MYTH 1: There is a mass exodus of Americans who are seeking to expatriate for tax reasons.  

FACTS: The U.S.'s individual income tax rates are relatively low compared to those of European countries and Canada. Even for the top 1%! So while there may be some Americans giving up their citizenship for tax motivated reasons, the total "expatriations" from the U.S. during 2011 by "covered" expatriates was 1,788 according to the official count in the Federal Register. That is only 0.03% of the total 7 million or so Americans estimated by the IRS to be living abroad (not including military personnel).  

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QUICK FACTS ABOUT FATCA
U.S. taxpayers are required to report foreign financial assets for tax years beginning after March 18, 2010. Foreign financial institutions (FFIs) are required to begin complying with FATCA on July 1, 2014. (Note: FFis must register on the FFI Registration Portal by April 25, 2014.)

2013 GLOBAL SUMMIT
 Full day of international business analysis and discussion, based on Professor Alan Blinder's book, "After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead," with graduate students from Princeton University facilitating panel discussions throughout the day.  

INSIDE WHERE IN THE WORLD
While I was flying to Hong Kong last week, I realized that Dutch entrepreneurs no longer sail the oceans in big ships.  They now fly around the world in fast planes. Some of them in the relatively comfort of business class and some in economy class.

 

INTERNATIONAL newsletters are published by WithumSmith+Brown, PC, Certified Public Accountants and Consultants, for clients and friends of the firm. The information contained in this publication is for informational purposes and should not be acted upon without professional advice. Please contact any one of our offices with your inquiries.