Allyson Lindsey, Managing CPA and Partner at Bright!Tax, a leading provider of US expat tax services, provides us with some US tax tips for Americans living in Costa Rica in 2021.
Costa Rica is among the top destinations for Americans seeking to live abroad for a bounty of good reasons – the sublime natural environment, the temperate climate, the hospitable people, and the quality of life, to name but a few.
All American citizens still have to file U.S. taxes after moving to Costa Rica though, reporting their global income. This is because U.S. has a citizenship-based as opposed to a residence-based tax system.
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Recently proposed regulations could present significant compliance burdens for the banks and money service businesses that engage in cryptocurrency transactions with unhosted wallets or wallets held in jurisdictions specified by FinCEN. In this LawFlash, we summarize the proposed rule and provide some key takeaways and observations on what appears to be a continuation of the trend of subjecting such transactions to the equivalent requirements found in the traditional banking system.
The Financial Crimes Enforcement Network (FinCEN) issued a
notice of proposed rulemaking (the Proposal) on December 18, 2020, along with a short set of
Last Updated: 21 January 2021
There have been many discussions over what the Biden administration has in store for the crypto industry once it settles in. So far, the 46th President appears to be showing promising signs towards the industry with his latest move.
A Great Start
Less than a day after taking office, President Joe Biden has enforced a freeze on all federal regulatory processes. In a White House memorandum for all federal agencies’ heads, the President confirmed that he would halt all agency rules that are pending reviews for at least sixty days.
While the memorandum doesn’t mention it explicitly, it will also apply to a recent controversial ruling from former Treasury Secretary Steve Mnuchin. Last month, the FinCEN published a proposal to limit money services businesses, including crypto exchanges registered in the United States, from doing business with self-hosted wallets.
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On January 1, 2021, Congress overrode President Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021, an omnibus bill that includes the Anti-Money Laundering Act of 2020 (the “AMLA”).[1] The AMLA represents one of the largest reforms of the United States anti-money laundering (“AML”) laws since the 2001 Patriot Act. These reforms include the creation of a national registry that tracks the beneficial ownership information of certain entities, updated AML whistleblower provisions, penalty enhancements for violations of the Bank Secrecy Act (“BSA”), modernized statutory language to address the rise in cryptocurrency transactions, additional mandates to the Treasury Department (“Treasury”) to combat financing of terrorism and more. This alert highlights the key areas of the AMLA that companies should be aware of.