Question50

5 ms·

1.
by Question50 4y ago
Yes, non-US pooled funds (e.g., ETFs, mutual funds, etc.) as well as most non-US pensions fall afoul of PFIC rules and their complex & expensive reporting requirements. This usually bites people with mandatory contributions, such as A
2.
by Question50 4y ago
No, though that was the case pre-1934 [1]. Remember that Hawaii, where his father is from, didn't become a state until 1959 and there are physical residence/presence tests required to pass on citizenship[2]; ex: "A U.S. citiz
3.
by Question50 4y ago
The US Dept. of State Foreign Affairs Manual used by consular officials, who have wide latitude in this area: https://fam.state.gov/fam/07fam/07fam1260.html#M1266 100% though on the US tax preparation industry.
4.
by Question50 4y ago
Nationality & tax laws are two different though, in the case of the USA, intertwined things. One can be born abroad to a US citizen and not be eligible for US citizenship; Keanu Reves is a great example of that.[1] However, that child w
5.
by Question50 4y ago
Incorrect, as until the business reaches a certain size it is considered a Controlled Foreign Corporation [1]. In addition, it is subject to GILTI[2] (pronounced "guilty"). [1] https://www.investopedia.com/terms&#x
6.
by Question50 4y ago
No, generally one must provide evidence from the IRS of 5 years worth of tax compliance in order to relinquish. The majority of US taxes go towards Social Security, healthcare (Medicare), benefits for US veterans/federal employees, etc
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by Question50 4y ago
Post-tax US retirement accounts (e.g., Roth-IRA/401K, etc.) are generally seen as normal investment accounts by the tax authorities in the US expat's country of residence. Therefore they offer no retirement tax benefits.
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by Question50 4y ago
Personal context: I am American, have lived in 9 countries on 5 continents & currently live in Europe, and am the same age as the OP. Immersing oneself within another culture is almost always worth it, but like anything valuable there a