Don’t get stomped by the IRS! If you have authority over a bank account outside of the United States, and you had $10,000 or more in that account or accounts for even one day in 2014, you must file an Foreign Bank Account Report (FBAR) by June 30, 2015. Here’s everything you need to file […]
I’m frequently asked about the use of offshore shelf companies in international business. If you are debating between forming a new offshore corporation or buying an offshore shelf company, read this article before spending the extra cash. Some online incorporators market offshore shelf companies as the greatest invention since the numbered bank account. I think […]
Opening an offshore bank account can be hell for Americans. It’s 10 times more difficult for the offshore bank trying to navigate the ever changing environment. I’ve written posts on the impact of FATCA and how the US has turned foreign bankers in to unpaid IRS agents. Here’s the rest of the story on offshore […]
The Foreign Account Tax Compliance Act is now live and pulling in data about Americans around the globe. The FATCA international data exchange gateway opened on March 2nd and data began flowing on March 14, 2015. The FATCA gateway connects nearly all international banks in to the IRS network. Banks will report all accounts owned […]
Russia will begin offering second passports and economic citizenship in early 2015. The law authorizing citizenship by investment was passed on June 23, 2014 and we await its implementation. Expect second passports to be issued by Russia in the next few months. This is the first world power to offer a second passport or economic […]
The international money lending license came into its own in 2010 when the US began pushing out payday and other lenders of last resort. A number of offshore jurisdictions welcomed them with open arms and the battle with American regulators was on. By 2012, many of these lenders moved from offshore licenses to those issued […]
The offshore banking license industry was knocked down by FATCA, but it’s back on its feet and carrying on. Below are my best offshore banking license jurisdictions for 2015. You might also like to read my 5 Best Offshore Bank Licenses for 2017. Please let me start with a little history. International Banking is Still Alive […]
To finance real estate overseas you must jump through all kinds of hoops and apply to multiple lenders in hopes of getting a decent rate. Compared to applying for a mortgage in the U.S., the battle to finance real estate overseas can seem confusing at best and silly at worst. First, lets talk about why […]
Aged populations will be the norm by 2020, placing a great deal of stress on world wide economic systems, especially those founded on government backed treasuries and bonds. Other areas of weakness will be Social Security and Medicare. As our population ages, we can expect higher taxes on our IRA and passive investments. Here’s why […]
Much like the NSA, the IRS data collection machine is building a file on all Americans. It’s online now and will be ready to use in all audits within one year. The IRS collects more useful data on you than does the NSA and will begin making it available to auditors shortly. Some IRS data […]
There’s no worse feeling in the world than coming home to a letter from the IRS telling you that you are being audited … until you get notice of an offshore IRS audit. No matter how organized you are, you should fear the great IRS. If you have unreported accounts or become the subject of […]
Did you form an offshore company but the business didn’t go as planned? Do you need to close an offshore company? There are two ways to go about this. To close an offshore company that’s never done any business and has not yet opened a bank account, “allow it to die a natural death.” This […]
Foreign Account Tax Compliance Act is finally here and you can be sure that the impact of FATCA will be severe. This brief article considers the impact of FATCA on Americans living, working, or investing overseas. FATCA is founded in a U.S. tax code that attacks small business and lavishes tax holidays on the wealthy […]
If you’re an American living, working, or investing in Panama, the Panama tax system is your friend. The Panama tax code may allow you to live tax free in Panama and, possibly, in the United States. This Panama Tax Review will explain how to reduce your worldwide tax bill. Before getting in to specifics, it’s […]
Panama 2015 looks to be a great investment with continued growth of 7%. While the tiny economy will face a number of challenges, chief among them is competition to its canal, expect solid returns to continue. First, a brief mention of Panama’s 2015 banking sector. Significant amounts of wealth will continue to flow in to […]
If you thought an IRS audit was bad news, just wait until the IRS agents with guns come and take you down. The IRS Criminal Investigation Division, or CID, can seize your records, tap your phone, spy on your emails, and treat you like a major criminal – all for failing to pay up. The […]
My son Timothy is nearing his first birthday and our household is filled with debate and discord. Should I give him a U.S. passport? Is a U.S. passport his birthright or a curse? Should my son identify as a U.S. citizen, a Panamanian, or both? Allow me to give you a bit of background. I […]
As U.S. banking regulations have increased each and every year, the costs for smaller domestic and offshore banks have made doing business with the U.S. prohibitive. These banking regulation costs have more than doubled since 2003, and are now running at about 15% of most institution’s income… essentially, a 15% tax levied on all banks […]
The Foreign Earned Income Exclusion for 2015 breaks the six figure mark! The Foreign Earned Income Exclusion for 2015 is $100,800, up from $99,200 in 2014. The FEIE is the best way to minimize your US taxes as an Expat and the most important tool in your tax kit.
Ever increasing U.S. reporting obligations on Americans living, working, and/or investing abroad, make it difficult to keep up. This is a review of your foreign assets and FBAR reporting requirements. Foreign assets are reported on IRS Form 8938 and the FBAR is sent to the Treasury on FinCEN Form 114 (Report of Foreign Bank and […]