Latest news with #FATCA
Business Wire
5 days ago
- Business
- Business Wire
Aavenir Launches ComplianceNext to Power Contract and Vendor Compliance with a Suite of Next-generation AI Agents
MCKINNEY, Texas--(BUSINESS WIRE)--Aavenir today announced the launch of ComplianceNext, its next-generation AI-powered compliance solution that performs real-time document compliance screening across regulatory policies, internal controls, and risk remediation actions. Powered by purpose-built AI Agents, Aavenir ComplianceNext ensures fast, accurate compliance checks across contracts, certifications, and vendor documents for compliance managers, legal and procurement teams, and IT and cybersecurity teams across industry verticals. "From cyber threats to supply chain volatility, today's heightened risk landscape has elevated risk management to a top priority, leading enterprises to harness the power of AI to manage risk and an opportunity for Aavenir to deliver game-changing Agentic AI solutions," said Jesal Mehta, Founder and CEO, Aavenir. ComplianceNext orchestrates specialized AI Agents that discover regulatory provisions applicable to contracts and vendors, perform compliance verification screening, identify non-compliance gaps and risks, and execute corrective risk actions. The solution offers robust non-compliance risk dashboards and audit logs that can be integrated into broader TPRM and Enterprise Risk Management solutions for consolidated risk views. "Aavenir ComplianceNext brings together the power of AI Agents into contract and vendor risk management workflows to enable our customers to drive proactive, strategic compliance and risk management into true competitive advantage," added Sunil Masand, SVP, Product at Aavenir. ComplianceNext: Key Impact and Outcomes - 10X faster compliance screening – from weeks to days - 80% faster risk remediation - 88% improvement in contract pre-signature risk detection - Millions saved in non-compliance penalties and audit costs Aavenir, built on the ServiceNow platform, is an enterprise-grade SOC2 Type II and ISO 27001 certified solution. Aavenir ComplianceNext offers scalable pre-built workflows and libraries spanning 100+ regulations across DORA, FATCA, GDPR, FCPA, cybersecurity policies, and more, enabling accelerated value realization in days. The solution integrates into existing enterprise CLM and vendor onboarding solutions, as well as GRC and third-party risk management (TPRM) platforms. For more information, read Aavenir's ComplianceNext Product Brief. About Aavenir Aavenir is a trusted provider of Generative AI Contract Lifecycle Management (CLM) solutions. Built on the ServiceNow platform, Aavenir offers RFP management, vendor onboarding, and contract management solutions that optimize and strengthen visibility and compliance across Source-to-Pay and Lead-to-Cash processes. To learn more, visit:
Time Business News
12-08-2025
- Business
- Time Business News
Fund Administration Software: Transforming Modern Business Services
Introduction To Modern Fund Management In the ever-evolving landscape of financial services, businesses are increasingly relying on digital solutions to streamline operations and ensure accuracy in fund management. One such powerful tool is fund administration software, a specialized platform designed to handle complex administrative tasks associated with investment funds. Whether it's tracking portfolios, calculating NAV (Net Asset Value), managing investor communications, or ensuring compliance, this software plays a crucial role in modernizing the financial infrastructure of companies around the world. What Is Fund Administration Software Fund administration software is a digital platform that automates and manages the back-office tasks of fund managers and administrators. This includes services such as accounting, reporting, performance monitoring, regulatory compliance, and client communication. The core objective is to eliminate manual processes and reduce human error while improving efficiency and transparency. Unlike traditional manual methods, which are prone to delays and inconsistencies, the software ensures real-time processing and provides stakeholders with accurate financial data at their fingertips. Key Features Of Effective Software Solutions The effectiveness of any fund administration software depends on its features and adaptability. Some of the key features include: Automated NAV Calculations Ensures accurate and timely calculation of the net asset value of funds. Ensures accurate and timely calculation of the net asset value of funds. Investor Reporting Tools Generates real-time and periodic reports for investors, including performance updates, fee statements, and capital account balances. Generates real-time and periodic reports for investors, including performance updates, fee statements, and capital account balances. Regulatory Compliance Helps firms stay compliant with changing laws and regulations such as FATCA, CRS, and AML requirements. Helps firms stay compliant with changing laws and regulations such as FATCA, CRS, and AML requirements. Multi-Currency Support Allows fund managers to operate across international markets without facing currency conversion challenges. Allows fund managers to operate across international markets without facing currency conversion challenges. Secure Data Management Ensures that all sensitive information is stored securely and is accessible only to authorized users. Ensures that all sensitive information is stored securely and is accessible only to authorized users. Audit Trails And Transparency Keeps a record of all actions performed within the system, enhancing accountability and trust among stakeholders. Benefits To Business Services Industry In the business services sector, efficiency fund administration software and transparency are crucial. Companies that manage or support investment funds must ensure error-free fund administration. Fund administration software helps them achieve this goal by delivering: Time Efficiency Automation of routine tasks saves time for professionals who can now focus on core investment decisions and client relations. Automation of routine tasks saves time for professionals who can now focus on core investment decisions and client relations. Cost Savings By reducing the need for large administrative teams, the software significantly lowers operational costs. By reducing the need for large administrative teams, the software significantly lowers operational costs. Enhanced Accuracy Reduces manual errors in calculations, reporting, and data entry, leading to better decision-making and trust. Reduces manual errors in calculations, reporting, and data entry, leading to better decision-making and trust. Improved Client Satisfaction Transparent reporting and timely communication result in improved investor confidence and satisfaction. Transparent reporting and timely communication result in improved investor confidence and satisfaction. Scalability As businesses grow, the software can handle increased volumes of data and more complex fund structures without additional overhead. How It Supports Compliance And Risk Management Fund managers operate in a highly regulated environment. Regulatory frameworks continue to evolve globally, and failure to comply can lead to significant financial and reputational damage. Fund administration software assists by integrating real-time compliance checks, generating audit-ready reports, and ensuring data accuracy. In addition, these platforms come equipped with built-in alerts and workflows to highlight irregular activities or potential risks, helping businesses proactively manage their risk exposure. Choosing The Right Software For Your Needs Every business has unique needs depending on its size, fund type, client base, and regulatory environment. When choosing the right fund administration software, decision-makers should consider: Customization Capabilities The ability to tailor the software to fit specific workflows and reporting structures. The ability to tailor the software to fit specific workflows and reporting structures. Integration Support Compatibility with other systems such as CRM, accounting software, and compliance databases. Compatibility with other systems such as CRM, accounting software, and compliance databases. User Interface A clean and intuitive interface ensures that even non-technical users can operate the system efficiently. A clean and intuitive interface ensures that even non-technical users can operate the system efficiently. Vendor Reputation And Support A well-established vendor with reliable customer support ensures long-term usability and updates. A well-established vendor with reliable customer support ensures long-term usability and updates. Cloud Vs. On-Premise Depending on data sensitivity and budget, firms can choose between cloud-based or on-premise deployment models. Real-World Application Examples To illustrate the impact of fund administration software, consider a mid-sized investment firm handling multiple hedge funds. Prior to adopting software, the firm spent dozens of hours weekly reconciling accounts and manually preparing investor reports. After integrating a reliable fund administration platform, reporting time reduced by 70%, and NAV calculation errors dropped to zero. Another example is a private equity firm that used the software to improve transparency and boost investor trust, leading to more fund subscriptions during its next capital raise. Trends Driving Software Adoption The increasing demand for digital transformation and automation in financial services is accelerating the adoption of fund administration software. Some of the current trends include: Artificial Intelligence Integration AI and machine learning are being used to predict fund performance and optimize workflows. AI and machine learning are being used to predict fund performance and optimize workflows. Blockchain And Smart Contracts Emerging technologies are improving transparency, reducing fraud, and creating immutable audit trails. Emerging technologies are improving transparency, reducing fraud, and creating immutable audit trails. Mobile Accessibility Fund managers and investors now demand access to information on the go, prompting software providers to offer mobile-friendly platforms. Fund managers and investors now demand access to information on the go, prompting software providers to offer mobile-friendly platforms. SaaS Models Subscription-based models are becoming more popular, allowing even small firms to access enterprise-level tools affordably. Challenges And Considerations While the benefits are numerous, adopting new fund administration software may present challenges: Initial Cost Upfront licensing or development costs may be high for some firms. Upfront licensing or development costs may be high for some firms. Change Management Staff training and adjustment to a new system require time and strategic planning. Staff training and adjustment to a new system require time and strategic planning. Data Migration Moving historical data into a new system must be handled carefully to avoid loss or inaccuracies. Despite these challenges, the long-term benefits far outweigh the initial hurdles. Businesses that invest in quality software position themselves ahead of competitors in efficiency, compliance, and client service. Conclusion Fund administration software has become a vital tool in the business services industry. It enhances operational efficiency, supports compliance, improves transparency, and drives client satisfaction. With the growing complexity of financial markets and regulatory requirements, the need for reliable fund administration tools will only increase. Organizations that embrace these technologies early will not only stay compliant but also gain a competitive advantage in an increasingly data-driven financial world. TIME BUSINESS NEWS
Time Business News
11-08-2025
- Business
- Time Business News
Offshore Citizenship Options for High-Privacy Clients
Vancouver, Canada — In an age where personal data flows freely across borders, privacy has become one of the most valuable forms of currency. High-net-worth individuals, entrepreneurs, journalists, and politically exposed persons are increasingly seeking ways to protect not only their assets but also their identities. One solution gaining momentum in 2025 is the strategic acquisition of offshore citizenships designed to enhance privacy while maintaining full legal compliance. Amicus International Consulting, a firm specializing in legal identity transformation and multi-jurisdictional mobility strategies, has seen a sharp increase in inquiries about privacy-focused citizenship programs. These clients are not looking to evade legal obligations; they are seeking to diversify risk, secure safe jurisdictions for themselves and their families, and ensure mobility in a world of tightening travel controls and surveillance networks. The Privacy Imperative in 2025 Global information sharing has expanded dramatically over the last decade. Agreements such as the OECD's Common Reporting Standard (CRS) and the United States' Foreign Account Tax Compliance Act (FATCA) have made it harder for individuals to shield financial details from their home countries. While these agreements aim to combat tax evasion and illicit financial flows, they also expose personal data to a growing number of government agencies worldwide. In parallel, biometric border controls, centralized digital ID systems, and artificial intelligence-driven surveillance have raised concerns about the erosion of privacy rights. For high-privacy clients, many of whom have legitimate safety, political, or business reasons for limiting exposure, offshore citizenship offers an additional legal shield against data overreach. What 'Offshore Citizenship' Really Means Offshore citizenship refers to acquiring legal nationality in a country outside one's primary place of residence, often in jurisdictions known for political stability, favorable legal systems, and a track record of protecting individual privacy. Contrary to misconceptions, offshore citizenship is not inherently secretive or illicit. When structured correctly, it is entirely legal and fully recognized under international law. Offshore citizenship programs can be categorized into several forms: Citizenship by Investment (CBI) — Involves a direct contribution to a country's economy through real estate purchases, government bonds, or development funds. — Involves a direct contribution to a country's economy through real estate purchases, government bonds, or development funds. Citizenship by Ancestry — Based on proof of lineage to a citizen of the target country. — Based on proof of lineage to a citizen of the target country. Citizenship by Marriage — Available to those who marry a citizen of the jurisdiction, often after a residency period. — Available to those who marry a citizen of the jurisdiction, often after a residency period. Special Merit Grants — Offered to individuals with notable achievements or contributions. Benefits for High-Privacy Clients For privacy-conscious individuals, offshore citizenship can deliver multiple strategic benefits: 1. Diversified Residency Rights An additional passport can provide the right to reside, work, and study in another jurisdiction, offering a legal refuge during times of political instability. 2. Enhanced Mobility Many offshore jurisdictions have visa-free or visa-on-arrival agreements with countries that may not be accessible under the client's original passport. 3. Legal and Diplomatic Protection Offshore citizenship ensures access to consular assistance from multiple governments, a significant advantage during travel or crises. 4. Asset Protection While offshore citizenship alone does not hide assets, it can be combined with lawful corporate and trust structures to protect holdings under the legal frameworks of jurisdictions with strong privacy laws. 5. Strategic Privacy Management Certain offshore jurisdictions are not part of intrusive global data-sharing agreements, allowing for greater control over personal information. Jurisdictions Known for Privacy-Focused Citizenship Caribbean Basin Nations Countries such as St. Kitts and Nevis, Dominica, Antigua and Barbuda, Grenada, and St. Lucia are renowned for their CBI programs. Many offer rapid processing times and visa-free access to over 140 countries. Privacy benefits include limited public disclosure of citizenship applicants and streamlined bank account opening under domestic privacy laws. Pacific Island Nations Nations like Vanuatu have developed citizenship programs attractive to privacy seekers due to minimal residency requirements and limited participation in global financial disclosure frameworks. European Microstates Jurisdictions such as Malta and Cyprus offer EU citizenship pathways that combine privacy with access to the European single market. Malta, in particular, has strong data protection laws aligned with the EU's GDPR, offering an additional legal layer for personal data security. Selective African Jurisdictions Countries like Comoros and Cape Verde have offered targeted citizenship programs in the past. While less common, these can provide unique diplomatic benefits in regions where other passports face restrictions. Legal Compliance and Risk Management Amicus International Consulting emphasizes that privacy-driven offshore citizenship must be approached with strict adherence to legal and tax obligations. Key considerations include: Understanding whether the new citizenship affects tax residency in any jurisdiction is crucial. Complying with bank and investment account reporting rules under FATCA and CRS. Being aware of travel entry and exit requirements, as some countries mandate that citizens enter on their national passport. Failure to address these issues can lead to penalties, revoked citizenship, or reputational damage. Case Study: A Privacy-Driven Citizenship Strategy A Central European business leader approached Amicus International Consulting after experiencing increased media scrutiny and political targeting in their home country. Their goal was to secure a jurisdiction that would safeguard family privacy, allow rapid relocation if necessary, and provide enhanced diplomatic protection during international travel. Amicus's approach included: Jurisdiction Analysis — Narrowed options to two Caribbean nations and one Pacific jurisdiction based on privacy laws, political neutrality, and global mobility score. Citizenship by Investment — Selected a Caribbean program with visa-free access to over 150 countries and robust data protection legislation. Corporate Structuring — Established an offshore holding company under the new citizenship jurisdiction to centralize business assets. Family Integration — Processed citizenship for immediate family members to ensure unified legal status. Ongoing Compliance — Created an annual review plan to ensure adherence to all reporting requirements. Within eight months, the client held a second passport, had diversified business operations into a politically neutral jurisdiction, and achieved the intended privacy objectives without violating any domestic or international laws. Selecting the Right Jurisdiction Choosing an offshore citizenship program involves balancing several factors: Political and Economic Stability — The jurisdiction should have a strong track record of governance and economic resilience. — The jurisdiction should have a strong track record of governance and economic resilience. Treaty Networks — Favorable visa and trade agreements increase the passport's practical utility. — Favorable visa and trade agreements increase the passport's practical utility. Privacy Laws — Strong domestic data protection regulations can shield personal details from unnecessary disclosure. — Strong domestic data protection regulations can shield personal details from unnecessary disclosure. Due Diligence Standards — High compliance standards ensure the program's global credibility. — High compliance standards ensure the program's global credibility. Residency Requirements — Some programs have no physical presence requirement, while others mandate short visits or extended stays. The Application Process Although timelines vary, the general process involves: Initial Consultation — Assessing client needs, preferred jurisdictions, and privacy priorities. Document Preparation — Birth certificates, police clearances, proof of funds, and investment documentation. Due Diligence Checks — Comprehensive background screening by both the advisory firm and the host government. Investment Transfer — Fulfilling program investment requirements, such as real estate purchases or contributions to national development funds. Approval and Oath — Final confirmation of citizenship, often followed by an oath of allegiance. Passport Issuance — Receipt of travel documents and registration in the national database. Geopolitical and Economic Drivers Demand for privacy-oriented offshore citizenship is influenced by: Global Surveillance Expansion — More countries are adopting biometric and AI-driven border systems. — More countries are adopting biometric and AI-driven border systems. Political Volatility — Rising authoritarianism and political targeting in certain regions. — Rising authoritarianism and political targeting in certain regions. Economic Nationalism — Restrictions on foreign investment and capital movement. — Restrictions on foreign investment and capital movement. Climate Resilience — Some clients choose jurisdictions less vulnerable to climate risks. Long-Term Maintenance Acquiring offshore citizenship is not a one-time event—it requires ongoing management: Passport Renewals — Typically every 5 to 10 years. — Typically every 5 to 10 years. Residency Maintenance — Meeting any physical presence requirements. — Meeting any physical presence requirements. Tax Compliance — Ensuring lawful filing in relevant jurisdictions. — Ensuring lawful filing in relevant jurisdictions. Diplomatic Relationship Awareness — Understanding how changing treaties may affect travel or residency rights. Policy Outlook Experts anticipate that while global oversight will increase, certain jurisdictions will continue to position themselves as privacy havens. Programs may evolve to include additional transparency measures while preserving core privacy protections. For high-privacy clients, early adoption of credible, compliant offshore citizenships remains a viable strategy. An Amicus International Consulting representative explains, 'Privacy is no longer an abstract concept; it is a tangible asset. Offshore citizenship, when lawfully acquired and maintained, gives our clients the legal frameworks they need to control that asset.' Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: TIME BUSINESS NEWS
Time Business News
11-08-2025
- Business
- Time Business News
The Role of Citizenship Diversification in Global Privacy Planning
VANCOUVER, B.C., Canada — In an era defined by data breaches, government overreach, and international surveillance agreements, privacy is no longer a passive state. It is a deliberate architecture. Global citizens who value autonomy, security, and discretion are finding that traditional privacy measures, such as VPNs, encrypted messaging, and asset shielding, are no longer enough. At the foundation of any truly secure privacy strategy in 2025 is one concept: citizenship diversification. Citizenship diversification is the process of legally acquiring and maintaining more than one citizenship to ensure freedom of movement, regulatory resilience, identity flexibility, and personal security. Amicus International Consulting has pioneered advanced strategies in this domain, building frameworks that allow clients to manage their exposure, control their data footprint, and create lawful alternatives to identity and jurisdictional risk. This press release outlines the critical role that citizenship diversification plays in modern global privacy planning. It reveals how Amicus is helping high–risk individuals, entrepreneurs, and families construct secure legal identities across borders. Why Privacy Now Begins With Nationality Every country manages its citizens differently. Your citizenship determines your exposure to: Tax reporting obligations and financial audits Biometric registration, ID issuance, and surveillance systems Global data sharing under FATCA, CRS, and Interpol frameworks Visa-free travel and the scrutiny applied at borders Whether your digital life can be compelled or monitored by your home government How safe is your family if your government becomes hostile or unstable Diversifying your citizenships allows you to reduce these exposures legally. You are no longer subject to a single government's reach, registry, or reporting. You are, in effect, less vulnerable because your legal options are greater. Case Study: Tech Executive Uses Multi-Citizenship to Limit Digital Risk A data analytics executive operating in the EU was concerned about GDPR compliance, employee surveillance, and increased government monitoring of cloud storage firms. Through Amicus, he secured citizenship in Dominica and residency in the UAE. His personal and corporate documents were restructured to operate under non-European legal systems. The shift enabled greater privacy, fewer reporting obligations, and full compliance with international law. The Limits of Local Privacy Laws Without Jurisdictional Options Many individuals rely on the privacy laws of their home country without realizing how quickly those laws can be reversed, ignored, or circumvented. The right to privacy is fragile. In jurisdictions without strong constitutional protections or independent courts, privacy can be withdrawn at any time. A second or third citizenship provides: A legal exit if domestic laws change Access to countries that protect free speech and digital rights The ability to move assets, family members, and records to safer jurisdictions A strategic barrier between you and your origin government's data demands The capacity to reset your legal identity under different national frameworks Privacy planning that fails to include citizenship diversification is incomplete. Case Study: Whistleblower Relocates and Shields Data Through Citizenship Strategy A former employee of a state-owned enterprise exposed financial misconduct and faced backlash. Amicus structured a multi-jurisdictional identity plan including citizenship in the Caribbean and business registration in Central America. His digital and professional footprint was relocated, and he now works in a country with no data exchange treaty with his nation of origin. How Citizenship Diversification Enhances Digital Privacy Second citizenship is not just a passport. It is an identity under a different legal system. This can be used to: Register online services under a second nationality Apply for non-resident bank accounts with your alternative identity Form companies that are not subject to origin-country data regulations Travel under a passport that is less likely to trigger database scrutiny Avoid biometric profiling and entry-exit tracking in high-surveillance zones Segment your online and offline presence across multiple jurisdictions Amicus helps clients construct digital lives tied to different citizenships. This separation is both legal and strategic, reducing exposure to mass data collection and automated profiling. Case Study: Influencer Builds Privacy Wall Between Public and Private Life A well-known social media figure with millions of followers was concerned about threats, doxxing, and digital impersonation. Amicus helped her obtain second citizenship in Vanuatu. She now uses her alternate passport and identity to manage her personal life, banking, and healthcare, while her public brand operates under her original nationality. The segmentation allows for proper personal security without deception. The Legal Framework for Multi-Citizenship Planning Amicus operates strictly within the law. We do not offer illicit name changes or fraudulent documents. Our solutions are built on: Citizenship-by-Investment (CBI) programs with full legal pathways Citizenship-by-Descent where ancestral claims exist Naturalization through residency in privacy-focused jurisdictions Exceptional citizenship programs for contributors, investors, or professionals Each route includes full due diligence, background checks, and legal registration. Our team works closely with immigration attorneys, compliance officers, and private banks to ensure every identity is defensible, functional, and secure. Case Study: Retired Diplomat Chooses Three Strategic Citizenships A former diplomat who wished to avoid post-retirement political exposure retained Amicus to build a citizenship strategy. He acquired Maltese citizenship through investment, Caribbean citizenship for mobility, and Panamanian residency for low-disclosure living. His identity and financial affairs are now legally structured across three systems, making unwanted access or profiling nearly impossible. Citizenship as a Firewall Against Political Risk Authoritarianism, populist regimes, and geopolitical volatility are on the rise. Citizens of high-risk countries often find their access to services restricted, their accounts frozen, or their travel limited without notice. Citizenship diversification acts as a firewall. If one country becomes unstable or punitive, you retain options. Your business can continue. Your children can remain in school. Your assets are safe. Your freedom to move is intact. This is particularly relevant for: Entrepreneurs targeted by shifting regulations Media professionals and journalists under political scrutiny Individuals from countries with frequent regime changes Survivors of state violence seeking long-term protection Professionals working in sensitive industries or regions Case Study: Wealth Manager Builds Exit Path Through Second Passport A wealth manager serving clients in multiple continents noticed increased regulatory targeting of his home country. Amicus advised on and executed a citizenship acquisition strategy through Antigua and Barbuda. He now has a clean second passport, fully legal tax residency in a neutral country, and the capacity to shift operations without disruption. Privacy Planning for Families Through Diversified Citizenship Amicus often works with families who want to shield their children from uncertain legal systems, draft laws, biometric registration, or regional instability. Citizenship diversification allows: Children to grow up under privacy-respecting governments Parents to legally separate their digital and physical lives Families to enroll in schools that do not require origin-country disclosure Emergency relocation to safe zones without dependency on refugee systems Our family plans include citizenship options for spouses, minor children, dependent parents, and sometimes siblings. Case Study: Minority Family Builds Secure Life in Latin America A family from a country with rising religious persecution chose Amicus to create a protective legal identity structure. The family acquired second citizenship in Dominica and relocated to Uruguay. The children now attend school under their new names and documents. Their passports give them access to over 140 countries, and their digital lives are fully controlled. Beyond the Passport: Full Privacy Architecture Citizenship is just one part of a broader privacy plan. Amicus integrates multi-citizenship strategies into: Legal name changes in compliant jurisdictions Offshore banking and trust formation Corporate registration across data-safe countries Legal residency and physical relocation support Document reissuance, including academic records, business licenses, and IDs Secure communications and encrypted identity layers This architecture is designed for continuity, auditability, and defense — not evasion. Case Study: Media Consultant Builds Triple-Layered Privacy System A U.S.-born consultant working in international media became concerned about IRS scrutiny, doxxing, and social media exposure. Amicus developed a three-country strategy including second citizenship, offshore business registration, and secure communication accounts under her alternate legal identity. She now travels safely, conducts business securely, and lives with minimal digital traceability. Choosing the Right Countries: The Amicus Advantage Not all second citizenships are equal. Some countries issue new birth certificates. Others allow name changes. Some participate in global surveillance alliances. Others do not. Amicus evaluates every country on: Privacy laws and public record visibility Biometric storage and ID issuance procedures Dual or multiple citizenship allowances Extradition and treaty obligations Banking and corporate registration options Education and health system accessibility Clients are matched with jurisdictions that support their specific privacy, legal, and life design goals. Conclusion: In 2025, Privacy Begins With Citizenship Design The modern global citizen cannot rely on digital tools alone to maintain privacy. Without jurisdictional mobility and identity diversification, all efforts at anonymity or safety are temporary. Citizenship diversification is not about deception. It is about legal resilience. It is about creating optionality, dignity, and security in a world that increasingly erodes those rights. At Amicus International Consulting, we guide clients through lawful, discreet, and effective second-citizenship strategies that become the bedrock of long-term privacy planning. Whether for personal safety, family continuity, or professional security, our solutions turn risk into resilience — one passport at a time. Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
&w=3840&q=100)
Business Standard
30-07-2025
- Business
- Business Standard
Have money abroad? IT dept's new guide spells out what & how to report
To help taxpayers correctly report overseas income and assets, the Central Board of Direct Taxes (CBDT) has released a detailed guide explaining how to fill the foreign assets (FA), foreign source income (FSI), and tax relief (TR) schedules in the income tax return (ITR). These steps align with international obligations under the Common Reporting Standard (CRS) and the US-led foreign account tax compliance act (FATCA), aimed at curbing offshore tax evasion. Why CRS and FATCA matter CRS, developed by the OECD, and FATCA, enacted by the United States, are global frameworks that require financial institutions across countries to share details of foreign financial accounts with respective tax authorities. India receives such data annually, covering account balances, interest income, and more, which helps the Income Tax department detect unreported foreign assets or income held by resident taxpayers. What needs to be reported Indian residents must declare: All foreign financial accounts and assets (under Schedule FA) Income from any foreign source (under Schedule FSI) Tax relief for taxes paid overseas (under Schedule TR and Form 67) Failure to do so can trigger steep penalties under the Black Money Act, 2015. How to file: A quick overview Schedule FSI-reporting foreign income -Mention income from outside India under the correct head (e.g., salary, capital gains). -Use ISD codes for countries and provide TIN or passport details. -Claim tax relief under the applicable Double Taxation Avoidance Agreement (DTAA) article. -Ensure you also file Form 67 to claim credit. Schedule TR- tax relief claimed -Summarise tax paid overseas (as reported in FSI) country-wise. -Mention tax relief claimed under Sections 90, 90A or 91. Schedule FA-foreign assets disclosure Report all foreign assets held during the calendar year ending 31 December 2024, including: -Depository, custodian and insurance accounts -Foreign equities, immovable properties, trusts, and other capital assets -Signing authority in any foreign account Convert all amounts into Indian currency using SBI's telegraphic transfer buying rate as on the relevant date. Why this matters Transparent and accurate foreign asset disclosure: -Ensures legal compliance and avoids scrutiny -Helps claim tax credits and avoid double taxation -Reflects good governance and contributes to national development Final word The Income Tax department urges all resident taxpayers to disclose foreign assets and income fully and accurately in their ITRs. With automatic exchange of data under CRS and FATCA, concealment is riskier than ever. Timely and transparent disclosures are key to staying on the right side of the law.
