As the president and CEO of deVere USA, Inc., Benjamin Alderson serves as an investment advisor to an international client base. As such, Benjamin Alderson oversees one of the world’s largest independent financial consultancies. Registered with the US Securities and Exchange Commission, deVere USA, Inc. provides financial consulting for international investors to help them meet their medium- to long-term investment goals.
As an international financial advisory company and part of the deVere Group, deVere USA, Inc. understands the implications of the Foreign Account Tax Compliance Act (FATCA). Designed to prevent American citizens from avoiding US taxes through foreign subsidiaries, FATCA imposes a high withholding tax on foreign entities that will not identify their US clients.
Foreign financial institutions were required to register with FATCA by June 30, 2013. The institutions are required to report the incomes of any US taxpayers with foreign financial assets over $50,000 to the IRS on Form 8938, and the forms are to be secured to the annual tax return of each foreign investor.