Tag Archives: International Living

Will IRS Find Your Small Foreign Bank Account?

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“FBAR penalties can be enormous, a civil penalty of $10,000 for each non-willful violation. If your violation is willful, the penalty is the greater of $100,000 or 50% of the amount in the account for each violation. Each year you didn’t file is a separate violation. Criminal penalties are even more frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law (such as tax law, which it often will) the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. Many violent felonies are punished less harshly.”

http://www.forbes.com/sites/robertwood/2013/06/25/will-irs-find-your-small-foreign-bank-account/

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9 foreign countries where you can use U.S. dollars

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“There are many great pleasures of the globe-trotting life, but dealing with pesky Travelex lines is not one of them. Sick of exchange rates, transaction fees, and coming home with pockets filled with useless coins? Here are foreign destinations where you can pay with U.S. dollars, from the sunny and subtropical to the still-undiscovered.”

http://www.usatoday.com/story/travel/destinations/2013/07/03/foreign-countries-where-you-can-use-us-dollars/2484391/

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Internationalizing in Chile

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“In Chile, there are incredible opportunities for those in the know. Opportunities for a guy like me, and maybe for you if you’re really serious about planting a flag in a South American country where things actually work – and work quite well. I’ve been living in Chile for about 6 months of the last two years, fulfilling my residency requirements. So, while I’m not an expert in all things Chile, my intent is to share some up-front impressions and on-the-ground experiences in the hope that this information will be helpful should you decide to plant one of your flags in what I believe is a wonderful country. So, with that in mind, let’s get started.”

http://www.internationalman.com/78-global-perspectives/965-internationalizing-in-chile

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Taxation of Americans Abroad versus the 14th Amendment

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“The ‘citizenship penalty’ deserves consideration.  Both US citizens abroad and non-resident aliens are non-residents of the U.S.  The fact that the U.S. citizen pays higher taxes, because of U.S. citizenship,  is arguably a violation of the ‘equal protection’ clause of the 14th amendment. Furthermore, the U.S. Supreme Court has ruled that ‘citizenship classifications’ are ‘suspect classifications’ and that they can be upheld only if the government can demonstrate a compelling state interest. Why should US citizens abroad pay a penalty because of their citizenship?”

http://isaacbrocksociety.ca/2013/07/10/the-taxation-of-americansabroad-and-the-14th-amendment-guarantees/

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Is Actor Johnny Revilla Stateless?

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“Actor Johnny Revilla, who starred in ‘The Strangers’, now sits as a representative of the Overseas Filipino Worker (OFW) Family Club in the Philippine House of Representatives, after taking oath on the 26th of June, 2014, could face up to seven years of imprisonment if he is a U.S. citizen.  Documentation obtained from the Philippine Bureau of Immigration shows that he travelled using an American passport from 2002 up to 2009.  According to OFW Family Club Rep. Roy Seneres of OFW, the former Philippine Ambassador to the United Arab Emirates, Johnny cannot be a citizen of the Philippines if he is a citizen of America.  Yet, such is not the case.”

http://isaacbrocksociety.ca/2013/07/08/is-actor-johnny-revilla-stateless/

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Before Sir John Marks Templeton, there was Cleveland Ferguson

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“A few years before Templeton made his famous move to the Bahamas, another American went and made a name for himself by discussing his desire to give up his citizenship and resettle on that famous island of warm breezes and low taxes.  Meet Mr. Cleveland Ferguson, Bahamian immigrant and disabled Korean War veteran. If Mr. Ferguson had been able to afford his day in court, he might have won early recognition of the fact finally recognised by a court in 2010: that no formal declaration of war is necessary to allow renunciations under that provision (now renumbered to § 349(a)(6)), as long as there exist hostilities.”

http://isaacbrocksociety.ca/2013/07/07/before-sir-john-marks-templeton-there-was-cleveland-ferguson/

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US – Sri Lankans “Asked” to Register with their Banks — What if they don’t do so voluntarily?

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“This newspaper notice was placed in a Sri Lankan newspaper last month by the Sri Lanka Banker’s Association, requesting the voluntary ‘registration’ of U.S. Persons with their banks to facilitate the identification of U.S. Persons under FATCA. The voluntary registration was, apparently, not required by the Sri Lanka Central Bank, and Sri Lanka has not (yet) publicly signed an IGA or waived Sri Lankan banking secrecy to allow banks to directly enter into agreements with the IRS. Certainly, the notice for voluntarily registering oneself harkens back to 1939 for some of us, and exemplifies the positive discrimination that FATCA requires.”

http://isaacbrocksociety.ca/2013/07/07/us-sri-lankans-asked-to-register-with-their-banks-what-if-they-dont-do-so-voluntarily/

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Welcome to the slum of India (BBC Documentary)

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Welcome to the slum of India (BBC Documentary)

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Three key lessons from recent travels around the world

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“One member is a sharp, contrarian hedge fund manager. He gave a brief presentation on why Greek stocks are a tremendous bargain right now, despite almost every other world market being overpriced near their all-time highs.  Another friend of mine who is a real estate mogul said that much of the price rise we’re seeing in US housing is due to a wave of hedge funds that are buying vacant properties.  He said he expects most of these hedge funds will liquidate within 18-24 months, flooding the market with homes and driving prices back down.  When it came my turn to make some remarks, I told the group three things I’ve learned in my recent travels.”

http://www.sovereignman.com/expat/three-key-lessons-from-recent-travels-around-the-world-11973/

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Clean bills or bust in Myanmar

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“When traveling in Myanmar, the last thing you want to put in your money pouch is your actual money. Across the country, the slightest tear, stain, corner crease or any imperfection will render a United States dollar-denominated bill unacceptable.  The practice can be a special source of anxiety for travelers who have flocked to Myanmar since the country’s recent political reform and opening to the wider world. Only in the past year or so has Myanmar’s tourism economy matured beyond anything other than cash. With no access to overseas banks, a traveler who accidentally sat on their wallet and creased all the bills within had little recourse.”

http://www.atimes.com/atimes/Southeast_Asia/SEA-01-030713.html

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