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Athens FBAR Attorney | International Tax Lawyer Georgia

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If you reside in Athens, Georgia and have unreported foreign bank and financial accounts, you may be looking for a Athens FBAR Attorney.  Sherayzen Law Office, Ltd. is a leader in FBAR compliance, including offshore voluntary disclosures concerning delinquent FBARs, and you should consider us in your search. Let’s understand why this is the case.

Athens FBAR Attorney: International Tax Lawyer

First of all, it is very important to understand that, by looking for Athens FBAR attorney, in reality, you are searching for an international tax lawyer who specializes in FBAR compliance.

The reason for this conclusion is the fact that FBAR enforcement belongs to a very special field of US tax law – US international tax law. FBAR is an information return concerning foreign assets, which necessarily involves US international tax compliance concerning foreign assets/foreign income. Moreover, ever since the FBAR enforcement was turned over to the IRS in 2001, the term FBAR attorney applies almost exclusively to tax attorneys.

Hence, when you look for an FBAR attorney, you are looking for an international tax attorney with a specialty in FBAR compliance.

Athens FBAR Attorney: Broad Scope of Compliance and Offshore Voluntary Disclosures

When retaining Athens FBAR attorney, consider the fact that such an attorney’s work is not limited only to the preparation and filing of FBARs. Rather, the attorney should be able to deliver a variety of tax services and freely operate with experience and knowledge in all relevant areas of US international tax law, including the various offshore voluntary disclosure options concerning delinquent FBARs.

Moreover, as part of an offshore voluntary disclosure, an FBAR Attorney often needs to amend US tax returns, properly prepare foreign financial statements according to US GAAP, correctly calculate PFICs, and complete an innumerable number of other tasks.

Mr. Sherayzen and his team of motivated experienced tax professionals of Sherayzen Law Office have helped hundreds of US taxpayers worldwide to bring their tax affairs into full compliance with US tax laws. This work included the preparation and filing of offshore voluntary disclosures concerning delinquent FBARs. Sherayzen Law Office offers help with all kinds of offshore voluntary disclosure options, including: SDOP (Streamlined Domestic Offshore Procedures), SFOP (Streamlined Foreign Offshore Procedures), DFSP (Delinquent FBAR Submission Procedures), DIIRSP (Delinquent International Information Return Submission Procedures), IRS VDP (IRS Voluntary Disclosure Practice) and Reasonable Cause disclosures.

Athens FBAR Attorney: Out-Of-State International Tax Lawyer

Whenever you are looking for an attorney who specializes in US international tax law (which is a federal area of law, not a state one), you do not need to limit yourself to lawyers who reside in Athens, Georgia. On the contrary, consider international tax attorneys who reside in other states and help Athens residents with their FBAR compliance.

Contact Sherayzen Law Office for Professional FBAR Help

Sherayzen Law Office is an international tax law firm that specializes in US international tax compliance, including FBARs. While our office is in Minneapolis, Minnesota, we help taxpayers who reside throughout the United States, including Athens, Georgia.

Thus, if you are looking for a Athens FBAR Attorney, contact Mr. Sherayzen as soon as possible to schedule Your Confidential Consultation!

Greek Flat Tax Residency: Draft Bill | International Tax Lawyer News

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The new Greek government headed by Prime Minister Kyriakos Mitsotakis wishes to reach 2.8% economic growth next year. Part of the plan to achieve this goal includes a tax reform which introduces a curious new concept of Greek flat tax residency for wealthy foreign investors. Let’s discuss this interesting idea in more detail.

Greek Flat Tax Residency: Basic Description

The government envisions that the flat tax residency scheme will function in the following way: a foreign individual who makes qualified investments into the Greek economy will be allowed to shift his tax residency to Greece and pay a certain flat tax rate on his entire taxable income. In order to counter the other EU members’ potential objections, these new Greek tax residents will need to be physically present in Greece for at least 183 days per year.

Greek Flat Tax Residency: Required Investments

In order to become a qualified individual, the investor will need to invest at least 500,000 euros into the Greek economy during the first three years of his tax residency.

Greek Flat Tax Residency: Flat Tax Rates

The exact flat tax rate depends on the amount of investments into the Greek economy. If an investor invests only the minimum required 500,000 euros, then his flat tax will be 100,000 euros plus 20,000 euros for each family member.

If, however, this investor invests 1.5 million euros into Greek assets, then the flat tax will be only 50,000 euros. An investor who invests 3 million euros into the Greek economy will see this flat tax halved again to a mere 25,000 euros.

Given the unstable nature of Greek politics, the government intends to insert a grandfather clause which will protect investors against any tax reforms by future governments.

Greek Flat Tax Residency: Term of the Program

The flat tax residency program will be in place for at least fifteen years, unless renewed by future governments.

Greek Flat Tax Residency: Bill Voting

At this point, the flat tax residency scheme is merely a bill, not a reality. The government expects that the Hellenic parliament will vote on the draft bill by the end of November of 2019.

Greek Flat Tax Residency: Impact on US Citizens

The proposed flat tax residency would be a great tax planning tool for the high-net worth citizens of the great majority of countries in the world, because the majority of the world follows either the territorial model of taxation or residency-based model of taxation. This is not the case with respect to the United States.

The United States follows a citizenship-based worldwide income model of taxation. US citizens are considered to be US tax residents irrespective of where they reside and whether they acquire tax residency in another country. This is almost unique in the world.

This means that the proposed Greek flat tax residency would be of limited value to US citizens. Despite the fact that they would acquire Greek tax residency, they would still be considered US tax residents and will have to pay US taxes on their worldwide income. Most likely, they will be able to get a Foreign Earned Income Exclusion for any active income (i.e. salary, self-employment income and similar earnings) up to the annual exclusion amount and some tax treaty benefits, but no other direct benefits.

Greek flat tax residency may still, however, offer more indirect benefits in the context of more sophisticated tax planning. For example, foreign corporations owned by US citizens who are also Greek tax residents may be able to obtain better tax treaty benefits.

Contact Sherayzen Law Office for Professional Help With Your US International Tax Compliance

If you are a US citizen who acquires Greek tax residency, you should be concerned about your US tax compliance. US international tax law is extremely complex and it is very easy to run afoul of its provisions, Noncompliance penalties in these cases may be extremely high. This is why it is important to have a trustworthy knowledgeable US international tax attorney by your side.

Sherayzen Law Office has successfully helped hundreds of US taxpayers with their US international tax compliance, including those who are tax residents of other countries. We Can Help You!

Contact Us Today to Schedule Your Confidential Consultation!