WEALTH MANAGEMENT FOR AMERICANS IN ISRAEL
Americans living in Israel who are required to file annual U.S. income tax returns on their worldwide income, are finding that many financial institutions in Israel and other countries are unable to produce the necessary year-end tax reporting documentation that they require to attach to their tax returns.
The Foreign Tax Compliance Act (FATCA) and other regulations are having a direct impact on U.S. nationals residing in Israel. Many Israeli banks and overseas investment companies are turning away American customers, which creates particular challenges for American expats looking to manage their wealth once outside of the U.S.
Philip Braudecan offer the following services to American expatriates who are looking for US-compliant international investment options:
- Ensuring that the financial institutions hosting your accounts provide proper year-end reporting (Form 1099: Summary of Income & Form 8938: Statement of Specified Foreign Financial Assets) so that their annual U.S. income tax returns can be easily prepared.
- Ensuring that you do not have any PFICs (non-U.S. mutual funds) in your investment portfolio, which could attract unfavorable U.S. tax treatment.
Philip has written a user-friendly guide for Americans in Israel that contains Tax and Financial Compliance Information relevant to FBAR reporting, PFIC issues and the impact of the US Patriot Act and Foreign Tax Compliance Act (known as FATCA). Complete the form on the right of this page to request your copy of this helpful 4-page document (in PDF format) or contact us directly with your questions.