February 2016

February 17th, 2016

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Julio Barbosa

The U.S. a Top Tax Haven for Foreigners

The U.S. is becoming one of the top destinations for foreigners seeking to shelter and protect their wealth. A recent study published by the Tax Justice Network (“TJN”) ranks the U.S. as the third top tax haven jurisdiction in the world, behind Switzerland and Hong Kong.

According to the TJN study, the U.S. is being subject to quite some criticism from...Read More

Article also available in Portuguese, French, and Italian.

Reporting Requirement Affects Cash Real Estate Buyers in Miami & Manhattan

The Financial Crimes Enforcement Network (“FinCEN”), announced a new initiative intended to uncover the identities of cash real estate buyers in Miami-Dade County and Manhattan.   Specifically, FinCEN issued a Geographic Targeting Order (“GTO”) that requires title insurance companies involved in a “Covered Transaction” to identify the true owners ... read more.

Article also available in Portuguese, French, and Italian.

Interview With Michael


Barbosa Legal welcomes its newest team member, tax attorney Michael VandormaelClick here to read our interview with Michael

Next Month

We will be speaking with attorney John Sosa!  Click here to visit his profile.

Global News


Brazilian Amnesty Program
In November 2015, Brazilian lawmakers approved language of a provisional measure (“MP”), to introduce a tax amnesty program, which would allow Brazilians to bring into compliance foreign accounts and foreign assets that have not been disclosed to the Brazilian authorities.

The penalties for holding unreported foreign assets are particularly harsh: in addition to the individual income tax rate... Read More.

Article also available in Portuguese.


Undeclared Foreign Accounts – What are my options?

Taxpayers’ ability to maintain foreign assets and accounts undetected from IRS is becoming increasingly difficult. The IRS’ greatest weapon, the FATCA was launched on July 1, 2014. It requires foreign financial institutions to disclose information regarding their U.S. clients or otherwise face harsh penalties in the form of a 30% withholding tax on U.S. source payments. The U.S. also adopted an intergovernmental approach to FACTA by... Read More

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