US taxpayers now required to declare offshore accounts
The new requirement is a further stumbling block for money managers who are already constrained by onerous rules when dealing with US citizens as clients.
As if things weren't bad enough because of the global financial crisis, managers of money of US citizens in Asia now face another obstacle when it comes to attracting this particular set of clients.
A new requirement for US taxpayers to declare offshore accounts is potentially going to hurt private banks, consumer banks, securities firms and fund houses -- practically any entity that manages money for US citizens in Asia. Hong Kong and Singapore, in particular, are home to many US c…
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