Latest news with #expatriates
Khaleej Times
10 hours ago
- Business
- Khaleej Times
2 Saudi expats arrested for fraudulent Hajj advertisements, fake service offers
Saudi authorities have arrested two expatriates for publishing fraudulent Hajj advertisements and offering fake services, including the sale of forged sacrificial vouchers, intended to deceive pilgrims, the Hajj and Umrah Prosecution announced. According to a statement posted by Makkah Region on X, authorities discovered both cash and forged vouchers in the suspects' possession. The individuals have been taken into custody and referred to the appropriate court, where they face potential penalties including imprisonment, fines, and the confiscation of illicit gains, in accordance with the law. The Public Prosecution emphasised its ongoing commitment to tracking down anyone who attempts to exploit pilgrims or violate their rights. It also urged the public to follow official regulations and Hajj guidelines, and to remain cautious of deceptive advertisements. This incident comes shortly after a similar case earlier in May, when an Indonesian resident was arrested for posting fraudulent Hajj ads online and engaging in related scams, according to a report from the Saudi Press Agency.
Forbes
a day ago
- Business
- Forbes
U.S. Estate Tax Follows Expatriates Under Section 2801
T Tina Turner (Photo by Blick/RDB/ullstein bild via Getty Images) ina Turner's death in May 2023 sparked an interesting consideration for the estates of expatriates. She relinquished her citizenship in late 2013, approximately ten years before her death and resided in Switzerland at her death. Despite being a noncitizen of the U.S. at her death, Turner may have been subject to U.S. income and estate taxes depending upon whether she was considered a covered expatriate and whether she had assets that would be considered U.S. assets taxable in her estate. The impact of the estate tax could deplete 40% of the assets subject to tax at her death. Given her substantial wealth, it is likely that she engaged in significant planning that minimized or eliminated any tax exposure regardless. However, if she had made transfers either during her lifetime or at death to any U.S. beneficiaries, significant tax compliance and payment obligations could have resulted for both the beneficiaries and her estate. The following is a brief overview and some of the common considerations for expatriates in similar situations where they may not consider having the U.S. tax system apply even where they have no direct investments in the U.S. IRC Section 2801 imposes a tax on U.S. citizens or residents on the receipt of "covered gifts" or "covered bequests" from individuals who fall within the definition of a covered expatriates. The tax is imposed on all transfers, whether during the expatriate's lifetime or at death, as an estate tax. The law provides that the individual would be a covered expatriate if any of the following apply: (1) Had an average annual net income tax liability exceeding a specified threshold aligned with an inflation adjusted amount for five years preceding the date of expatriation, (2) Had a combined net worth of $2 million or more on all assets globally on the date of expatriation, or (3) Was noncompliant with U.S. tax obligations for five years preceding expatriation. Tax obligations extend beyond income tax to certain excise taxes as well that may be considered with personal income tax obligations. Section 2801 imposes the highest estate tax rate in effect at the time of the gift or bequest. This rate is currently 40%. In January 2025, the U.S. Congress issued final regulations on the taxation of gifts and bequests from covered expatriates. These regulations introduced the filing of a new Form 708 to report these transfers. Form 708 must be filed by U.S. recipients of covered gifts or bequests by the 15th day of the 18th month following the end of the year in which they received the covered gifts or bequests. Noncompliance subjects the recipients to significant penalties. The trust classification controls whether transfers made to trusts by covered expatriates fall within the purview of the reporting requirements and tax: In addition to other factors, compliance and tax exposure for transfers from covered expatriates should be considered in structuring trusts and making elections. Regulations under Section 2801 were passed nearly seventeen years after the statute and the scope of some provisions, especially their retroactive applicability remains uncertain. To prevent cumbersome audit issues and potential noncompliance complications, it is prudent to consider: Continued increase in expatriation makes consideration of the broader tax implications and application of covered expatriate rules significant. Celebrities and public figures face additional challenges in terms of asset location and valuation because of rights of publicity (name, likeness, and image rights) which may be deemed to be located in the U.S. even though all their assets are abroad. These issues also arise with other intangibles such as cryptocurrency, artificial intelligence, and technology. Careful asset protection and planning well before any expatriation can be critical to avoid unexpected surprises.
Arabian Business
a day ago
- General
- Arabian Business
Saudi Arabia arrested over 12,100 last week in residency and labour operations
Saudi Arabia arrested more than 12,100 people in the past week as it looks to stop residency, labour and security breaches. The inspection campaigns carried out between May 22 and May 28 in all regions of the Kingdom, to check compliance with residency, work and border security regulations, saw 12,129 violations recorded, including: 7,127 of residency 3,441 of border security 1,561 of labour laws Saudi residency, labour and security arrests 1,197 individuals were apprehended attempting to cross the border into the Kingdom illegally, of whom 34 per cent were Yemenis, 63 per cent Ethiopians, and 3 per cent of other nationalities. 90 people were arrested for attempting to leave the Kingdom illegally. 18 people involved in transporting, sheltering, and employing violators were arrested. A total of 19,238 expatriates (17,930 and 1,308 women) are currently undergoing procedures for enforcing regulations. 14,065 people were detained for violating laws and instructed to contact their countries' embassies or consulates to obtain proper travel documentation; 1,5336 were told to make booking arrangements for their departure, and 11,094 were repatriated. The Ministry of Interior has warned that any person who facilitates the illegal entry of individuals into the Kingdom, transports them on its territory, provides them with shelter or any other assistance or service may be penalised with up to 15 years in prison and a fine of up to SR1m ($267,000), and that the vehicles used for transport or houses used for shelter may be confiscated. The ministry stressed that such acts are major crimes that warrant arrest. It also urges people to report any violations by calling 911 in the Makkah, Riyadh, and Eastern regions, and 999 and 996 in the rest of Saudi Arabia.
Trade Arabia
a day ago
- Business
- Trade Arabia
Jazeera Airways to restart direct flights to Damascus
Kuwaiti low-cost airline Jazeera Airways is all set to resume direct flights to Syrian capital Damascus from Kuwait city. This comes in response to a strong demand from the large 200,000-strong Syrian expatriate community in Kuwait - one of the largest Middle Eastern communities in the country - as well as increasing interest in re-establishing business, cultural, and familial ties between the two nations, said Jazeera in a statement. Regional carriers across the GCC have already re-established air links with Syria, and Jazeera will also commence flying once it receives the regulatory clearance. The Kuwaiti budget carrier had previously operated flights to Damascus, Aleppo, and Deir Ez Zoor, and is now well positioned to restore this vital connectivity. Announcing this, Chairman Marwan Boodai said: "We are excited to start operating to Syria after a 12-year hiatus. Restoring direct flights to Damascus will provide a critical bridge for thousands of Syrians living and working in Kuwait, while also supporting broader regional efforts to re-engage with Syria." "In line with the wider momentum across the region, we are completely set up and ready to start flying as soon as we receive the required regulatory approvals," he stated. Several GCC nations, including Qatar, UAE and others in the Middle East region such as Jordan and Turkey have already resumed or announced their intentions to resume air connectivity with Syria, recognizing the growing need for regional integration and the normalisation of civil aviation ties, he added. Jazeera Airways said it remains committed to upholding the highest operational and safety standards in line with international aviation protocols.
Bloomberg
4 days ago
- Business
- Bloomberg
ASML Urges Consistency on Taxes After Dutch Government U-Turn
By and Charlotte Hughes-Morgan Save ASML Holding NV called on the Dutch government to ensure stable investment and fiscal policy, criticizing tax policy decisions that reduced benefits for foreign workers. ASML cited the example of the country's recent reversal on its tax breaks for high-skilled expatriate workers, which went through four iterations in three years before being reinstated at a slightly lower level.
