Banking and Financial Services

Bank secrecy “obsolete”!

On October 29, 51 countries signed the Multilateral Competent Authority Agreement, signaling their intent to "build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions.”  Among other things, the Agreement extends to corporations the kind of mandatory banking transparency called for under FATCA.

For the OECD announcement and a list of the...

FAWCO's partner organization AARO (Association of Americans Resident Overseas) is launching a survey of the overseas Americans community concerning the “denial of financial services” to US citizens and greencard holders.

There is no need today to describe the precarious situation in which many “US tax persons” find themselves because financial services are being denied both in the United States (though “Patriot...

IRS: Social SecurityTax Consequences of Working Abroad

What if Someone Dies Owning an Undeclared Financial Account? What Should Heirs Do?

 

Read the Tax & Banking Disclaimer.

Unfortunately the US continues to tax many savings vehicles used by foreign retirement accounts disadvantageously (PFIC rules). We are working on raising awareness of this unfair practice in Washington. In some of the recently negotiated Intergovernmental Agreements, like in Switzerland, many foreign retirement programs are exempted from FATCA reporting. In some, but not all, countries some form of similar treatment...

Retirement planning while living abroad is never easy but it's very important! Here are some links to get you started. And please remember some of the information below is country specific.

Start Here!
US Tax Guide for Americans Retiring Abroad PDF: 10 things every retiree needs to know about Social Security, investments, insurance and cost-saving deductions, credits and exclusions

Basic...

Thun Financial Services advises Why Americans Should Never, Ever Own Shares in a Non-US Incorporated Mutual Fund PDF (128 KB)

 

Read the Tax & Banking Disclaimer.