Foreign Account Tax Compliance Act (FATCA)
On February 8, 2012, the U.S. Treasury Department issued proposed regulations to implement the Foreign Account Tax Compliance Act commonly referred to as FATCA. The proposed regulations are voluminous, totaling 388 pages. Concurrently, the U.S. Treasury Department issued a joint statement with the governments of France, Germany, Italy, Spain and the United Kingdom regarding an intergovernmental approach to improving international tax compliance and implementing FATCA (the Alternative Approach to FATCA).
US Citizens and Residents living in Jamaica liable for US Taxes
Information released during the last US general elections, indicated that up to twenty thousand US citizens and Green Card Holders reside in Jamaica. Many are Jamaican citizens who have acquired US residency or citizenship status but have chosen to continue living and working in Jamaica often operating businesses in both jurisdictions.
Tax Implications of Renouncing your US Citizenship
Certain US citizens or long time permanent residents who renounce their citizenship or residence with the United States after June 17, 2008, may be liable for an expatriation tax. The expatriation tax applies to individuals who are deemed to be "Covered Expatriates" at the time of expatriation.