You should also mention the 8 years threshold can be as little as 6 years and 2 days (one day on each end) - any portion of a year counts as a full year.
But as far as taxes , just like Michael explained in the video , after 8 years of having the green card , you will go through the same process during expatriation as a passport holder .
Do not get an U.S. permanent residency or U.S. citizenship! There are major social and cultural changes coming to the U.S., and not the good kind of changes. I am looking into renouncing my U.S. citizenship, when I retire.
Important to note as a green card holder and not in the US, unless you applied for extension, you can kiss goodbye to keeping your green card status if resided out of the US for 1 year without having returned. Requirements of GC is to show intention and commitment of living in the US, IE residential property, banking, utilities, ETC...This has become problematic for those who left during the pandemic.
Add insult to injury , you are still a tax resident in that year until the day you go to the embassy and renounce your US person status and file the required documents with the IRS
@@hellophoenix as a GC holder you don't need to go to the embassy. Relinquishing green card is only done by mail now. It used to be possible at embassies, not anymore
You are just amazing . I honestly don’t think there is anyone like you on RU-vid. No one would even think of green card holders. My advice to every green card holder after 6 or 7 years start thinking about this seriously especially if inheritance income might be in your future because it will save you lots of money if you give it up after the 8 year period. By the way , it’s called “ US person “ status.
@@OffshoreCitizen Thank you so much for responding to my comment . Yes please , I’d love to see a video about Greece Golden Visa and their taxes . I was interested in Portugal but next year , no one can buy real estate in Lisbon and increase the minimum of many of their investment programs .
A friend needs advice, she didn't pay tax for 5 years since she's been here. She is here on a work visa. However she managed to pay it and was wondering will this hinder her chance of getting a U.S. citizenship?
So I am permanent resident more then 8 years, have an EU country citizenship, but like to move to another EU country to retire. Do I have to give up my US permanent residency? If so what are my tax obligations if I am now EU resident in that country with retirement income from the US (e.g. 401k, annuity, later on social security). Do I still have to pay and file taxes in the USA even if I am not US permanent resident anymore.
Thank you for your great video. If someone own assets in a foreign company abroad before entering the US, would this be taxed under personal net worth and would one have to pay exit tax on this? Thank you!
Depends. Is the visa an immigrant visa (if so, then yes they will be taxed like citizens from the day they enter the country) or a non immigrant ( then it depends on the number of days presence within the country on to determine if they are taxed as a non resident alien or a resident alien)
Hi I had a question. What about Green Card Holder? Can you Apply for foreign tax credit as a green card holder. Will this be a red flag when you are applying to get your citizenship??
hello, I've asked a few times already, maybe you can provide an answer please. I want to buy a boat that costs 2 million euros, but don't want to pay VAT or import tax, which country is best for me to move to and where the housing and living costs are cheap with a low tax for savings. thanks in advance for your answer
You forgot about the third exit tax trigger which is non compliance. And the compliance criterias are blurry. Is a missed FBAR filing non compliance? Haha Also the exit tax is not applicable to dual citizen at birth renouncing from their country of citizenship.
Thank you Michael, I appreciate your videos. Can you please talk about Cyprus permanent residency, I know you talked about it in previous videos but my question is that do taxes changes after certain period of time living there ? And the same if we take the passport? Thank you so much and god bless.
I am a Malaysian with USD500K worth of assets inside my retirement fund, mutual funds & houses. I expect to get a family sponsored green card in 7 years. If I leave all these assets here untouched will I have to pay yearly capital gain taxes in the US for those gains. FYI (likely you already know this), Malaysia has no capital gain taxes (only property gain taxes).
Thanks great video . 8 year rule for covered expat is for filing taxes for 8 years staying in as a resident of US right ? I got my greencard in 2014 October and permanently relocated to India in May 2018 and filled taxes every year since then in India as a resident and also US to declare global income . Will I be considered covered expat for the 8 year rule ?
The consequences of giving up your green card are clear. But, what about, the US government decides to take away your way, let’s say because you haven’t lived in the United States for a long time, will you be subject to the exit tax?
Yes , just like Hamza said , you are still a tax resident as far as the IRS is concerned until you renounce your “US person “ status in the embassy , and file the necessary documents with the IRS . Your immigration status and tax residency have a complicated relationship . This is a very easy process , as long as your assets are not worth over a certain amount. Michael , has a great video on the subject called “ Who is covered expatriate in the US ( Renouncing citizenship & Exit tax )
