Tag Archives | FATCA

Johann Erdmann Hummel - Chess Players and Expats

Overseas Retirement for Expats

Surveys have shown that more and more multinationals want to exercise control over their worldwide benefits programs at the Home Office level. The principal objectives are to manage costs and ensure compliance and competitiveness of their local benefits plans in each country. For most companies, this is easier said than done. For multinational companies, growing […]

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Statue of Benjamin Carrion in the plaza of Santa Veracruz in Mexico City - Legal Basis for a 402(b)

The legal basis for a 402(b)

A Nonqualified overseas retirement plan has characteristics that are opposite of what we have all been used to. This specific 402(b), the Regulated Asset Protection Structure (RAPS), allows for pre-tax contributions. There are no maximum contribution limits as this is a nonqualified deferred compensation tax law issue. The fact that this is precisely the opposite […]

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Chess board in park, Kiev - Privacy of Pensions

The Privacy of Pensions

Many countries have laws imposing secrecy on information about retirement plans and this is in essence why FATCA allows for the ‘limited conditional’ category. By their very nature, retirement plans are viewed and governed differently. There are sanctions on dealing with retirement plan information which only a Regulator can decide on. There are so many […]

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Chess players in park, Kiev - FATCA

FATCA Compliance

When analyzing an investment account, the provisions of FATCA require the account to be classified into one of the following three categories: ‘Approved’ as of 1 July 2014 ‘Limited conditional’ until the end of 2015. These administrators are deemed to be FATCA compliant and may register first and verify their status later. The enormous quantity […]

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