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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There has been an uptick in the number of people looking to retire overseas. In Part 1 of this episode, we discuss the essential considerations for the decision. 

We start by grouping those who want to move into the following groups 

• Those like us, who came to the US ages ago and are now retiring.

• Those who have worked overseas and now want to return

• Those who've only visited as tourists.

We explore the motivations behind such a decision, the importance of choosing the correct country, navigating visa and residency requirements, and the practical steps needed to prepare for the move.

Other topics that we cover here, amongst others, are:

• Maintaining connections and communication while living abroad.       

• Safety and political stability are key factors in choosing a country.

• Visa and residency requirements.

• Visiting a country as a tourist for valuable insights before moving.     

• The cost of living to ensure affordability.    

• Maintaining a US address for various logistical reasons. 

• Healthcare access etc.  

In part two of this episode, we'll address the financial and tax aspects of retiring overseas.

Episode Links & Resources

• CNBC: Retiring Abroad Could Lower Your Cost Of Living

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