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Global Expat Forum: Running my American Business from Costa Rica:
Hello :)
Although I am uncertain how Costa Rica would treat your income, I will mention that once you leave the US, you will still have to file a US return year after year.
Fortunately there are a number of credits and exclusions in place which will help eliminate any dual taxation. If you speak to an expat accountant, they can estimate what you are likely to owe the US (if anything).
Also, if you have time, I would strongly recommend reading this guide we wrote. It is for business owners who live abroad, and it will help you navigate the expat tax filing issues that come into play once you are working outside the US.
You can view the guide at http://www.greenbacktaxservices.com/tax-guides/expat-tax-guide-for-american-expat-entrepreneurs-and-business-owners/.
I hope this helps and good luck with the move!
The Greenback Team
Global Expat Forum: Felon Looking to Leave the US:
I hate to be a negative Nelly, but I will mention that unfortunately, even once you leave the US, you will be required to file a US tax return each year to report your worldwide income.
Most people do not end up owing anything to the US (thanks to some hefty credits and exclusions), but the return must still be filed.
If you have any questions about this please let me know.
Good luck!
Global Expat Forum: Dual Citizen (USA-Ireland) Ideas:
Hello :)
What an exciting way to retire- I am sure your travels will be full of amazing views and experiences no matter where you go!
Although I can not really advise on which country you should live in, I can let you know about the tax side of things (exciting I know :D ).
As an American, no matter what country you live in, you will have to continue to file a US return each year. This is important to remember, and especially important if you will be self employed while abroad.
I say this because in order to avoid paying self employment taxes twice (once to the USA, and once to the country you are residing in), you should be living in a country with a Totalization Agreement in place (see IRS website for full list).
We actually wrote a small e-book on the tax and financial things you should know before retiring abroad. If you haven't already read it, I would strongly recommend you do so as it will help with your planning process.
Best of all we offer the book for free! Just follow this link to get your book emailed to you.
http://www.greenbacktaxservices.com/tax-guides/expat-tax-guide-for-americans-retiring-abroad/
Let me know if you have any further questions and good luck.
Happy Holidays!
The Greenback Team
Global Expat Forum: FATCA- IRS Brokerage account:
Unfortunately, yes, we have heard from many of our clients that they are having trouble establishing bank accounts abroad. Some banks have even gone as far as threatening to freeze funds until the individual shows they are in US compliance.
Because of this, I am not surprised that FATCA regulation has spread to brokerage accounts.
You will likely have to shop around quite a bit in order to find a financial institution that is still "American Friendly".
Please keep us posted if you find a favorable bank.
Good luck!
The Greenback Team
Global Expat Forum: relocate:
Hello!
Moving abroad can definitely be an exciting opportunity and a wonderful way to enjoy your retirement.
Although I can not advise on common relocation questions, I can help you with how you would be taxed by the US should you move abroad.
When you have time, check out this handy guide to retiring abroad. I think you will find it to be a great resource!
http://www.greenbacktaxservices.com/tax-guides/expat-tax-guide-for-americans-retiring-abroad/
Good luck!!
Global Expat Forum: Traveling for a Year and Taxes:
Hello :)
You will only have to file a tax return if you make over the minimum income threshold.
For a single individual that threshold is around 9K. The exception to that is if you are self employed.. If that is the case, the threshold drops to around $400.
If you do not pass these thresholds then there is no need to file.
Let me know if you have any further questions!
http://www.greenbacktaxservices.com/contact/
Global Expat Forum: Banking and Tax issues when leaving USA:
Hello Tracey's,
With regards to your message, fortunately there are a number of exclusions and credits in place that allow expats to reduce or eliminate dual taxation. As such, in most cases, individuals will not owe the US anything in taxes (especially if they are making less than 100K or living in a high tax country).
The complication in your situation comes from you being self employed. Unfortunately self employed people are often still subject to SE taxes even after they have moved abroad (the FEIE does not exclude your income from self employment taxes). That is why it is so important to move to a country that has a totalization agreement in place with the US.
http://www.irs.gov/Individuals/International-Taxpayers/Totalization-Agreements
Totalization agreements will ensure that you are only paying self employment taxes to one country.
Lastly, with regards to your banking, some countries are cracking down on US citizens who try and create an account. I would recommend speaking to a few different banks to find one that allows US citizens.
If your foreign bank accounts reach more than 10K at any time you will have to file an FBAR.
If your accounts reach 200K or more (depending on filing status), then FATCA comes into consideration.
Let us know if you have any further questions at info(at)greenbacktaxservices.com.
I hope this helps!
Global Expat Forum: Renounce US Citizenship?:
Hello,
With regards to your message, the majority of expats do not renounce their US citizenship after moving abroad.
This is because most expats do not owe the US anything in taxes (even though they will have to continue to file no matter what) after they have moved abroad.
Fortunately there are a number of credits and exclusions in place that limit any dual taxation.
Although it is a growing trend, it is still a very small percentage of people who are actually renouncing.
Also, they will only allow you to renounce if you have already secured nationality in another country.
This article provides even more details, you should definitely check it out before considering renouncing:
http://www.greenbacktaxservices.com/blog/renunciation-of-us-citizenship/
Please feel free to email us at info(at)greenbacktaxservices.com with any additional questions.
I hope this helps!
The Greenback Team
Global Expat Forum: receiving social security:
Hello,
Not only can you have it put into any US bank, but in many cases, you can get payments sent directly to your foreign address.
Some countries are excluded, but in general it is acceptable to receive payments while abroad.
This article is a great resource for explaining how Social Security works while abroad: http://www.greenbacktaxservices.com/blog/us-expat-taxes-social-security/
It also details which countries you are able to receive Social Security checks in.
I hope this helps!
The Greenback Tax Team
Global Expat Forum: Banking and offshore accounts:
Hello,
As a US citizen you must report all foreign accounts via the FBAR form as soon as they have surpassed the 10K threshold. This is based on the total of accounts, so as soon as the sum of all accounts is above 10K, you will have to report all foreign accounts (even if you set them up only with your EU passport).
You will also have to consider FATCA reporting if your accounts are above 200K.
Lastly, some banks are no longer allowing US citizens to open accounts... I would check around to find a bank in your area that is still accepting US persons.
Good luck!
The Greenback Team
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