Offshore Havens To Send Thousands Of Expats Home

The changing global tax environment concerns many expat tax exiles who are feeling decidedly less secure now many former offshore havens are opening their financial records to prying eyes. Many wealthy expats have holdings in more than one country, while living in another for tax reasons. Now, a new generation of tax laws is raising… Continue reading Offshore Havens To Send Thousands Of Expats Home

Cayman Islands Sign Up For FATCA

The Cayman Islands government has unexpectedly announced readiness to sign a FATCA intergovernmental agreement with the US – and a separate ‘son of FATCA’ treaty with Britain. FATCA – the Foreign Account Tax Compliance Act – is US tax legislation demanding overseas financial institutions (FFI) supply details of US taxpaying customer accounts. Failure to comply… Continue reading Cayman Islands Sign Up For FATCA

FATCA – Your Questions Answered

Increasingly, the Foreign Account Tax Compliance Act (FATCA) passed by Congress is generating headlines around the world as its implications become clear as the US tries to find its taxpayers who may be hiding financial assets abroad. But what does the bill mean? Here’s our brief FAQ explaining more. What is FATCA? FATCA compels foreign… Continue reading FATCA – Your Questions Answered

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More Cash Flows Offshore Despite Tax Crackdown

The super-rich are keeping more of their cash and assets in safe havens around the world despite moves to crackdown on tax management schemes. With the tax burden increasingly falling on the low and middle paid, there are increasing demands for action to be taken against offshore tax havens. America’s Foreign Account Tax Compliance Act… Continue reading More Cash Flows Offshore Despite Tax Crackdown

Europe to Crack Down on Offshore Tax Management

Europe is to toughen up action against tax fraud and tax management against several key financial centres. The European Commissioner for Taxation Algirdas Semeta has issued a hard-hitting statement about steps European Union nations are set to beef up pressure against financial centres to urge them to lift the veil on banking secrecy for non-residents.… Continue reading Europe to Crack Down on Offshore Tax Management

50 Governments Sign Up for FATCA Tax Network

The US Treasury is working alongside more than 50 governments to set up a reciprocal tax information exchange network as part of FATCA. The details of the global network were leaked by Global Financial Integrity, a Washington DC think tank promoting international tax transparency. FATCA – the Foreign Account Tax Compliance Act – is fast… Continue reading 50 Governments Sign Up for FATCA Tax Network

Overseas Home Owners Face Tax Scrutiny

British taxpayers renting out holiday homes overseas face business record checks by HM Revenue & Customs to see how well they are keeping their accounts. The tax man will demand to see bank statements and other receipts and accounting information to see if property owners should submit a tax return to declare rental profits or… Continue reading Overseas Home Owners Face Tax Scrutiny

No change for British IFAs with FATCA delay

British financial firms cannot rest easy for another year just because the US government has placed international FATCA tax laws on the back burner until January 2014. Rolling out Foreign Account Compliance Tax Act (FATCA) rules in Britain will still carry on as planned, according to global tax firm BDO Financial Services. The tax regime… Continue reading No change for British IFAs with FATCA delay

Tax Net Tightening On Expats and Foreign Workers in UK

The tax net is closing on expats and international workers living in the UK as HM Revenue & Customs is inundated for requests from overseas about their financial affairs. Inquiries were up 18% to 1,852 inquiries in the last financial year – compared with 1,564 requests in the previous tax year. Law firm Pinsent Masons… Continue reading Tax Net Tightening On Expats and Foreign Workers in UK