06/11/2020
Nine million Americans live abroad, and expats employed by foreign firms in particular, often have foreign retirement accounts. Because the US tax system is based on citizenship, all US citizens, including expats, have to file a tax return to the IRS every year, reporting their worldwide income and assets. Foreign retirement plans often have tax benefits […]
01/13/2020
Two years after Donald Trump signed into law his Tax Reform, in the last few days of December 2019 he signed another law called the SECURE (Setting Every Community Up for Retirement Enhancement) Act. The law comes into immediate effect in 2020. It is designed to allow American taxpayers, including expats, to better plan and […]
04/29/2019
American expats are required to file a US tax return each year, reporting their worldwide income. Expats may also have to report their foreign businesses, assets, and financial accounts, depending on factors including their types and values. When expats file, they can normally claim one or more IRS exemptions or tax credits that reduce their […]
03/04/2019
Many of the 9 million Americans who live overseas have settled abroad permanently, perhaps because they have retired abroad, married a foreigner, or fallen in love with a particular place. Many of these long-term expats purchase foreign real estate, either to live in, or as an investment to provide them with rental income. All American […]
02/25/2019
The US-Mexico tax treaty was signed in 1992, with a protocol added in 2003. The purpose of the treaty is to prevent double taxation for Americans living in Mexico and Mexicans living in the US, however due to the inclusion of a ‘Saving Clause’ in Article 1 (paragraph 3), which states that the US can […]
02/24/2019
With Winter, thoughts perhaps turn more often to the idea of retirement in a sunnier climate. There are lots of other good reasons for Americans to retire abroad too, such as a better quality of life, more affordable healthcare, and the opportunity to explore another culture. One important consideration for Americans who would like to […]
10/01/2018
Americans living abroad participate in foreign pension plans for a variety of reasons. They may have settled abroad permanently; a plan may be included in compensation as part of a work assignment abroad; or they may be a dual US/foreign citizen who has always lived abroad. As all American citizens and green card holders are […]
09/14/2018
(This article was provided by Thun Financial Advisors, specializing in financial advice and portfolio management for Americans living overseas). Retirement abroad has never been as popular as it is now. Longer, more active retirement years have been one reason American seniors are increasingly being enticed to retire abroad. Financial considerations have also become a compelling […]
08/30/2018
Expats are required to file US taxes wherever in the world they live, reporting their worldwide income. While the tax treaties that the US has with around 100 other countries don’t mitigate this requirement, when expats file they are able to claim a number of exemptions such as the Foreign Tax Credit and the […]
04/26/2018
Retiring abroad is more popular that ever, as Americans aim to maximize the healthcare and quality of life benefits available from their retirement income. A better climate and a sense of adventure are also factors leading many Americans to become late life expats. US tax rules and filing requirements are the same for Americans living […]