Contrary to common perception, many wealth management firms in the UK are embracing the controversial Foreign Account Tax Compliance Act (FATCA) legislation, which began its implementation on 1 July, with some carving out a niche specifically advising orphaned American clients.
Nigel Green has compared FATCA to communism and said American expatriates are furious at being discriminated against by the US government.
FATCA was implemented worldwide at the beginning of this month, but the impact (and costs) are only now just beginning to filter through to the financial services community.
A leading US tax lawyer has compared FATCA to “exterminating ants with a nuclear bomb” as the controversial act’s withholding stage is today launched across the globe.
International Adviser takes a look at four countries that refused to take US information sharing agreements lying down through their use of intergovernmental agreements.
The controversial US Foreign Account Tax Compliance Act (FATCA) has been introduced around the world today, marking a new era for tax planning.
After four long years of preparation, early resistance and a fair amount of controversy, FATCA, the most far reaching piece of tax evasion legislation ever to have been enacted, has come into force.
A last minute, state controlled tax sharing agreement between the US and Russia is currently awaiting president Vladimir Putins approval, after being passed by the Federal Assembly of Russia last Friday.
IRS commissioner John Koskinen has announced a revised version of the amnesty programme aimed at encouraging US citizens to declare offshore bank accounts, which includes tough penalties for wilful non-disclosure.
New Zealand has signed a unique intergovernmental-agreement (IGA) with the US allowing it to keep low risk accounts exempt from disclosure after the introduction of FATCA next month.
The US tax authorities are set to make the amnesty programme aimed at encouraging US citizens to declare any offshore bank accounts less tough.
Liechtenstein has signed an agreement with the US in order to assist with the implementation of FATCA.
