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