In 2015, the United States (US) began receiving information on foreign bank accounts held by its nationals, as required under the Foreign Account Tax Compliance Act (FATCA), adopted in 2010.
In 2017, the Multilateral Competent Authority Agreement (MCAA), obliging banks, brokerages, investment bodies and insurance companies in signatory countries to provide local tax authorities with bank account information pertaining
This brings up an unusual situation – the United States is asking for information on its
In 2015, the US ranked third in the Tax Justice
Investors are already taking advantage of this loophole – according to a survey by Tranio and Adam Smith Conferences, 28% of Russian nationals transferring their assets to jurisdictions outside the CRS MCAA are choosing the US.
According to lawyer at DS Law and Tranio partner Denis Zaytsev, the US is an attractive location as it offers a range of benefits for legal tax optimisation (e.g. the generous tax benefits in Delaware) and the convenient conduct of business
Yulia Kozhevnikova, Tranio