expatriates. ACA has said lawmakers should enact RBT instead… – Continue reading
The Government has released an issues paper on New Zealand’s implementation of an OECD initiative the OECD claims will “end banking secrecy as we have known it.” The OECD’s Automatic Exchange Of Information (AEOI) initiative is setting a global standard for sharing information between countries with the aim of reducing… – Continue reading
Where the United States leads on legislation, foreign jurisdictions slavishly follow Hongkongers will need to declare all their assets abroad by 2025. No, the government has not announced the policy yet. But academics have noticed a trend which strongly suggests Hong Kong will follow the US example in foreign tax… – Continue reading
Earlier this week the State Department released its latest statistics for people who have renounced their US citizenship. 2015 was another record year, with 4,279 people divorcing themselves from the US government and heading to greener pastures elsewhere. This was the third year in a row that broke the previous… – Continue reading
More Americans than ever before are turning their backs on the United States. The number of citizens and long-term residents cutting their official ties to Uncle Sam jumped more than 20% last year to 4,279, according to a CNNMoney analysis of the latest government data. It’s a trend that’s been… – Continue reading
Estonia has become the first country in the world to offer a transnational digital identity. It’s attracted the attention of entrepreneurs and digital nomads worldwide, but there’s still a huge amount of confusion about the benefits of the E-Residency Program and what e-residency actually means. Let’s take a look. What… – Continue reading
The UAE is one of the few places in the world where expats can live, earn and keep those well-earned dirhams, as income tax is still not in sight. This benefit has earned the country many rankings as one of the best immigration destinations in the world. Apart from good… – Continue reading
On 1st January 2016, an amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 came into force which implements the Organisation for Economic Co-Operating and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS) in the British Virgin Islands (BVI). Globally this means that participating jurisdictions… – Continue reading
The government of the British Virgin Islands (“BVI“) has amended the Mutual Legal Assistance (Tax Matters) Act, 2003 in order to enact domestic legislation implementing the OECD Common Reporting Standard (“CRS“) which was published on 31 December 2015 (the “BVI CRS Legislation“). It is not currently intended to issue guidance… – Continue reading
KUWAIT: Kuwaiti citizens who possess US passports need to straighten out their US tax status to avoid the penalty of having their US passports scrapped, said Abdulaziz Al-Anjeri, head of the American Tax Bureau in Kuwait. Technically Kuwaitis are barred from holding a second citizenship but many are suspected of… – Continue reading
A lawyer for the Internal Revenue Service on Monday disclosed a series of emails and legal memos from 2004 apparently showing that Dallas entrepreneur Sam Wyly was interested in knowing the legal and financial ramifications if he renounced his U.S. citizenship. The IRS also introduced testimony from previous court proceedings… – Continue reading
SEATTLE — When someone in Seattle buys a copy of Office at a Microsoft Store, that cash doesn’t take the short route to the company’s area headquarters. Instead, after accounting for state taxes, the profit goes to a Microsoft sales subsidiary in Nevada. From there, much of that money begins… – Continue reading
Penalties range from imprisonment to revoking nationally; anyone with a minimum of $10,000 in their bank accounts is subject to the law The US Internal Revenue Service (IRS) will start tracking Americans evading compliance with the Foreign Account Tax Compliance Act (FATCA) as of January 2016, according to Deputy Chairman… – Continue reading
Penalties range from imprisonment to revoking nationally; anyone with a minimum of $10,000 in their bank accounts is subject to the law The US Internal Revenue Service (IRS) will start tracking Americans evading compliance with the Foreign Account Tax Compliance Act (FATCA) as of January 2016, according to Deputy Chairman… – Continue reading
Effective Jan. 1, 2016, the IRS will compile a list of Americans in violation of new rule It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act… – Continue reading
KUWAIT CITY, Dec 22: Jim O’Neill, Vice-President of the American Bureau of Consulting and Audit who is also in charge of international activity was recently quoted as saying the passports of those who have obtained the American citizenship and reside outside the United States might be withdrawn if they fail… – Continue reading
The Internal Revenue Service (IRS) has released the 2015 update to Publication 54, which provides guidance on the special tax compliance rules for US citizens and resident aliens who work abroad or receive income from foreign countries. The worldwide income of US citizens or resident aliens is generally subject to… – Continue reading
It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act (FATCA). This was revealed by Mr. Jim O’Niell, Vice President of US Financial Advisory & Audit Firm… – Continue reading
American citizens risk losing passports if they do not report foreign income, bank accounts Dubai Americans must comply with tax law changes coming into effect in the new year and report income earned abroad and foreign-held bank accounts over $10,000 (Dh36,700) or else they risk losing their passports, a US… – Continue reading
Caribbean nations have long served as tax havens for the world’s economic elite, with many offering so-called economic citizenship where, for large payments, one can simply buy citizenship in their countries. That can save the 1 percent a pretty penny. Overseas tax evasion costs the U.S. government as much as… – Continue reading
Employees relocating from Canada to the US may face a number of complex tax-related issues. Matt C Altro, president and CEO of Canadian firm MCA Cross Border Advisors, shares his advice for companies and their relocatees on planning for, and coping with, these challenges. Talent mobility is a key issue… – Continue reading
It has been a tough year for Russian businesses. The latest monthly forecast of the Economist Intelligence Unit (EIU) predicts a contraction in Russian real GDP of 3.8% in 2015 and another 0.5% in 2016. “Structural weaknesses will keep trend GDP growth below 2% a year in the medium term,”… – Continue reading
Fifty-three jurisdictions have agreed to automatic exchange of tax information beginning in 2017, under the OECD’s Common Reporting Standard. Over 40 others have committed to exchange information by 2018. Another wave of global tax information is about to take place, and financial institutions everywhere are in a race to prepare… – Continue reading
Provide high-net-worth individuals with (further) incentives to relocate to Cyprus. This is one of the objectives of the introduction of the non-domicile rules (voted on the 9th of July 2015, among other tax reforms) that came into force on the 17th of July 2015 (date of the publication in the… – Continue reading
