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Tag: FATCA

10 Apr
IRS Tax Deadline Extension Ending Today

IRS Tax Deadline Extension Ends April 18th

Answers To Two Important U.S. Tax Questions It’s tax time again for us Americans. That is, this Tuesday, April 18 (April 15 is a Saturday and April 17 is a holiday in D.C.), is the reporting deadline for those of us who haven’t filed for an extension until October. How many tax dates do we [...]
10 Dec
can irs revoke your passport

Can The IRS Revoke Your Passport Under FAST Act?

It’s official. The IRS can now revoke your passport if you owe them US$50,000 or more. The new law was tucked away in a new highway bill dubbed the FAST Act (Fixing America’s Surface Transportation Act) that was signed by President Obama last week. What better way to get a contentious, potentially civil rights-violating bill […]

22 Oct
Offshore Bank Account

How To Open An Offshore Bank Account

Yesterday, day one of the Global Asset Protection and Wealth Summit Lief is hosting in Panama City this week, he and I had lunch with banker friends in town for the conference. One, with 30 years of experience in the global banking industry, sat down, looked around the table, and said: “I wish I hadn’t […]

20 Jul
Offshore Banking in Andorra

Can One Bad Apple Bring Down Offshore Banking In Andorra?

Five years ago, when the U.S. FATCA law had just been passed and the effects it would have on non-U.S. banks were a hot topic for speculation, a banker I knew from Andorra made a remark to me along the lines of: “We’ll all go back to goat herding before we roll over for the […]

28 May
offshore corporation bank account is the first stop into Reducing Tax

Aggressive Anti-Money-Laundering Efforts Make Offshore Banking More Challenging

I’ve been reporting on the coming of FATCA for eight years. That’s old news. FATCA has arrived. It’s a reality of today’s offshore world. Banks have decided or are in the process of deciding which path they’ll follow toward compliance. Either they’ll continue to work with American clients and meet all the reporting requirements… or […]

11 Sep
Know Your Client Rules And Requirements Around The World

Know Your Client Rules And Requirements Around The World

The unintended consequences of FATCA and the overreach of the U.S. government and the IRS have started playing out around the world. In the last week, I’ve heard from a half-dozen people with “know your client” tales of woe. Indeed, I have my own. Let’s start with the know-your-client form that the homeowner’s insurance company […]