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Move Abroad for Your Retirement?

One great advantage to being American is that English is nowadays the lingua franca pretty much anywhere you go, and with 18.2% of Americans speaking Spanish as well, there are very few places Americans can’t go without being confident of their ability to communicate – although this is not to say that there is not rich reward to be enjoyed in learning to speak the native language of your expat retirement destination.

However, moving abroad is not a decision that is to be taken lightly. Not only should you thoroughly research your destination of choice, the type of visa you will require, the healthcare on offer and the expat community that exists there, you will also need to look into the full spectrum of expat wealth management considerations such as the pension and retirement planning vehicles, double taxation treaties with the United States and more. You will also have to consider reporting regulations in relation to your income – simply moving away from the US is not enough to negate your tax liability in the country.

Wealth Management for US Citizens Abroad and Expats in the US

All US citizens and residents, including NRA expats abroad, need to understand both their tax obligations in their country of residence and their country of domicile.

Blacktower (US) LLC provides clear and effective wealth management advice and services in this regard. For more information about us and how we may be able to help you effectively manage your wealth and retirement planning in the US contact us today..

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Act Fast on FAST Act

Anyone with a financial interest in the United States needs to be sure that they have their wealth management and tax obligations firmly in order following the Internal Revenue Service’s introduction in February of a scheme that prevents Americans from travelling abroad if they have unpaid taxes.

The move brings into operation 2016’s ‘‘Fixing America’s Surface Transportation Act” (FAST) which gives the State Department the power to refuse or revoke a passport in the case of individuals who owe more than $50,000 in federal taxes.

There are also concerns that the law has the potential to unfairly impact American expats who live abroad, particularly in cases where the IRS is acting on incorrect or outdated information. For example, an expat may return to the US and have his passport revoked and be unable to return to his family and job abroad unless he can either pay his outstanding liability or prove that the IRS is wrong.

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