Lunch & Learn with Michael Skadden – To be or not to be (come) an American citizen…?

... That’s the question that Michael Skadden addressed during the chamber’s Lunch & Learn of 13 October 2015 from the perspective of offshore accounts tax impacts.
Over a delightful Italian lunch at “Maggiano’s – Little Italy”, Michael entertained the audience about the long and strong arms of the IRS regarding offshore accounts. He gave some lively examples to illustrate what can go wrong, to stress the importance of good tax-advice when considering becoming an American citizen. 

He described how privacy and protection of foreign accounts have been lifted over the past period, sometimes with far-reaching impacts on the willingness of foreign banks to deal with American clients. It is just becoming too cumbersome for them and some already turn American citizens away as a client.
Further, Michael explained that US tax-implications can be far-reaching, for example selling your abroad assets when you already are immigrated, being lawful permanent resident or U.S. citizen, to the USA. These impacts can be limited when addressed in a timely manner.

Regardless of whether you want to be or not to become an American citizen, the FATCA-regulation is relevant to many of the NACCTX members, as was illustrated by the large attendance and interest in the topic and the many questions asked.
Mark Tirpak, who addressed FATCA compliance when he spoke at the Lunch & Learn in February of this year, was also present and kindly clarified some questions from the audience on compliance issues.

More general information on the FATCA is available at  https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act, however this can never replace the expertise available within our membership.

We look forward to seeing you again at the next lunch and learn. More information on the date and topic will follow soon. In the meantime we hope to see you all 18 November for the American-Dutch Heritage day in the Museum of Fine Arts.