Pre-Immigration Planning Essentials

Pre-Immigration Planning Essentials

Before moving to the United States, review your current assets structure and consider all or some of the following:

1: Discuss your income and asset situation with a US tax advisor to avoid paying unnecessary US income taxes and to ensure that you understand foreign tax credits and other potential tax savings.

2: Familiarize yourself with US tax reporting obligations and the reporting of foreign (non US) assets that apply to US persons. You may have to talk to your non US employer if you have signatory right over the employers’ accounts that you may have to disclose these accounts once you become a US person.

3: If you own a foreign entity discuss electing tax treatment as partnership under US tax laws with your US tax advisor.

4: Make gifts before you become a US person to avoid US gift taxes. That rule does not help if you gift US sited assets like real estate.

5: Discuss your estate and gift planning with a US tax advisor prior to coming to the United States to avoid unnecessary US taxation of estates and gifts.

6: If you have an offshore trust or foundation or if you are the beneficiary of such a trust or foundation, review the trust or foundation with a qualified US tax advisor and ensure that you know your US reporting and filing requirements.

7: If you planning to return to your home country at some point, ensure that you know the current expatriation rules which also apply to long term residents who live for more than 8 years in the United States.

8: Have your non US pension and retirement plans reviewed by a US tax advisors to ensure that you know how they will be treated for US tax purposes.

9: Ditto for insurances, annuities and deferred compensation plans.

10: Get advise on how you may be able to avoid having to contribute to the US social security regime and the equivalent in your home country.


For more information please visit our website dedicated to US Tax and Immigration


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