The Common Reporting Standard (CRS) was developed to fight tax evasion and call on jurisdictions and their financial institutions to exchange information on an annual basis. But faced with stricter tax enforcement and increased bureaucracy in reporting their income, more Americans than ever are giving up their U.S. citizenship. According to data from the U.S. Treasury Department, 5,411 Americans living overseas renounced their citizenship in 2016, up from 470 in 2007.
In this session, Jean-Francois Harvey, Managing Partner, Harvey Law Group, explains the scope of financial information to be reported by CRS and practical questions and answers related to the disclosure of financial information.
Eugene Chow, Principal of Chow King & Associates, looks at why Americans are giving up their citizenship, what tax reforms should be made, and how Americans living in Asia can navigate these issues, including visa applications to the U.S. post-expatriation.
First 15-20 minutes is for networking
Sandwiches and beverages included
Hosted by the Law Committee