Skip to Main Content
 

Scott Michel and David Rosenbloom Comment on Americans with Asian Bank Accounts

March 25, 2013, Bloomberg

Scott D. Michel and H. David Rosenbloom are featured in the Bloomberg article "Americans Moving Swiss Cash to Asia Face Scrutiny," where they comment on the U.S. authorities' focus on funds held by Americans in Singapore and Hong Kong.  They also discuss agreements between U.S. and Asian governments to share tax information of individuals, instead of non-U.S. financial institutions directly reporting American client details to U.S. tax authorities under the Foreign Account Tax Compliance Act.  For more on the story, please go to Bloomberg's website.

Excerpt taken from the article "Americans Moving Swiss Cash to Asia Face Scrutiny," by Sanat Vallikappen for Bloomberg

David Rosenbloom on Singapore and Hong Kong:
"We expect a lot more activity out here in respect to enforcement and compliance. Once it goes into effect and account holders are told their names are going to be turned over, we expect a lot of people to come out of the woodwork."

Scott Michel on Asian Financial Institutions and Fatca:
‘‘It was clear to us in both Hong Kong and Seoul, probably more so than in Singapore, that there are substantial numbers of U.S. citizens and green card holders who are beginning to grapple with their tax compliance issues in light of Fatca's impending effect.''

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at www.caplindrysdale.com.
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
202.862.5000
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
© 2018 Caplin & Drysdale, Chartered
All Rights Reserved.