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The US government’s policy of taxing all US citizens, regardless of where they live, is almost unique (as far as I know, only Eritrea is the only other country which does it!). The draconian FATCA law which forces them to declare all overseas assets is extremely unpopular, not just with individuals, some of whom have taken the drastic step of renouncing their US citizenship, but also with banks and other financial institutions around the world who are obliged to report back to the IRS on the financial affairs of US clients and account holders.
FATCA stands for Foreign Accounts Taxation Compliance Act, a law introduced in 2009, aimed at sniffing out tax evaders. It’s a Big Brotheresque piece of legislation which has resulted in Americans all over the world having their bank accounts closed down by institutions who are not prepared to do the financial legwork to comply. This applies for both US banks and institutions, including big hitters Fidelity, Vanguard and Scottrade, and foreign banks. Faced with the choice of an administrative headache or heavy fines, they prefer to simply jettison their US clients living or moving abroad.
Of course, this isn’t simply about closing down current accounts – the implications are much wider than that. Americans moving abroad can be forced to liquidate their assets, which has serious capital gains tax repercussions, and IRAs can be frozen which means zero or negative growth until retirement.
The upshot is that US expats – and there are anywhere between 3 and 9 million of them around the world – are finding it harder and harder to locate banking and investments services both at home and abroad. Perhaps you are one of them?
In our quest to provide investment products to meet the needs of our clientèle, Infinity has joined forces with our UK-based investment management partner, Tilney Bestinvest, to develop investment vehicles specifically for US nationals living abroad. We have come up with a solution to invest your savings legally, enabling you to grow your wealth while living abroad. This involves using a non-PFIC (Passive Foreign Income Company) as a US-based custodian allowing US citizens living abroad to build their wealth. Tax reporting is compliant with IRS regulations (just as if you were living in the US) and charges are comparable to those charged by US financial institutions.
If you’d like to find out more, our financial advisers would be happy to explain the advantages of these products to you. This product is exclusive in Asia to Infinity – you won’t find it anywhere else – so why not get in touch to make an appointment?
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