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April 2014
From The Director

Greetings,

Are you right with your government’s tax policies? Today, the millions of American’s happily living abroad are growing concerned about the U.S. Foreign Account Tax Compliance Act or FATCA. Some folks are even threatening to renounce their citizenships. Before you consider anything rash, it’s best to know the facts. This month we take a serious look at FATCA and what’s required for Americans living abroad.

Regardless of you tax status or nationality, we always welcome your feedback. If you have any questions or would like additional information, please do not hesitate to contact your financial advisor. If you do not currently have an advisor at Select, please reply to this email and one of our senior consultants will contact you promptly.

Best Regards,

Imants Katlaps
Managing Director

Article
You must have heard about FATCA by now. Free market lobbyists are up in arms, calling for an immediate repeal of the act. Ordinary citizens living abroad with modest offshore investments are nervous. Tax cheats are quaking in their boots. Some Americans are even renouncing their citizenship. While there’s a lot of smoke and hot air out there, it is important to know the facts and what’s required for those of us living abroad.

Today, about 7 million U.S. “persons” (including humans, trusts, companies, estates) reside outside of the U.S.A. However, only about 500,000 of them actually file annual tax returns. In an effort to recoup those taxes, and to address the U.S. government’s perception of widespread tax evasion, the U.S. Congress enacted the Foreign Account Tax Compliance Act (FATCA) in March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. It requires individuals to report on their financial accounts held outside of the U.S.A. and for foreign financial institutions to report to the U.S. Internal Revenue Service (IRS) about their American clients...
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