US persons are subject to worldwide taxation and reporting obligations, regardless of their residence. They also may experience difficulties opening bank accounts and investment accounts, and are subject to penal tax regimes on non-US investments. Of course this is not news to most of those who know they are US Persons, but there are a growing number of 'accidental Americans' who are unaware of their US status and resulting obligations.
In this article, Erik Wallace and Emily Osborne investigate why people who may have an unwitting connection to the USA are liable to US taxes.
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The article was first published in Jersey Brief.