As the US election looms, one tax adviser says regulation requiring every US expat to provide details of their worldwide income is here to stay, regardless of who becomes the next president.
Malaysia’s Labuan International Business and Financial Centre (IBFC) is looking to tap into the US expat market by helping businesses in the financial centre comply with the US’s Foreign Account Tax Compliance Act (Fatca).
The US Department of Labor has issued its first set of guidelines on the fiduciary rule, set to go live in April, which will require specialist retirement advisers to put their client’s interests first.
Morgan Stanley, one of the largest wealth management firms in the US, has confirmed it will keep commission-based retirement accounts when the Department of Labour’s (DoL) fiduciary rule comes in to effect in April.
Democratic candidate Hillary Clinton, tipped to be the next president of the US, is expected to introduce a whole raft of new taxes aimed at the nation’s wealthy once she gets into power.
More than 40% of financial advisers in the US believe neither Hillary Clinton nor Donald Trump will have a positive impact on the stock market, the bond market, or the global economy after the new president is announced next month.
Australian expats living in the US may have to pay taxes on their superannuation pension accounts, following changes to the Internal Revenue Service’s (IRS) reporting requirements for such schemes.
Merrill Lynch, one of the ‘big four’ investment banks in the US, will no longer work with US citizens living abroad following the closure of all expat accounts earlier this month, a UK-based IFA firm has confirmed.
Rathbones asset allocation strategist Edward Smith has argued that investors should “pay close attention to the insidious creep of protectionism, as US politicians and elsewhere look to harness the disenfranchised.”
The market has set corporate America a low hurdle in the upcoming Q3 earnings season according to NN Investment Partners.
Bouncing cheques will remain a criminal offence in the UAE despite indications that the region’s new bankruptcy law would remove the threat of jail, a senior Emirati lawyer has said.
Led by China, Asia created one billionaire nearly every three days and accounted for over half of new billionaires in 2015 despite global billionaire wealth declining last year by $300bn to $5.1trn (£4.2trn, €4.6trn), according to a joint UBS Group and PwC report.
