We’ve blogged about multilingual document translation services and US taxes, certified corporate translations and double taxation, as well as global translation and interpretation services for expatriates. A recent report authored by Andrew Mitchel shows an increasing trend in the number of individuals renouncing their US citizenship or simply expatriating from the US. The cause for this trend is diverse and can include anything from international job assignments, relationships or searching for more business-friendly environments. Regardless of the why, the end result will ultimately be an increase in international legal issues – particularly in the fields of tax, trust and estates, property and family law- requiring services of professional legal translators and court interpreters.
For example, the IRS is increasing its efforts to get US taxpayers to report their worldwide income by requiring them to disclose foreign financial accounts. According to the law, US citizens or long-term residents who expatriated after 2008 are considered to have sold all their worldwide property at its fair market value the day before leaving, with the gain taxed at the high capital gains level.
Of course there are exceptions, but in any case the law is complicated and must further be balanced against foreign tax laws and double tax treaties.
And this tax example is just the tip of the iceberg. As jurisdictional lines continue to get blurred the need for quality foreign legal language translations will only increase.