What Foreign Executives Need to Know Before Moving to the U.S: 3 Most Important Considerations.
Statue of Nobel Laureate, Ernest Hemingway in Petoskey, MI If you have been a regular reader on our blog, you already know this. If you are new to this space, you may not be aware that an individual becomes a tax resident of the U.S if he fulfills the Substantial Presence Test. Once he does become a tax resident of the U.S, his worldwide income and financial assets become reportable to the U.S government. This will become an onerous tax and compliance requirement for a person who is coming into the country with substantial assets and income in their country. This scenario could apply to anyone who plans on relocating to the United States after spending a big part of their (working) life outside the U.S, maybe in their country of residence or several different countries. For today's blog post, let us focus on one such large demographic to whom this situation may apply. In my experience, this demographic consists of persons who are foreign executives transferred to the United St
