As I wrote about earlier, I first learned of FATCA, FBAR and CBT 11 years ago when applying for my passport renewal. Not believing what I was reading about it online, I was compelled to continue learning about these Evelin 3 as there had to be a reason for the US State Department to blatantly violate the Privacy Act and other laws. Eventually, I had my own OMG moment with the realization that it was real and at least some of the implications of it.
Soon after, concerned first for our students whom we are still sending to the States and a close second for my esteemed colleagues and friends of all nationalities, I endeavored to spread the warning. The anger you are now familiar with when trying to warn those you care for about masks and the clot shot became known to me as I tried to warn against non US citizens spending too much (any) time in the States or the penalties my fellow Americans face.
At one point, I was sharing what I had recently learned with my esteemed colleagues at the medical school. One British woman said she was sick and tired of hearing about my yank problems. I stated that if the US gets away with this, all countries are going to enact similar laws. She stood up, slammed her books on the table and stormed out of the faculty lounge. A couple of years later she was asking everyone if anyone knew where she could put her retirement money as her banks back home closed her accounts due to her being resident in Japan. I resisted the urge to say anything and just shrugged and shook my head.
Well, I recently found this and thought I would share. It is an ad, so keep that in mind, but if your homeland is anywhere with continued connections with Great Britain, you should look in to this.
Founder - helping expats and HNWIs invest and protect wealthUpdated Tue
What are the implications of the UK abolishing non-domicile status?
Announcement for British expats living overseas 📣.
There is a tax rule change for British expats that few people are discussing.
Everybody has mentioned about wealthy non-British people living in the UK.
Few have mentioned that, at the same time, the UK Government is looking at changing tax rules for expats living overseas.
Let’s look at the present rules and potential future rules
Present rules
If you are a UK expat, you can easily not pay UK income taxes, capital gains, etc, provided you don't keep too many ties to the UK.
So, it is easy to pay no tax to the UK government while living, provided you avoid paying UK assets like houses.
However, many UK expats are still UK-domiciled, so we must usually pay UK inheritance tax upon death.
This is a big reason why many wealthy (and upper-middle-income) UK expats set up trusts and buy life insurance to cover their future tax liability.
Proposed future rules
In 2025, it is due to come into law that UK non-residents who have left the country for over ten years may potentially be liable for taxes only on UK assets and not global ones.
I explain more here:
So, if you left the UK over a decade ago, this is good news, but not if you keep assets in the UK.
Think about it. If you are a British expat living overseas with 1 million in UK property, selling the UK property and investing offshore will become cheaper.
That is because the capital gains tax on selling the property is lower than the 40% on inheritance tax.
This answer isn’t formal tax or legal advice, but it does show how changes to rules can have a big impact.
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One of my friends, who lived in California but did a lot of business in Asia said this about FBAR:
The US Government, putting u into FuBAR for over 200 years.
Government employees look at us as tax farms, not fellow citizens. One way of the other, you are going to give them their crop of cash.
Thank you I am a British expat living abroad more than 10 years, but I have many friends Expats who do have many assets in the UK
I will pass this information on thank you
We all survived them trying to kill us through the scamdemic so I guess the UK government wants us to help pay for the influx of our intended replacements and they have to get the money from somewhere