Over the past 20 years, we have helped many international people and businesses with their tax, estate planning, accounting, and business matters. We act as local ambassadors for our clients abroad, and ambassadors abroad for our local clients. We are brave and tireless when it comes to protecting the wellbeing of our international clients.
At Crest Key, we pride ourselves in details and delivery. When international law is concerned – whether it is in a personal or business context – we are equipped with the latest information to ensure your international interests are protected.
International Estate Planning
National borders are becoming more and more porous in today’s world for international business and well to-do people. With the freedom to travel among countries never greater than it is today, non-US Persons are frequently purchasing property in the United States. The same can be said about US citizens purchasing property in other countries. Because customs and laws of the various countries differ, planning for life changing events such as death or incapacity can be complicated when an individual owns real and personal (or what are commonly called movables or non-movables) in more than one country. A popular planning technique in one country is not recognized in other countries. In addition, countries have tax schemes that vary greatly and appear to randomly interlace exposing international persons to double taxation. At Crest Key, we guide our clients to an optimal position through the application of techniques such as drafting international wills, trusts when appropriate, structuring how title to property is held, and electing treaty positions so as to minimize expense, taxes, and difficulties after death. We also help non-US Persons with creating healthcare and financial directives incases of incapacity while present in the US.
Foreign Bank Account Reporting (FBAR) and Foreign Account Tax Compliance Act (FATCA) for US Persons
FinCEN and the IRS require “US Persons” to report their ownership or control over bank accounts and specified financial assets held outside the United States. Failure to properly and timely file required information in the Foreign Bank Account Report (aka FBAR) or on the Foreign Account Tax Compliance Act (aka FATCA) will expose the US Person to significant penalties.
US citizens by definition are US persons for tax reporting purposes.
On many occasions, non-US citizens inadvertently become classified as US persons for tax reporting purposes because of their US business involvement or because of presence in the US.
Crest Key arms its clients with a real connection to relevant advice so that they understand the implications of being classified as a US Person and their reporting obligations for foreign bank accounts and specified foreign financial assets. In addition we prepare and confidently file all applicable FBAR and FATCA forms for those clients who request our assistance.