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Author Archives: Sitara Zafar

The United States is now the new Switzerland

The recent trending article by Bloomberg, The World’s New Tax Haven is the United States, has the financial offshore community’s full attention. The Nevada LLC has been the choice entity for foreign investors for quite some time due to zero state tax exposure and minimal federal liabilities. So why the sudden urgency for foreign trusts to […]

UK Ltd Company: Opening a US Bank Account

Your UK Limited company has ventured out to the Wild West to do business and you quickly find a US bank account is required.  The idea of opening a US account seems alluring when you think of the potential business that 400 million consumers can bring. So you jump on the band wagon and file […]

A small reprieve from FATCA

The IRS has given foreign financial institutions (FFIs), such as banks, additional time to update their reporting systems through an amendment to the temporary FATCA regulations.  The Department of Treasury and the Internal Revenue Service have stated, in IRS Notice 2014-59 that withholding agents and payers have an extended time of implementing their new entity account procedures from July 1, […]

Over 60 nations on board with FATCA and the IRS have offered leniency

The US Treasury Department has released a new list of countries that have signed International Governmental Agreements (IGA’s). Currently there are over 30 nations having signed under Model 1 and Model 2 IGAs. Included on this list are additional countries who have agreed “in substance” to comply with FATCA, but have not formally signed the agreement. The US […]

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