September 2019

Economic Substance Requirements in the British Virgin Islands (BVI)

The BVI is among the most popular jurisdictions for offshore structures.   https://www.mooresrowland.tax/2018/05/pros-and-cons-of-bvi-entity.html But things are changing and for a number of reasons, it is losing its appeal –  https://www.mooresrowland.tax/2017/07/bvi-secrecy-no-more.html https://www.mooresrowland.tax/2018/05/uk-forces-overseas-territories-to-set.html Now it seems that the new rules around substance is hitting them pretty hard –  The BVI government has introduced a new Act with Economic […]

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The Best Jurisdiction for US Citizens and Green Card Holders?  Puerto Rico

Puerto Rico Tax Incentives: US citizen? 1. pay ZERO US federal income tax,  2. only a 4% corporate tax for my businesses and  3. ZERO capital gains and dividends tax. Puerto Rico is a commonwealth of the US. That means that most things here fall under US federal law, like immigration and customs and border

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10 US Tax Rules For Foreign Entertainers And Athletes

Given the growth of the sports industry not only within North America, but also internationally, it is increasingly critical that foreign athletes and entertainers become educated regarding the United States’ taxation of their income. 1. The first step in determining the U.S. taxation of a so-called “foreign” athlete or entertainer (namely an athlete that is

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IRS offers tax relief to expats who renounce U.S. citizenship

source: https://www.irs.gov/individuals/international-taxpayers/relief-procedures-for-certain-former-citizens On this page… Introduction Background Relief Procedures Relief Procedures FAQs References/Related Topics Introduction The IRS announced procedures for certain persons who have relinquished, or intend to relinquish, their United States (U.S.) citizenship and who wish to come into compliance with their U.S. income tax and reporting obligations and avoid being taxed as a “covered

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