Accounts held by the lawyers or notaries of clients in Switzerland are now exempt from the United States’ Foreign Account Tax Compliance Act (FATCA) following the signing of an agreement by the countries’ authorities in February.
American expats should not renounce their citizenship because of FATCA without considering all of their options, according to Nigel Green, chief executive and founder of deVere Group.
PwC has acquired software company Ellis Financial Systems in a bid to more rapidly meet new tax information reporting required under such regimes as the Foreign Account Tax Compliance Act (FATCA).
Ingenious Asset Management has formalised its offering for its transatlantic clients with the launch of IAM-US.
Swiss bank Julius Baer has set aside $350m to settle tax evasion allegations with US tax authorities, significantly reducing the time accountholders have to voluntarily disclose their details at a reduced penalty.
A group promoting Canadian sovereignty has raised 80% of the funds required to take the Canadian Government to court for providing residents’ details to the US for its Foreign Account Tax Compliance Act (FATCA).
Financial institutions around the world must ‘get their act together’ for the introduction of the OECD’s Common Reporting Standard (CRS) in seven months, Linedata has warned.
Governments around the world could find themselves under-resourced when the Foreign Account Tax Compliance Act deadline for collecting information on US clients arrives in September, one expert has said.
The Common Reporting Standard is the latest building block of regulation in the march towards a global automatic exchange of information, and financial institutions must get to grips with it.
The Cayman Islands Tax Information Authority has launched an online portal to allow local financial institutions to report information required under the US Foreign Account Tax Compliance Act (FATCA).
FATCA, the US’s controversial piece of US tax legislation, has marked the first step towards global transparency and has provided cooperating jurisdictions with plenty of leniency, a US-based tax expert has said.
Investment manager Nutmeg has launched an online pension, and may look at opening it up to investors living in key expat jurisdictions.
