Have the American Dream? Your Guide to Thriving in the U.S.
Michael B. Hansen, M.S., CFP?
I help people to live an inspired and purposeful life so they can be financially free anywhere in the world.
When you immigrate to the US many things should be addressed like taking care of your residency situation, settling into a job, or getting your business started.
One of the first financial planning issues that you get confronted with is taxes and being new to the country you are most likely not fully aware of all the tax-saving strategies available to you. Also, what could complicate things is that the US is one of the few countries that will tax you on global income.
So you might have to pay taxes in more than one country – especially if you have bank accounts holding more than $10,000 or investment accounts like retirement accounts or own assets in more than one country like property.
The next financial planning issue that should be addressed is saving for the future. This should include retirement, children’s education, or buying a home. The US investment market is massive and can be incredibly complicated to navigate, so ensure you invest diligently. Doing it yourself can be incredibly time-consuming and you might be making costly mistakes.
Another, often neglected, strategy is estate planning. Estate planning can be a huge challenge especially because the US judicial is based on the English Common Law judicial system whereas many countries, especially in Europe use the Civil Law judicial system. That is why it is advisable to have a trust in the US but not that widespread in Europe since it complicates things and trusts are generally looked upon as non-related third parties.
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Complicated?
Well, this is why you probably need a team of professionals to work with you because as you can see, there are a lot of complexities that can get in your way. Your professional and personal ambition should not be held back by rules and regulations which is where good global financial planning comes in to make sure that all rules and regulations are followed and minimize your tax liability.
For an individual consultation please reach out to an expert at Frontier Wealth Strategies.
You can reach us at www.FrontierWealthStrategies.com or call us at 925.255.0004.