Ep 52: L-1 Visa - 3 Must-Know Tips For Foreign Execs Moving to the U.S.

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The International Money Café Show

The International Money Cafe

58 episodes

1 week ago

Foreign-born US citizens, green card holders (immigrants) in the US, and foreign nationals on temporary nonimmigrant US visas, have unique financial & US tax compliance challenges as they straddle their multi-country footprint.

US expats living abroad have somewhat similar challenges from having to deal with US taxes and foreign obligations.

In "The International Money Café Podcast" Jane Mepham, CFP®, and Manasa Nadig, EA, address these unique challenges over a cup of Coffee/Chai in addition to talking about life in the US.

Join them as they filter out the noise on cross-border taxes, finances, and life in the US, and save you hours combing the internet for information relevant to your situation.

Jane & Manasa being foreign-born, are able to address these issues from a very personal and relatable point of view every other week, as they walk the same journey and pursue their own version of the American dream.

The views and opinions are those of the speakers, and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

All content for The International Money Café Show is the property of The International Money Cafe and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Ep 52: L-1 Visa - 3 Must-Know Tips For Foreign Execs Moving to the U.S.

The International Money Café Show

16 minutes

2 months ago

Ep 52: L-1 Visa - 3 Must-Know Tips For Foreign Execs Moving to the U.S.

We discuss the top three essential financial and tax considerations for foreign executives relocating to the US on an L-1 visa.

We start by defining the different types of L1 visas.

We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.

We emphasize the importance of pre-immigration planning and working with cross-border tax professionals.

Takeaways

L1 visas are for foreign executives and managers.
US tax residents must declare worldwide income.
Timing your arrival affects tax obligations.
Pre-immigration tax planning is crucial.
Foreign financial assets must be reported.
Non-compliance with asset reporting incurs penalties.
Estate and gift tax implications are significant.
Work with professionals on both sides of the border.

Chapters

00:00 Understanding the L1 Visa and Its Implications
02:47 US Income Tax Filing and Compliance for L1 Visa Holders
06:07 Managing Foreign Financial Assets and Compliance
09:00 Estate and Gift Tax Considerations for High Net Worth Individuals

Episode Links & Resources

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The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.