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.
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'