If you’re a US citizen, or considered to be a US-connected person, you will know that investing and banking can be much more difficult than it is for other expats – and getting it wrong can be expensive.

The severe restrictions and penalties imposed by the Foreign Account Tax Compliance Act (FATCA) can make it extremely difficult to find an investment manager in Hong Kong. Other significant challenges include annual tax returns, as well as reporting the annual gain on overseas pension schemes.

Who is impacted?

If you fall into one of the following categories, you could be impacted by challenges mentioned above:

1. US citizens
2. Green card holders
3. People with US parents
4. People with a US spouse
5. People with US business partners
6. People who have spent a substantial amount of time in the US

How we can help

We’re well placed to help US-connected people with their banking and investment challenges, and it all comes down to our core principles. Here are just a few:

  • Compliance
    We ensure that all portfolios for US-connected individuals are fully compliant with FATCA and IRS reporting rules. We also ensure that the institutions can supply the highest quality tax reports in a compliant manner. This should save you lots of time and accountancy bills.
  • Flexibility
    If you are living in Hong Kong, there is a chance you will move on to another location, or back home to the US. The timing of this can sometimes be sprung upon you. We make sure there is a high level of portability, so you do not have to liquidate your investments if you move.
  • Cost and value
    We’ll help you understand the true cost of your investment and take advantage of wholesale pricing and cost-efficient underlying investment structures. We also differentiate clearly between cost and value – it can be worth paying a little more for superior management or strategy, which, very often, translates into higher net returns for our clients.

Get in touch

With all this in mind, it’s important for US expatriates to get independent advice and guidance. Just get in touch with us here at BMP Wealth and we can help ensure your investments are not only compliant, but best set up to help you achieve your goals.