This week, Morey and Macarena discuss the importance of doing your due diligence before moving abroad. Careful tax planning can save you thousands of dollars in possible fees and duties. You should research the country you plan to move to with a fine tooth comb. Make sure to find out what type of leadership the country has, what import duties may apply and if your residency status in the country affects your US citizenship.
Key Takeaways:
[1:00] When you plan to move offshorem, make sure you know which taxes are due on your savings plans and accounts.
[6:00] John F. Kennedy reduced income taxes while he was in office.
[9:03] Is the country you are moving to better than where you are currently living in the US?
[13:05] US citizens can travel to many places without a visa.
[15:46] Import duties apply in certain countries so know how much you need to pay before shipping your personal goods.
[18:51] Glazer Financial has foreign account planners who know which right forms and special programs apply to those who live overseas.
Mentioned in This Episode:
