A growing number of wealth managers are shutting their doors on US expatriates as a controversial new tax law nears its implementation, according to an international advisory firm.
The Foreign Account Tax Compliance Act (FATCA), a tax law that requires all non-US financial institutions globally to disclose the financial activities of American clients directly to the Internal Revenue Service (IRS) or face hefty sanctions, will be implemented on 1 July next year. It has already led to a six-fold increase in the number of Americans renouncing their US citizenship in the second quarter of 2013, compared to a year earlier, in order to avoid slipping into a 'financial advice black hole', according to deVere Group. deVere Group founder and chief executive Nigel Green s...
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