Showing posts from August, 2014

U.S. Fee to Give-Up Citizenship Is Raised Fivefold

At a time when record numbers of Americans are giving up citizenship, the fee for individuals to renounce U.S. citizenship is jumping to $2,350 as of Sept. 12—more than five times the current charge of $450.

Here is the explanation from the State Department - 

Documentation for Renunciation of Citizenship The CoSM demonstrated that documenting a U.S. citizen's renunciation of citizenship is extremely costly, requiring American consular officers overseas to spend substantial amounts of time to accept, process, and adjudicate cases. For example, consular officers must confirm that the potential renunciant fully understands the consequences of renunciation, including losing the right to reside in the United States without documentation as an alien. Other steps include verifying that the renunciant is a U.S. citizen, conducting a minimum of two intensive interviews with the potential renunciant, and reviewing at least three consular systems before administering the oath of renunciati…

Engagement Letters

Four (4) Investment Considerations for US expats

In May 2014, the government of Singapore concluded in principle, an Intergovernmental agreement with the government of the United States.  This agreement, commonly known as FATCA, stands for the Foreign Account Tax Compliance Act.  Over the past several months, the publicity around this regulation has encouraged US expats who may not have been fully tax compliant, to take steps to becoming compliant with their US tax obligations.  

Unlike other nationals, US persons resident outside of the US, must still report their worldwide income, and foreign financial assets above a certain threshold, to the Internal Revenue Service every year.  Failure to comply carries pretty stiff civil as well as criminal penalties.

Certain financial institutions in Singapore and other jurisdictions outside of the US, have now agreed under FATCA, to report the financial holdings of clients who appear to have a connection to the US.  Financial institutions will be required to deliver these reports even if the cl…

5 Points for Foreigners investing in U.S. Real Estate