At Ipanema Wealth, we advise our clients to ensure they are fully up to date with their tax filing obligations, often in more than one country.

  • Do you have multiple tax reporting obligations?  
  • Are you compliant with new tax information agreements: the Common Reporting Standard (OECD) and FATCA (USA)? 
  • Have you filed up to date income and asset declarations in your country of residence in Latin America?
  • Are you required to file a return in the US?
  • Would you benefit from an expatriate tax review?

Common Reporting Standard (CRS)

The CRS is an OECD initiative, employing the automatic exchange of information between global tax authorities. Almost 100 countries will join the CRS during 2017 and 2018 and will have access to overseas account data of their residents.  They will be able to cross reference this account data with domestic tax records and identify undeclared overseas accounts.   We advise individuals to ensure that they are up to date with their filings or to participate in tax amnesties to avoid penalties and/or prosecution. 

Latin American Tax Amnesties

The Brazilian government has extended its amnesty (RERCT) until 31 July 2017 which applies to individuals who were resident in Brazil at 30 June 2016 with undeclared overseas assets.  Brazil will join the CRS in 2018.   

Colombia and Mexico have extended their current amnesties on undeclared overseas assets  despite being early adopters of the CRS, joining in 2017.  Peru has extended its amnesty until the end of 2017. 

Foreign Account Tax Compliance Act (FATCA)

Information sharing is already taking place via bilateral agreements  between the US and certain Latin American countries. This will have an impact on US citizens e.g. in Brazil, including Brazilian holders of Green Cards and those “accidental Americans” who may be considered US citizens on the basis of their parents’ ties to the US rather than on their own choices. 

'...but in this world, nothing can be said to be certain, except death and taxes'  

- Benjamin Franklin

'The best things in life are free, but sooner or later, the government will find a way to tax them'

- Anonymous

© Ipanema Wealth Ltda. 2013 

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