In 2015, Congress enacted a law that would revoke the passports of U.S. citizens who were “seriously delinquent” on their U.S. taxes. The enforcement threshold was set relatively high, however – at US$50,000 in outstanding tax, interest and penalties. (A provision was included to adjust annually for inflation going forward, so the amount now stands at US$51,000.)
TwinFocus Capital Partners LLC, a multi-family office based in Boston, Massachusetts that was launched in 2006 by twin brothers Paul and Wesley Karger, has opened a London outpost that it says is aimed at helping high-net-worth individuals and their families as well as professional investors with their financial services needs.
The TMF Group, an Amsterdam-based compliance and business services provider that owns Malta-headquartered TMF International Pensions, today launched a retirement plan for American citizens living and working outside the U.S. that it says is designed to be tax-efficient in accordance with U.S. tax regulations.