Case: 

US citizen who worked as head designer in a mainland well known construction company, he and his family were looking into future tax planning.

Brief Facts: 

All US permanent resident and citizens are required to pay taxes, and its tax rate can get up to 40%. Under FATCA in USA, financial information of US taxpayer from around the globe shall be exchanged to the US Government, this is to prevent tax avoidance or money laundering.

Our Approach: 

GLOBEVISA explained to client tax identity and identity planning is the key to current day tax planning, client agreed to invest in a Malta second passport after consulting his personal lawyer. Afterwards, client also joined our Tax identification number and overseas account opening program under his updated tax identification. As the application documents on the Malta citizenship by investment program are a little complicated, we contacted the director of Identity Malta to follow up on the application process and due diligence process.

Result: 

We have received email from Identity Malta on this specific case over the weekend. Client obtained the “Invitation to take the Oath of Allegiance” letter straightly 1 month after completed investment. He then mentioned he is Considering to renounce his US citizenship in the near future