Totalization agreements are basically international social security agreements. The US has signed these agreements with different international countries having similar social security programs. The main idea behind the agreements is better coordination of United States’ own social security program for its citizens working around the world. The totalization agreements are taken into account when a […]
Moving to a new country brings its own opportunities and challenges. However, it does take a while to adjust, and adapt to the laws of the new land. Some people might think that moving to a foreign country means a new world altogether. Regardless, if you still possess your US citizenship and green card, you […]
Do you have any kind of financial interest, or a financial account, over which you have a signature authority in a foreign country? If the financial account or interest is in a bank account, mutual fund, brokerage account, investment account, life insurance etc, or in a combination of different accounts, and the combined value of […]
The Foreign Account Tax Compliance Act (FATCA) was enacted by the Congress in 2010. The act basically targets all US tax payers, those who are residents, and those who are expats, to report to the IRS all of the foreign accounts, assets, or entities they hold in any foreign country. Tax payers must therefore, duly […]
The US is known for pursuing taxes and debt worldwide. Thus, American Expats can’t avoid paying debt to IRS at any cost even if they shift abroad. US citizens living abroad are subject to the same responsibilities and duties they would have been subjected to had they been in the US. It can’t be forgotten […]
US Expats living and working in a foreign country tend to open bank accounts to effectively manage their finances. If they are living there for a longer time period, they mayalso decide to invest in a foreign pension plan or insurance policy. However, there’s a catch to that, as US Expats must dedicate considerable time […]
If you are a US expat living in a foreign country, the US law requires you to file your US tax returns on the income that you earn abroad. Generally, US expats are allowed to benefit from the same tax deductions that they could have benefited from, if they resided in the US only. However, […]
FATCA stands for The Foreign Account Tax Compliance Act. This is relatively recent act that has been introduced by IRS for the US citizens residing in foreign countries. This act requires all the expats to declare the market value of the assets owned by them in the foreign country while filing the income tax return. […]
All US citizens whether residing in the country or in some alien nation need to file U.S. income tax as per the rules of US government. The rules for filing income tax do not differ much in case you are an expat. Any income you have in the whole wide world is subject to US […]
Normally if you are a US citizen working in a foreign country then you need to pay US tax on the foreign earned income. When in the US, your employer withholds the income tax from your salary. However, in your current country of your residence if the employer does not withhold the income tax or […]
