Wealth Uncensored

Real Advice vs. Online Noise: The State of International Tax Advisory

Today my guests: U.S. international tax attorneys Virginia La Torre Jeker and John Richardson and I discuss the importance of seeking advice from true experts in the international tax advisory industry.

We highlight the differences between professionals trained to report versus those trained to analyze and interpret complex tax laws, emphasizing the value of legal backgrounds for strategic tax advice.

Together we address the challenges qualified advisors face in being undervalued due to abundant free online information and consultations. It offers tips on distinguishing knowledgeable advisors from less qualified ones, stressing the importance of valuing true expertise for the best financial advice.

 

You can connect with our guests via LinkedIn :

Virginia La Torre Jeker 

John Richardson

Best Estate Planning Practices for Foreign Investors in the US

In this episode, we're joined by attorney Mike Abel, LL.M. from Abel Law Group, an expert in estate planning and asset protection. Together, we dive deep into the critical topic of estate planning for foreign investors in the US.

Mike and I explore what happens to your assets when you pass away without a will, with a foreign will, with a US will, and with a US living trust. We break down the pros and cons of each option, providing clear and practical advice to ensure your investments are protected and your legacy is secured. Whether you're investing in US real estate or other assets, understanding the intricacies of estate planning is crucial to safeguard your wealth and ensure a smooth transition for your heirs.

Tune in to learn about the best strategies for estate planning, the potential pitfalls to avoid, and how to choose the right tools to suit your unique situation as a foreign investor.

Navigating Italy’s Flat Tax Regime

In this episode, I talk to Italian tax attorney, Walter Andreoni, who gives us the ins and out of the Italy’s flat tax regime, how to qualify for it, and how to get set up on it.

HNWIs throughout the world are looking for tax advantaged places to live. To fill the demand, several countries, even traditionally high-tax countries, like Italy, are offering special tax regimes to attract wealthy residents.

How the regimes work vary from country to country. Some countries require you to invest in the country, for example, while others require you to pay a flat tax.

Italy’s flat tax regime basically works like this. You pay a flat annual income tax of EUR 100,000 and most non-Italian income is exempt from Italian income tax. You are also exempted from Italian inheritance tax on non-Italian assets.

 

The U.S. Beneficial Owner Register Explained

Jimmy and attorney Mike Abel dissect the newly established U.S. Beneficial Owner Information Register, a critical component of the Corporate Transparency Act.

In this episode, they explore the requirements of the register, detailing what information must be reported, the deadlines for submission, and who falls under the requirement to report.

Mike Abel provides expert insights into identifying individuals with substantial control, navigating complex ownership structures, and understanding the penalties for noncompliance.

Whether you're a business owner, legal advisor, or just keen on the nuances of U.S. corporate law, this episode offers a thorough breakdown of how the act impacts corporate transparency and compliance obligations.

Adapting to the UK Non-Dom Regime Updates

In this episode, Jimmy Sexton, together with Dmitry Zapol, a UK tax advisor, delves into the complexities and impending changes of the UK non-dom regime. With Dmitry’s 15 years of expertise in international tax planning, they discuss the nuances between current proposals and established laws, shedding light on common misconceptions. They explore the implications for high-net-worth and ultra-high-net-worth individuals, including tax residency, domicile, and the potential abolition of the non-dom regime.

 

The episode also covers strategies like protected settlements and the benefits of the current tax regime for entrepreneurs. Additionally, they analyze the contrasting political proposals that could reshape the future of the non-dom regime and discuss strategic relocation options for non-doms considering tax advantaged living in other countries. This episode is a must-listen for anyone interested in understanding the intricate dynamics of UK taxation and how they might evolve.

Breaking Down Relocation Abroad for Americans with David Lesperance Part 2

In 2nd episode in our series with David Lesperance we discuss the ultimate step in global mobility (and tax savings): renouncing U.S. citizenship. Uncover the motivations behind this significant decision, from taxation to personal freedom, and learn the legal requirements for making the transition.

Remember, you can’t expatriate without a second citizenship. In this episode explore the ways of securing one and tax implications of expatriation as well how to protect your assets and save taxes using foreign trusts and foundations post-expatriation

 

Breaking Down Relocation Abroad for Americans with David Lesperance Part 1

Discover the essentials of securing a second residency and / or citizenship, the legal pathways available, and hear real-world examples that illuminate the importance of preparedness in uncertain times.

There are various reasons Americans may want to get out of America, ranging from escaping natural disasters or civil unrest to taking a job overseas to wanting to leave America permanently. To discuss these different groups of Americans, we're joined by renowned immigration and citizenship expert David Lesperance.

In this first episode of a two-part series, we take a deep dive the first two group of Americans who may want to relocate abroad.

The first group being those who might seek temporary refuge outside the U.S. due to natural disasters or civil unrest. And the second group being those may want to spend a prolonged period abroad due to economic or political reasons, or the desire for a global upbringing for their families, find out how to legally establish a new life overseas.

Join us next week when we explore the reasons Americans may want expatriate by renouncing their U.S. citizenship, the tax consequences of doing, the process, and proposed new expatriation tax regime. We also delve in to tax saving options using trusts and foundations that are not available to Americans.

Just Because You Don't Have a Passport Doesn't Mean You Aren't a US Citizen

Today we delve into the US citizenship topic, exposing the common myth that a US passport is the be-all and end-all of American identity. Discover the basis of US citizenship, learn about the legal pathways to acquiring it, and understand the significant tax implications it holds for individuals around the globe. Whether you're a US citizen by birth, through your parents, or considering expatriation, this episode is packed with critical insights for protecting your wealth and navigating the complexities of international taxation. Don't miss this essential guide to US citizenship and its impact on your financial landscape.

Remember, your passport and citizenship are separate. You can be a US citizen even if you never had a US passport. In fact, there are more US citizens without passports than with!

Download the Expatriation Exit Tax Calculator here: https://esquiregroup.com/expatriation-exit-tax-calculator/

Tune in to Wealth Uncensored for the expert insights you need to safeguard your assets and stay informed on the latest in international tax and wealth protection.

Corporate Ownership of U.S. Vacation Home Risks Withholding Tax for Foreign Investors

In this episode we discuss the tax risks and provide insight into how foreign investors can manage them, discuss alternative structures such as trusts, and emphasize the importance of meticulous planning and consultation with tax professionals.

The US is a popular place for HNWIs to own vacation homes. But doing so individually comes with some often-overlooked tax consequences.

• Income tax on rental income and capital gains
• Estate tax on the value of the US real estate if the foreigner dies owning it
• FIRPTA withholding tax of 10% - 15% on the sale price when the property is sold

To mitigate the estate tax and FIRPTA withholding many HNW foreign investors purchase their US vacation homes through dual-corporate structure. Under the dual-corporate structure, the foreign investor sets up a foreign corporation that, in turn, sets up a US corporation that acquires the property.

This structure completely eliminates the estate tax and FIRPTA withholding tax when the property is sold. It does, however, come with hidden tax risks if the property is used personally, as a vacation home would be.

If the foreign investor doesn’t pay fair market rent for their use of the corporate owned vacation home, there will be a deemed dividend to the foreign parent equal to the value of the personal use. The deemed dividend is subject to withholding tax up to 30% without any allowance of deductions or possibly of refund.

Whether you already own a vacation home in the U.S., are considering investing in one, or are a professional advising clients on international real estate investments, this episode offers valuable guidance on minimizing tax liabilities while enjoying your investment to the fullest.

Download the Guide to Structuring U.S. Real Estate Investments for Foreigners here.

Want to know more about Trusts&Foundations? Find link to the guide here.

Tax Challenges for American Entrepreneurs in the UAE

Dive into the complex world of tax compliance for American entrepreneurs in the UAE in the latest episode of Wealth Uncensored. Discover the pitfalls of inadequate tax planning and learn how U.S. tax laws apply to you as an American business owner in the UAE. Whether you're self-employed or the owner of a UAE company, this episode is packed with critical insights and strategies for navigating your U.S. and UAE tax obligations effectively.

Learn about the nuances of UAE's 9% corporate tax, the implications of owning a company, and the strategic moves you can make to minimize your tax liability while staying compliant. From leveraging tax credits to considering expatriation, we cover the gamut of options available to optimize your tax situation in the UAE.

Don't let tax complexity hinder your international business ambitions. Tune in to gain the knowledge you need to make informed decisions and position your business for success in the global marketplace.