What are the implications of having an expired green card?. Tax obligations continue to exist for green card holders even after their status has lapsed.

We discuss the importance of understanding both IRS and USCIS regulations, the process of officially surrendering a green card, and the challenges associated with renewing it while living outside the U.S.

Takeaways  

• Your green card may have expired, but you remain a green card holder until officially surrendered.

• You could be subject to exit taxes if you surrender your green card after being a resident for a certain period.

• If you lose your green card, you must replace it before surrendering it.

• You cannot renew an expired green card while outside the U.S.

• An expired green card does not equate to a surrendered green card; there is an official process to follow.

Chapters  

• 00:00 Understanding Expired Green Cards and Tax Obligations

• 04:03 The Process of Surrendering a Green Card

• 07:47 Renewal Challenges and Immigration Considerations

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale.

If you'd like to work with us on your finances or taxes, check out the process 

This episode addresses the challenges faced by foreign nationals on work visas who have been laid off, particularly from tech companies like Amazon. The hosts provide actionable steps to navigate the emotional and practical aspects of job loss, including immigration considerations, financial assessments, and health insurance options. They emphasize the importance of quick action, networking, and maintaining a positive mindset during this difficult time.

 Takeaways  

• Dealing with a layoff is emotionally challenging, especially for foreign nationals.

• It's crucial to act quickly to manage your immigration status after a layoff.

• Consulting with an immigration lawyer is essential for understanding your options.

• Consider switching to a B-2 visitor visa to spend more time in the U.S. 

• Financial assessment is critical during the first few weeks after a layoff.

• Health insurance options like COBRA should be explored immediately.

• Networking and updating your resume should be immediate priorities.

• Family support can be vital during a job search.

• Maintaining a positive mindset is key to overcoming challenges.

• Explore job opportunities in other countries if returning home isn't an option.

Chapters  

• 00:00 Navigating Layoffs for Foreign Nationals

• 10:27 Emergency Mode: Financial Assessment and Job Search

• 13:17 Practical Steps for Job Search

• 16:57 Health Insurance and Immigration Considerations

• 20:51 Empowerment and Moving Forward

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  Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale.
  
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This conversation discusses the implications of the One Big Beautiful Bill Act, which introduces a 1% excise tax on remittance transfers starting January 1, 2026. The goal is to raise approximately $10 billion over the next decade.

We explain how this tax will affect American families sending money abroad, the collection process, and planning strategies to mitigate the impact of this new tax.

We emphasize the importance of understanding the tax's application and exploring alternative methods for sending money to avoid additional fees. 

We have a new checklist to help you plan for the new tax and hopefully avoid it.

Takeaways  

• A 1% tax on international money transfers will take effect in 2026.   

• The tax applies to all remittance transfers by US citizens,  residents, and foreign nationals on work visas – (Everyone)

• Providers will collect the tax on behalf of the IRS.

• Planning for the tax is essential to manage costs effectively. 

• Some transfers may be exempt, based on the institutions used or the methodology.

• A checklist is available to help plan for the new tax.

Chapters

• 00:00 Introduction to the New Tax on Remittances

• 02:45 Understanding the Impact of the Tax

• 05:56 Planning for the New Remittance Tax

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process 

I was a guest on the Smarter Planner Podcast hosted by Belle. The conversation was so engaging that, with her permission, we're sharing it with you, our audience.

In this guest episode, Belle Osvath, CFP, and I discuss the financial challenges immigrants and foreign nationals on work visas face in the U.S., including navigating different financial systems, tax implications, and retirement planning.

I share insights on the importance of early financial education for immigrants and the need for collaboration among financial advisors.

The conversation also touches on the impact of recent policy changes on immigrants.

Takeaways  

• Financial planning for immigrants requires understanding their cultural backgrounds.

• Many immigrants and planners are unaware of the complexities of the U.S. financial system.

• Early financial education can greatly benefit immigrants before they arrive in the U.S.

• Collaboration among financial advisors is crucial for effective cross-border planning.

• ax implications can vary significantly based on the client's home country. 

• Retirement accounts in the U.S. may not align with foreign tax codes.

• Policy changes can create anxiety and uncertainty for immigrant clients - be prepared to deal with it.

  
  
  Chapters  

• 00:00 Understanding the Immigrant Financial Landscape

• 06:02 Navigating Financial Planning for Non-Immigrants

• 12:04 Cross-Border Financial Challenges

• 17:52 Retirement Planning and Tax Implications

• 23:49 The Impact of Policy Changes on Immigrants

• 25:59 The International Money Cafe Podcast

Episode Links and Resources

• Michael Kitces - Navigating Challenges When Investing For Work visa Holders

• Ep 43: How To Find A Great Cross-border Financial Planner

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process 

In this conversation, we discuss the complexities of Passive Foreign Investment Companies (PFICs) and their implications for U.S. tax residents with overseas investments.

We explain what PFICs are, the tax burdens associated with them, and provide practical steps for identifying whether a foreign fund qualifies as a PFIC.

The discussion emphasizes the importance of consulting tax professionals and understanding the tax implications of foreign investments.

Takeaways 

• PFIC stands for Passive Foreign Investment Company. 

• PFICs are legally permissible for investment, but they come with tax burdens.

• Growth in foreign mutual funds is taxed at income tax rates. 

• IRS Form 8621 can take up to 25 hours to complete.

• Foreign mutual funds and retirement accounts can be PFICs.

• Three ways of identifying if a foreign fund is a PFIC or not.

Chapters  

• 00:00 Understanding PFICs: The Basics

• 02:59 The Tax Implications of PFICs

• 05:28 Identifying PFICs: Practical Steps

Episode Links and Resources

• Ep 26: What Is English For "PFIC?"

• Ep 42: What is English For "Gift & Estate Taxes?"

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process 

In this conversation, we explore the unique challenges faced by individuals living and working in the U.S. on work visas, with a particular focus on the complexities of leaving the U.S. while ensuring that their financial, legal, and personal interests are protected.

We discuss various strategies for managing financial obligations, ensuring legal compliance, protecting assets, and addressing family considerations, emphasizing the importance of careful planning and adaptation in navigating this transitional phase. 

Ultimately, we introduce a unique resource that we have created to support you on your journey. The Complete US Departure Checklist For Those On Work Visas

Takeaways 

• Leaving on a work visa presents unique challenges. 

• Tax obligations can be complex for those with international ties.

• Leaving the U.S. requires careful planning to protect interests. 

• Understanding retirement account options is essential when leaving

• Legal compliance is necessary to avoid future complications. 

• Asset protection strategies are vital for real estate and investments.

• Family considerations are key.

• Effective timeline management is crucial for a seamless transition.

• Building a meaningful life can be achieved anywhere, despite the challenges it presents.

Chapters  

• 00:00 Navigating Life on a Work Visa

• 04:56 Challenges of Leaving the U.S. on a Work Visa

• 10:09 Financial Exit Strategies

• 15:11 Legal and Administrative Considerations

• 19:35 Asset Protection and Estate Planning  

Episode Links and Resources

• Michael Kitces - Navigating Challenges When Investing For Work visa Holders

• Ep 18: What Is English For US Situs Assets?

• Recovering From A Layoff On A Work Visa: Action Plan

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process 

In this episode, we delve into the concept of life insurance, particularly in a cross-border context.
We discuss the two main types of life insurance: term and permanent, and when foreign nationals might need them.
We emphasize the importance of life insurance for expatriates and foreign nationals, particularly in terms of providing financial support to families and managing estate taxes. 
We discuss two use cases for the different types of life insurance for foreign-born families.

Takeaways  

• Life insurance is a contract between the insured and the insurance company.

• Term life insurance provides coverage for a specific period.

• Permanent life insurance includes a cash value component.

• The primary purpose of life insurance is to provide income replacement for dependents.

• Choosing the right insurance company is crucial for cross-border policies.

• Estate taxes can be significantly higher for non-residents. Life insurance can help cover estate taxes for beneficiaries.

• Customizing life insurance policies is essential for individual needs.

Chapters  

• 00:00 Understanding Life Insurance in a Cross-Border Context

• 02:59 Types of Life Insurance: Term vs Permanent

• 05:47 Who Needs Life Insurance and Why?

Episode Links & Resources

• Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

• Ep 08: What Is English For "Domicile?"

• Do I Need A Trust, Especially On A Work Visa?

• Ep 42: What Is English For "Gift And Estate Taxes?"

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.



If you'd like to work with us on your finances or taxes, check out the process 

We discuss the top three essential financial and tax considerations for foreign executives relocating to the US on an L-1 visa.

We start by defining the different types of L1 visas.

We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.

We emphasize the importance of pre-immigration planning and working with cross-border tax professionals. 

Takeaways  

• L1 visas are for foreign executives and managers.

• US tax residents must declare worldwide income.

• Timing your arrival affects tax obligations.

• Pre-immigration tax planning is crucial.

• Foreign financial assets must be reported.

• Non-compliance with asset reporting incurs penalties.

• Estate and gift tax implications are significant.

• Work with professionals on both sides of the border. 

Chapters  

• 00:00 Understanding the L1 Visa and Its Implications

• 02:47 US Income Tax Filing and Compliance for L1 Visa Holders

• 06:07 Managing Foreign Financial Assets and Compliance

• 09:00 Estate and Gift Tax Considerations for High Net Worth Individuals

Episode Links & Resources

• EP 09: Work Visas And Investing In The US

• Ep 04: What Is The Substantial Presence Test

• Ep 32: What Is English For "Job Loss On A Work Visa"
  
  

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process 

We delve into the complexities of tax treaties, their implications for individuals and businesses, and the importance of understanding saving clauses and various types of tax agreements.

We highlight how tax treaties can help mitigate double taxation and the necessity of professional guidance in navigating these agreements.

Understanding tax treaties is crucial for financial planning. Court cases can inform the interpretation of tax treaties. Professional help is recommended for navigating tax treaties. Tax treaties can vary significantly from one country to another.

Key Takeaways

• A tax treaty is a bilateral agreement to avoid double taxation.

• Tax treaties determine which country has the right to tax income.

• Saving clauses in treaties may not benefit taxpayers.

• Approximately 70 countries have income tax treaties with the US.

• Estate tax treaties can significantly impact taxation on assets.

• Totalization agreements prevent double social security taxation.

Chapters

• 00:00 Understanding Tax Treaties

• 03:12 The Implications of Saving Clauses

• 05:54 Types of Tax Agreements and Their Importance

Episode Links & Resources

• Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

• Ep 13: Between A Rock &  A Hard Place: Mitigating Double Taxation

• U.S. Income Tax Treaties - A to Z

• U.S. Estate & Gift Tax Treaties

If you'd like to work with us on your finances or taxes, check out the process 

Do you understand the importance of conducting a mid-year financial check-in, especially for those with cross-border financial needs?

We cover various topics, including tax strategies, estate planning, insurance assessments, and preparations for college and travel that can be reviewed over the summer. We emphasize the importance of proactive financial management during the summer months, ensuring listeners are well-prepared for the remainder of the year.


Takeaways  -  Things you can do mid-year as part of your summer financial check-up

• Engaging with tax advisors in the summer is likely to yield better results.

• Charitable giving can provide tax deductions during the summer.

• Tax loss harvesting is a strategy to reduce taxable income.

• Estate planning is crucial before traveling overseas.

• College-bound kids need financial and medical powers of attorney. 

• Insurance policies should be reviewed regularly for savings.

• Emergency funds should be assessed and adjusted as needed.

• Consult with immigration lawyers for visa holders.

• Review and adjust financial plans.    

Chapters

• 00:00 Mid-Year Financial Check-In

• 12:08 Estate Planning Essentials

• 19:45 Insurance and Risk Management

• 23:57 Preparing for College and Travel

• 25:54 Final Thoughts and Summer Financial Tips

Episode Links & Resources

• Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

• Tax-Loss Harvesting: How To Boost Your Portfolio Gains.

• Ten Tips On How To Pick A Tax Preparer

If you'd like to work with us on your finances or taxes, check out the process