The American Citizens Abroad, the main non-partisan Washington lobbying group representing American expats around the world, today urged the U.S. Treasury Department to introduce a so-called de minimis rule to its latest draft of new tax regulations, in order to address what it said were problems inherent in the legislation that, if not changed, would cause major problems for many U.S. citizens living abroad.
Paul Hocking, one of the best-known figures in the U.K.'s American expat-focused tax community, has died in an accident in Africa, it has been announced.
A video of a seminar held last month in London, which focused on legislative efforts currently under way in Washington to address the significant tax problems currently facing many American expatriates, has been posted on YouTube.
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.)
It used to be so easy: Americans moved overseas for work or other reasons, paid taxes – or didn’t – and then either returned home, or stayed on.
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.
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...
Mar-18-2023
