Guest Post by Mike Foster After the recent article for US taxpayers, I thought it was only fair to include some financial information for UK expats. Expats dream of enjoying their time abroad, whether it's a short work assignment or a long-term move to retire. I often refer back to my first move, Tokyo Japan. First I sorted out my flights to get there, accommodation and even started to go on Expat forums to meet people. But there was one thing I struggled with -- finances and banking. No …
Three Ways to Retire Overseas
There are as many different ways to expatriate or retire overseas as there are expats. You can live full time in your new country abroad divide your time between your home country and overseas country travel all the time I know people from each category, and each style has its pros and cons. Part-Time Expats Certainly the easiest way to enjoy life abroad is to keep one foot firmly at "home" for part of the year. That way you can keep all that's familiar wrapped snugly around you -- …
Why Expats Need a Local Bank Account
A few days ago I had some errands to run. It was time to pay for cable, internet and cell phone and we needed groceries. We also needed to replenish our cash reserves at the trusty ATM. The cab dropped us off next to our preferred bank's ATM, and my husband whipped out his card and stepped up to the machine. He punched all the buttons, waited and . . . nothing. Nada. Zip. No message on the screen, just back to the usual "welcome" setting. No Cash for Us at the Local ATM So he tried …
Expat Tax, Tips and Traps
Guest Post from expat CPA Diane Siriani Every day we get questions about the expat tax rules and are always amazed how each situation is always a little different and has a different hurdle to cross. Here are some quick answers to those common difficult questions that come up on a regular basis: Foreign Income Exclusion Can only be taken by filing a return and completing IRS FORM 2555. No return, no exclusion! Foreign Bank Accounts If cumulative balance is $10,000 -- including savings, …
US Expats — Let’s Talk Taxes
As the deadline for filing US tax returns approaches, we have a guest post from CPA Diane Siriani. Who Needs to File As a US citizen living abroad, you must file a tax return reporting your worldwide income. So whether you live full time offshore, work anywhere in the world, collect interest/dividends/capital gains, receive retirement benefits, work for any employer, pay tax in a foreign country, own your own business or work for an employer . . . in other words, no matter what the scenario . . …
Advice for Expats from the Online Taxman
Guest Post by Vincenzo Villamena There are many rewards, as well as challenges, for Americans who choose to live outside of the U.S. Amongst all the cultural and language barriers, there is still one fact that remains regardless of where you are living in the world –- you need to file your U.S. tax returns! There are a handful of exceptions to this rule based on your gross income, filing status and age, but they are few and far between. One common misconception is that you don’t have to …
Continue Reading about Advice for Expats from the Online Taxman