Showing posts from February, 2015

Singapore's financial institutions race to meet the FATCA deadline

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Think about a Second or Third Citizenship

I remember when I returned to Trinidad in the late 90s, I worked with a Cornell educated Economist who told me to keep an eye on the market for citizenship. It wasn't long before I realized that the phenomena was more than something from a spy movie.

Henley and Partners citizenship expert Christian Kalin, who helps to advise clients on the best place to spend their money, estimates that every year, several thousand people spend a collective $2bn (£1.2bn; 1.5bn euros) to add a second, or even third, passport to their collection.

"Just like you diversify an investment portfolio, you want to diversify your passport portfolio," he says. The option has proven popular with Chinese and Russian citizens, as well as those from the Middle East.

In recent years, programes have been introduced in St Kitts, Cyprus, Antigua and Barbuda, Grenada, Malta, the Netherlands and Spain that either allow direct citizenship by investment or offer routes to citizenship for wealthy investors.


Streamlined Foreign Offshore Procedures

For US persons that have not been fully compliant, I always believe that legal advice is helpful.  Nevertheless, there are typically 3 options to consider.

Firstly, there are those who believe that quiet disclosures are appropriate.  This is where a client comes clean without the potential protection of any amnesty program.  Unless someone has had proper advice, I would be extremely careful when considering this option

Secondly, there are streamlined procedures which require among other things, 3 years of returns and 6 years of FBARs .  This is discussed in greater detail below

Thirdly, there was the OVDP but this has been discontinued.  Read more on it here -

Streamlined compliance procedures are premised on a taxpayer being "non-willful" in their non-compliance.  Nevertheless, the streamlined procedure was modified in June 2014 in a way that appears to make it an even more appealing option…