Couverture de Ep 62: Mind The Gaps - 5 Top Cross-Border Pitfalls To Avoid!

Ep 62: Mind The Gaps - 5 Top Cross-Border Pitfalls To Avoid!

Ep 62: Mind The Gaps - 5 Top Cross-Border Pitfalls To Avoid!

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 We discuss the top five blind spots that foreign nationals often encounter in their cross-border finances.We cover misunderstandings of your individual financial situation, the risks of false economies, the need to report foreign assets, and more. We also touch on cultural adjustment and the importance of being prepared for potential changes in residency/immigration status.TakeawaysDon't assume your financial situation is the same as othersFalse economy - Pay for professional servicesYour cultural background significantly influences financial decisions.Comparing financial systems between countries is just badForeign assets must be reported to avoid severe penalties.Estate planning is essential, regardless of wealth.Understanding U.S. tax obligations is crucial for foreign nationalsPreparation for potential changes in residency is vital. A comprehensive checklist can help plan for cross-border transitions.Chapters 00:00 Identifying Blind Spots in Cross-Border Finances03:00 Understanding False Economies in Financial Decisions05:51 Cultural Adjustments and Financial Planning09:05 The Importance of Reporting Foreign Assets11:55 Estate Planning Essentials for Foreign Nationals15:11 Preparing for Potential Changes in Residency (immigration status)Episode Links and ResourcesEp 45: What Is English For "Streamlined Filing ProceduresEp 34: What Is English For "FBAR"Top 5 Things To Know About FBAR FilingIRS FATCA Thresholds-----------------------------------------------------------------------------The IM Café Finance / Tax Roastery (Store) Is LiveGrab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.If you'd like to work with us on your finances or taxes, check out the process ---------------------------------------------------------------------------------Be sure to join the conversation by visiting our page: The International Money CafeOr by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.------------------------------------------------------------------------------------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.
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