Hi everyone, Aaron Day here from Sao Paulo, Brazil with another episode of Offshore Maven. You've heard me mention before how each and every country has followed in the suit of the FATCA laws. This past week, we read that India just yesterday announced that they were going on their offshore tax haven witch-hunt. The country of Philippines also announced that they are going to start devising ways to tax all foreign revenue earned by Filipino residents. This is really sad news for the people of the Philippines, especially those that work in Dubai, Saudi Arabia, and on cruise ships. Now, they will have to report every penny earned from every country. In London this past week, there was a major tax conference. One of my colleagues, who is actually an investment advisor, was attending this conference. He met an attorney who is a US Attorney living in Canada. This attorney shared an interesting story about passive foreign investment companies (PFICs). According to the attorney, he filed taxes for someone who made fifty thousand dollars a year. The tax filing was a hundred and eighty-four pages long due to the PFICs, and it cost him five thousand dollars to complete the filing. These are the sort of things we can help you avoid with our regulatory asset protection structure. It simplifies tax reporting down to one simple document. If you're a former or current expat working in a foreign country, please get in touch with us. We can help you set up a structure to make tax reporting much easier. Thank you very much for watching.
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