Showing posts from October, 2018

Engagement Letters for US Compliance

If you're based in Singapore, then please print, sign, take a picture and email us this one -
If you're based in the UK, then please print, sign, take a picture and email us this one  -

If you're based anywhere else in the world, then please print, sign, take a picture and email us this one  -

Please email signed forms to

Let's talk about the QEF Election for PFICs

While many portions of the U.S. tax code possess confusing and sometimes harsh rulings, the tax regime for Passive Foreign Investment Companies (PFIC) is almost unmatched in its complexity and almost draconian features.  For a primer on PFICs, please read here -
The PFIC rules were enacted to eliminate beneficial tax treatment for certain offshore investments. Under prior law, U.S. taxpayers could accumulate tax-deferred income from offshore investments and, upon sale of the investment, recognize gain at the long-term capital gains tax rate.
Under the PFIC rules, absent a beneficial election, PFIC investments are generally subject to tax on distributions at the highest ordinary income rates in effect for the tax year, rather than the currently more beneficial dividend and capital gains rates. Sec. 6621 interest charges accrue on deferred taxes until the due date of the return (without regard for extensions) for the last PFIC year;…

Economic Migration Programs

The Chinese authorities are getting even more serious (yes, that’s possible) when it comes to tax rules.On October 3rd, China's taxation authorities fined A-list Chinese movie star Fan Bingbing more than 479 million yuan (US$70 million) over tax evasion and ordered her to pay more than 255 million yuan in taxes.

Add to this, that from January 2019, new changes to the Chinese individual income tax laws come into effect.With a top rate of 45%, many are considering their options.

Popular options include but are not limited to -
·The Philippines. Assuming you’re over 35, you can benefit from the Special Retiree's Resident Visa (SRRV).  Enjoy permanent, non-immigrant status and money earned outside of the Philippines is free of Philippines tax.·In Malaysia, there’s Malaysia My Second Home (MM2H) which is similar to the SRRV.·In Singapore, there’s the Global Investor Program (GIP) which targets global high-net-worth personalities.  You can have permanent residency in exchange for makin…