April 25, 2024

Michael Garcia joins Melbourne Capital Group as dedicated US Private Wealth Manager

Michael Garcia joins Melbourne Capital Group as dedicated US Private Wealth Manager

Melbourne Capital Group, a leading wealth management firm based in the Asia-Pacific region, welcomes Michael Garcia as their dedicated US Private Wealth Manager. This strengthens the Company’s comprehensive offering of private wealth and protection solutions. These were introduced to make life easier for Americans and US connected persons living outside the United States.

Research by Melbourne Capital Group found that Americans often feel overlooked by financial institutions and wealth managers because of the complex regulations, international tax rules, and special reporting standards for Americans living abroad.

Americans are required to file taxes to the IRS annually, regardless of their country of residence. This filing should include investments held outside the United States, and according to Garcia, “Many Asia based advisors are unfamiliar with the complex rules surrounding offshore investments for Americans. In many cases, offshore investments are classified as PFICs (“Passive Foreign Investment Company”), and are therefore subject to complex and costly reporting along with potentially higher taxation”.

To address these issues, Melbourne Capital Group forged strategic partnerships with several SEC-authorised investment managers, with a combined $50 billion USD in global assets - including around $2.5 billion USD of investments for Americans living outside of the US as at 31st December 2021. This collaboration allows clients of Melbourne Capital Group to access tax efficient investments with personalised tax reporting, helping make filing US returns much easier, saving time and money.

Speaking from his own personal experience of living in Asia, Garcia explained, "As an American citizen living abroad for the past 11 years, I understand first-hand the complexities we face regarding international taxation and reporting requirements". He continued, "Many international financial institutions simply don't accept American clients, and the ones that do, rarely provide the expertise to ensure that investment accounts are set up in an efficient and compliant way, and they certainly won’t help with tax reporting". He concluded, "I'm excited that Melbourne Capital Group is able to offer investment solutions that were specifically designed for international American investors”.

Melbourne Capital Group’s Managing Director, Reuben van Dijk, explained that they listened to US citizens and their tax advisers to understand the key issues faced by Americans investing outside of the US. He said, "Melbourne Capital Group has invested a substantial amount of time and resources to deliver this solution to Americans living abroad. Many firms are not equipped to provide compliant investment and reporting solutions in this space”.

Mark Owens, Head of Private Wealth at Melbourne Capital Group commented, "We are delighted to have Michael on-board and look forward to developing our American solutions further by introducing bespoke, internationally focused American protection solutions to complement our investment proposition in the coming weeks”.

For further information please contact Michael Garcia at michaelgarcia@melbournecapitalgroup.com

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