Bloomberg reveals the 'six cities emerging as the new expat hot spots'

For decades, Hong Kong was such a reliable destination for young would-be expats, especially in Britain, that those who decided to give it a try were jokingly known as "FILTH", which stood for "Failed In London, Try Hongkong".

Recently, however, expats have been reportedly fleeing the long-popular Special Administrative Region of the People's Republic of China, which has been undergoing political upheaval, soaring living costs and strict Covid lockdowns...

  • News

UK's tax authority to reach out to 'hundreds' with possible links to bank in non-CRS-compliant Puerto Rico

As the UK's tax collection agency, HM Revenue & Customs, is reported to be preparing to reach out to "hundreds" of customers of a bank located in Puerto Rico over possible tax irregularities, financial services industry observers have been pointing out that the bank in question is located in one of five U.S. territories that, like the United States itself, have not signed up to the OECD's Common Reporting Standard (CRS).

  • News

Expats worry about IRS crackdown, as Congress sends Inflation Reduction Act to Biden for enactment

Friday's approval by the House of Representatives of the Inflation Reduction Act had been expected, but this was scant reassurance to many expatriate Americans who, after years of dealing with the taxation complexities that go with living abroad as a result of such laws as the Foreign Account Tax Compliance Act, are wondering if the additional millions of fresh money that the act sets aside for the IRS will mean even more headaches for them. 

  • News

Four jurisdictions reported to join the OECD’s CRS regime since January

While the U.S. tax evasion-prevention law known as FATCA has been getting all the headlines lately – certainly here at the American Expat Financial News Journal – FATCA’s global counterpart, the OECD/G20 regime known as the Common Reporting Standard, has quietly been continuing to sign up new jurisdictions.

  • News

Thursday Strafford webinar for tax professionals to provide 'in-depth discussion' of key U.S. expat issues

A 90-minute webinar for tax professionals, covering a range of some of the most complex topics U.S. expats currently face – including the way the IRS audits Americans abroad, the so-called Section 965 Transition Tax, the "exit tax" paid by wealthy Americans who are seeking to renounce, and other related subjects – will take place this Thursday, beginning at 1pm Eastern Daylight Savings Time (6pm British Summer Time, 7pm Central European Summer Time). 

  • News

French Senate rejects National Assembly's FATCA reciprocity amendment

To the disappointment of many accidental Americans in France, France's Senate on Tuesday night "adopted an amendment aimed at deleting" an addition to the government's latest Finance Bill which would have required the U.S. government to "reciprocate" with respect to the information it currently requires French banks and financial institutions to provide the U.S. about the accounts of their American citizen clients, in compliance with the U.S. tax evasion-prevention law known as FATCA.

  • News

Latest quarterly list of U.S. citizenship renunciants' names fifth-largest, as renunciation services resume

The number of Americans who formally gave up their U.S. citizenships during the second quarter of 2022 was the fifth-highest ever, based on the latest quarterly list of names published in the Federal Register.

According to this list, some 1,473 Americans gave up their U.S. citizenship in the second three months of this year, more than twice as many as in the first quarter, and the most since the second quarter of 2020, when 2,406 names were published (see tables, above and below). 

  • News
Subscribe to this RSS feed

Opinion

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...

Jul-30-2022