Multi-national families have numerous issues associated with Nonresident Alien Parents who are considering transferring their wealth to their U.S.-resident children. The Nonresident Alien Parents’ goal is to pass the assets to the children when the surviving parent dies, and ensure that successive wealth transfers to future generations are made without U.S. estate tax, or generation-skipping…
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DOJ / IRS Obtains Court Orders to Seek Offshore Account Data From 5 U.S. Banks!
U.S. District Judge Kimba M. Wood of the Southern District of New York entered an order on Nov. 7, 2013, authorizing the IRS to issue summonses requiring: Bank of New York Mellon (Mellon) and Citibank NA (Citibank) to produce information about U.S. taxpayers who may be evading or have evaded federal taxes by holding interests…
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Tina Turner – By Adopting Foreign Citizenship are you Still Subject to the US Exit Tax?
According to an “activity” report from the U.S. Embassy in Bern, Switzerland, long-time Swiss resident Tina Turner” was in the embassy Oct. 24 to sign her “Statement of Voluntary Relinquishment of U.S. Citizenship under Section 349 (a)(1) of the INA” — the Immigration and Naturalization Act.She has merely 'relinquished' her US citizenship rather than formally 'renouncing' it,…
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British a Territories are no longer “Tax Havens”!
UK Prime Minister David Cameron made the following announcement in the House of Commons: ‘I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens.They have taken action to make sure that they have fair and open tax systems’. The Prime Minister's comments…
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