More Americans are considering moving abroad; a trend that equated to a record number of Americans giving up their citizenship in the first half of 2020. While movies might paint it as a whimsical trip, there are significant challenges and potential pitfalls involved.
There are serious tax challenges to moving abroad
On this episode of the Taxgirl podcast, Kelly is joined by Virginia La Torre Jeker. Virginia has over 35 years of US tax and international experience, including spending 15 years in Hong Kong and Dubai. Kelly and Virginia talk about the difficulties, including the tax requirements and cultural hurdles facing expatriates.
Listen to Kelly and Virginia talk about moving abroad:
- The drop in people renouncing their citizenship
- FATCA and its impact on moving abroad
- The perception of expatriation for tax benefits
- The impact of COVID-19 on expatriates
- Why people want to move abroad
- How the U.S. tax system makes things harder for green-card holders
- The perception of expatriates being rich
- Form 8938 and foreign investments
- The potential difficulties people studying abroad have
- What things people moving abroad should keep in mind
- How to find a tax preparer when abroad
- The cultural hurdles
- The benefits of traveling and moving abroad
More about Kelly:
Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Kelly’s Website: Taxgirl
Virginia La Torre Jeker: Website
Virginia La Torre Jeker: Twitter
Virginia La Torre Jeker: Article on Bloomberg