Author Archives: Harry Swift
UK Spring Budget 2024
The UK’s Chancellor of the Exchequer delivered his Spring Budget today to a rowdy House of Commons that had to be called to order before it had even properly started. Noting this is an election year, he painted a positive picture of the UK’s economy stating the UK had the lowest national debt in the […]
US Citizenship-Based Taxation: Is Expatriation the Only Way Out?
The United States stands as one of only two countries in the world (Eritrea being the other) that assesses personal income tax based on citizenship as well as residency. This distinctive tax system subjects US citizens to taxation on their global income and gains, irrespective of their place of residence. Consequently, managing tax affairs becomes […]
Your Guide to Foreign Trusts
This article aims to serve as your comprehensive guide to understanding the nuances of foreign trusts. Whether you’re a trustee, grantor, settlor, or beneficiary, we’re here to unravel the complexities and shed light on potential pitfalls and opportunities within the realm of cross-border trust taxation. Demystifying ‘US Person’ ClassificationBefore delving into the specifics of foreign […]
US Estate Tax Guide for Non-Residents
The United States imposes an estate or succession tax on the transfer of specific US situs assets owned by a person on death, even if the person was neither a citizen nor a resident of the United States at death (aka a non-domiciliary). US situs assets owned at the decedent’s death that are subject to […]
US tax changes for 2023 season – Individual, Estate & Gift taxes
The annual tax filing season commences today and we are delighted to summarize some important changes to 2023 tax year when compared to prior years. The most notable changes are: 1. The first page of Form 1040 will look slightly different than prior year. The filing status field has now moved below the taxpayer’s information […]
Who’s afraid of the US tax system?
The complexities of US taxation, particularly Unrelated Business Taxable Income (UBTI), can deter European private equity firms looking to unlock the lucrative US pension funds market, but learning how to navigate them really is worth the effort. European PE is driven by a fiercely competitive marketplace and the US, home to about half of the […]
Pillar 2: A Deep Dive into the Swiss Pension System for American Expats
This Swiss Pillar article was produced in collaboration with Connected Financial Planning. Occupational Pension or Work Pension This Pillar 2 plan is similar to the US 401(k) and 403(b) type plans. It is comprised of two parts: 1. Mandatory benefits (BVG-LPP) For those who are self-employed, you may choose to make voluntary contributions. If you […]