US taxpayers now required to declare offshore accounts
The new requirement is a further stumbling block for money managers who are already constrained by onerous rules when dealing with US citizens as clients.
As if things weren't bad enough because of the global financial crisis, managers of money of US citizens in Asia now face another obstacle when it comes to attracting this particular set of clients.
A new requirement for US taxpayers to declare offshore accounts is potentially going to hurt private banks, consumer banks, securities firms and fund houses -- practically any entity that manages money for US citizens in Asia. Hong Kong and Singapore, in particular, are home to many US c…
Sign In to Your Account
Access Exclusive AsianInvestor Content!
Please sign in to your subscription to unlock full access to our premium AI resources.
Free Registration & 7-Day Trial
Register now to enjoy a 7-day free trial—no registration fees required. Click the link to get started.
Note: This free trial is a one-time offer.
¬ Haymarket Media Limited. All rights reserved.