One thing to consider when buying real estate in another country is to do with the requirements for repatriating your funds if and when you decide to sell the property. Often, transferring money out of a country isn’t as simple as calling your bank and initiating a wire of the funds. Some jurisdictions, including Colombia […]
How To Operate Your Business Tax-Free The key advantage of going offshore is diversification. The good news is that you have the opportunity to diversify not only your investments in this way, but your life, too—both your personal life and your professional one. That is, in today's world, you can realize many benefits by taking [...]
Last week was the end of the official tax season for Americans. We all got an extra day this year because the IRS’s online system crashed in the 11th hour. Too much traffic in the final hours leading up to the midnight deadline. Seems more and more people wait until the last minute to file.
Trump threw us Americans with businesses overseas a curveball in December. His tax changes eliminated the deferred-tax status for U.S.-controlled foreign corporations. That opportunity to defer U.S. tax made it possible for Americans with small businesses overseas to build their businesses faster. Now what? All my global tax-expert friends and colleagues have spent the past […]
Thanks, Trump Expats were hoping for better from the tax bill that Trump signed back in November. Rumors were bandied about that he might, for example, eliminate the worldwide taxation based on citizenship that we Americans abroad are saddled with. In fact, had he done that (he did not), it would not have made much [...]
When the engagement between Britain’s Prince Harry and actress Meghan Markle was announced a few weeks ago, the press began to speculate about what affects Ms. Markle’s status as an American citizen might have on the royal family once she becomes part of it. Specifically, what about required reporting under FATCA and other IRS rules?
The EU has this week released a short list of 17 countries it is officially putting on notice because of their taxation policies. Panama is on that list. So is South Korea… as well as the U.S. territories of American Samoa and Guam. In addition to this so-called blacklist, the EU has also named 47 […]
Anticipation continues to build for details of the promised U.S. tax reform measures. House Republicans delayed release of the specifics yesterday and promised to share them today. I’ll have my thoughts on what, if any, effects the proposed changes will have on Americans living, investing, and doing business offshore as soon as any real information […]
Talk about potentially eliminating the worldwide taxation of U.S. citizens is getting some expats excited. In theory… if the proposed change were approved… that would put U.S. citizens on par with citizens of every other country in the world except Eritrea, the only other country that also taxes citizens on worldwide income no matter where […]
We Americans have it rough when it comes to taxes. The Big Bad Wolf of the world’s financial arena—the IRS—calls our neck of the woods home. Feared worldwide these days… by banks, financial institutions, and ordinary citizens from California to Switzerland… the U.S. Internal Revenue Service has become the hunting dog for politicians unable to […]