Category Archives: Issues regarding US persons abroad

In 2006, Lisa Lord moved to Heidelberg, Germany, to set up a new talent-management team for software giant SAP AG.

Ms. Lord had been working in the U.S. for the German company for two years and was eager to move up the ranks. But a department reorganization split her duties, and by June 2007 she was back in the U.S. with no clear next position waiting for her at SAP.

Spending a few years overseas can vault ambitious employees into senior leadership positions. But companies aren’t always prepared when those workers return home, veteran expatriates and executive recruiters say. Often, the right domestic jobs aren’t open, or management fails to recognize and reward the skills developed during the time abroad, they say. The resulting frustrations can cause some managers to stumble, and even send some out the door.

Read more at Wall Street Journal

Democracy Day on the Danforth – featuring
special guest NDP Leader Tom Mulcair

Bring your questions and ideas for remaking our democracy.
Starts: September 19th, 2013 – 6:30pm
Ends: September 19th, 2013 – 8:30pm

Where: Auditorium, Eastminster United Church,
310 Danforth Avenue
near Chester TTC Station

Lynne has a superb and very timely article on Financial Post website today.

Dual Canadian-American citizens: We are not tax cheats

Check it out, and please contribute to the comments. You may recognize the sources of a couple of them.

Steve Klaus highlights another piece in today’s New York Times DealB%k – lot’s of mention of FATCA on banks but not on US Persons. Another good one for Brockers to comment on.

New York Times: “Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks”

…But behind the scenes, foreign banks and financial firms are increasingly finding that complying with the law is a major headache.

Treasury Department officials say they are moving apace in getting the world’s banks on board with the law, the Foreign Account Tax Compliance Act. They say they have reached agreements with some large countries, are working on deals with others and are refining parts of the law, which is set to take effect on June 30, 2014.

But some financial institutions, trade groups, scholars and members of Congress have raised an array of concerns, starting with the cost of creating the complex computer systems needed to track Americans’ accounts.

Read the rest at the New York Times

From:  Senators Call On Treasury Secretary To Sanction Russian Banks That Are Helping Syrian Regime

Here is the full text of the letters of four US Senators:

Dear Secretary Lew:

We write to urge the Department of the Treasury to designate those Russian banks that have helped enable Syria to avoid the effects of sanctions.  In our view, these institutions are complicit in prolonging the brutal conflict in Syria and should be barred from the U.S. financial system.

According to numerous reports, banks such as VTB, Vneshekonombank, and Gazprombank are carrying on “business as usual” with Syria, and have repeatedly undermined American, European Union, and United Nations sanctions.  Such activities have reportedly included Venesekonombank’s facilitating Syrian payments for S-300 missile batteries, VTB’s holding President Assad’s personal funds, and Gazprombank’s making payments for crude oil.

Russian bank support violates international sanctions by enabling Syria to pay for imports and receive funds for exports.  This assistance eases much of the financial burden on the Assad regime, allowing it to continue military purchases and pay the soldiers that sustain the war in Syria.

Most of the international community has banded together in the face of Assad’s cruel war to isolate his regime. The financial lifeline offered by Russia’s state-owned banks undermines Executive Orders 13582, 13573, and 13608. We urge the Office of Foreign Assets Control to vigorously pursue all violations of the U.S. sanctions regime, designating any and all Russian individuals and entities found to be in non-compliance.

We write to you mindful that there is clear and compelling evidence that the Syrian regime has used chemical weapons to brutally murder over 1000 Syrians, including hundreds of children. It is now more critical than ever that you swiftly designate those financial institutions that have profited from violating sanctions to prop up the Syrian regime.

Thank you for your attention to this urgent issue.

Sincerely,

Kelly Ayotte, United States Senator

Richard Blumenthal, United States Senator

John Cornyn, United States Senator

Jeanne Shaheen, United States Senator

CNN Money — Banks lock out Americans over new tax law

Americans, take your money elsewhere!

That’s what banks around the world have been telling their U.S. customers, as they try to avoid having to comply with a new tax law due to come into force next year.

… only a small sample of banks that are refusing to do business with Americans, who now face a “banking lockout problem,” said Marylouise Serrato, executive director of American Citizens Abroad.