As many wealth management companies turn their backs on the millions of Americans who live overseas ahead of the implementation of Foreign Account Tax Compliance Act (FATCA), the deVere Group is bucking the trend by remaining committed to, and even increasing its focus on, US expats.
Nigel Green, chief executive of the world’s largest independent financial advisory firm, says: “From 1st January Protected content , under the FATCA, the United States will require all of its citizens to report their worldwide earnings to the Internal Revenue Service, regardless of where they live, how long they’ve lived there, or whether any money is owed.
“But, crucially, the financial institutions they use overseas will also need to declare to the Internal Revenue Service (IRS) and this is triggering many firms to refuse dealings with American clients – even if they have worked with them for many years – as it will be costly and complex, plus they could also face being investigated by the IRS themselves.”
Indeed, as has been recently reported, major wealth management firms including HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) have all rejected business from US citizens ahead of the implementation of FATCA.
Read more: Protected content