Episodes

  • Ep 26: What Is English For "PFIC"?

    Ep 26: What Is English For "PFIC"?
    Sep 18 2024
    If a U.S. tax resident is investing offshore (outside the U.S.) - it can very easily complicate their taxes.

    In this episode, we discuss PFICs (Passive Foreign Investment Companies) and the dangers of investing in them.

    We start by defining them with some examples. Then, we discuss the tax compliance requirements and the potential penalties for non-compliance. We also include financial planning considerations like foreign exchange and repatriation.

    We explain why we want to get a detailed idea of any PFICs clients may have when we start working with them on financial planning or tax preparation.

    Most of our clients /prospects are unaware they have PFICs in their overseas portfolio.

    We discuss ways of dealing with them, how to stay compliant or get rid of them, and also mention the particular case of those with work visas - who may want to keep the PFICs in their portfolio.

    It's a fun discussion.

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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
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    14 mins
  • EP 25: Like Manna From The Heavens! What To Do If You Receive a Gift or Inheritance From a Foreign Person?

    EP 25: Like Manna From The Heavens! What To Do If You Receive a Gift or Inheritance From a Foreign Person?
    Sep 4 2024
    If you receive a gift or inheritance from a non-US person, you have specific reporting and tax obligations before enjoying your gift.

    In this solo episode, Manasa details the thresholds, reporting forms, and tax implications based on the type of gift or inheritance.

    Different thresholds apply depending on the type of gift or inheritance, such as $100,000 for gifts from non-US citizens and no threshold for gifts from foreign trusts.

    She discusses some forms, like Form 3520, that may need to be filed to report foreign gifts or inheritances.

    She also points out possible tax consequences that may arise if the gift is from a covered expatriate—it’s not business as usual.

    One thing she points out is to watch out for possible tax obligations in the country where the event occurs – that needs a tax professional (in that country) to figure out.

    Tax treaties may help avoid some possible double taxation.

    Resources

    Ep 22: What Is English For "Covered Expatriate"

    Ep 13: Between A Rock And A Hard Place: A Guide To Mitigating Double Taxation



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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
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    17 mins
  • Ep 24: What Is English For "F1 Student Visa?"

    Ep 24: What Is English For "F1 Student Visa?"
    Aug 21 2024
    The F1 visa is a non-immigrant student visa that allows international students to pursue academic studies in the US.

    It's vital to the US economy as it attracts talented individuals who often go on to start unique businesses and contribute significantly to the workforce.


    In this shortie episode, we cover the legal definition of the F1 visa, the application process, the duration of stay, employment opportunities, financial considerations, investing, starting a business, tax filing requirements, and treaty provisions, amongst other aspects of the visa.

    Jane moved to the US on an F-1 visa, so this is another one that draws on personal experiences.

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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
    Show more Show less
    12 mins
  • Ep 23: Applying For Social Security as An American Abroad? We Answer Your FAQs.

    Ep 23: Applying For Social Security as An American Abroad? We Answer Your FAQs.
    Aug 7 2024
    Millions of Americans live overseas and are currently receiving social security.

    In this episode, we discuss the eligibility criteria and process for receiving social security benefits as a US citizen living abroad.

    We cover topics such as the 10-year work requirement, how to apply for benefits from abroad, and the taxation of social security income.

    We also mention the importance of totalization agreements and tax treaties in determining how benefits are taxed.

    We emphasize the need for careful planning and consulting with professionals when considering social security benefits while living abroad.

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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
    Show more Show less
    27 mins
  • Ep 22: What Is English For "Covered Expatriate"?

    Ep 22: What Is English For "Covered Expatriate"?
    Jul 24 2024
    If you are a U.S. citizen or a long-time resident (8 of the last 15 years), and you decide to leave the U.S. permanently, you could become a covered expatriate. You don't want to be a covered expatriate since there is a possibility you may have to pay an exit tax.

    In this shortie, we tell you who a covered expatriate is. Three main tests determine whether you are a covered expatriate and the potential implications.




    • The income test, the net worth test, and the certification test.

    • Being a covered expatriate can have financial implications, such as potential liability for an exit tax and complications with gifts and estate planning.


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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
    Show more Show less
    8 mins
  • EP 21: Strings Stronger Than Steel. Aging Parents Abroad

    EP 21: Strings Stronger Than Steel. Aging Parents Abroad
    Jul 10 2024
    Your parents sent you to the US to pursue your American dream.

    But now they are aging back home, and you are stressed about how to care for them.

    This is a common dilemma facing many foreign-born individuals. Being on a work visa makes it even harder.

    We discuss the challenges and possible solutions to this issue. We explore
    topics such as:
    • Health insurance
    • Emotional concerns,
    • Parents' wealth, estate planning, complex issues related to inheritance, cultural norms, and legal considerations in different countries.
    • Respecting parents' wishes even if they differ from your own
    • Financial support considering exchange rates, tax implications, and involving siblings.
    • Patience, open communication and lots of grace (to yourself) are key.

    We draw on our backgrounds as people once on work visas and currently going through the same issues.

    By the end of this episode, you'll walk away with 4 to 5 ideas you can implement or start planning on that will help you shore up your financial plan.

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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
    Show more Show less
    20 mins
  • EP 20: What Is English For "Custodial Accounts?"

    EP 20: What Is English For "Custodial Accounts?"
    Jun 26 2024
    In today's "Shortie" episode, we define "Custodial Accounts." Until a child is a legal adult, they can't technically own anything.

    So how do we help these kids own "stuff," like investment accounts?

    Hence custodial accounts - What are they? When is it best to use them?

    Does it make sense to use them instead of 529's?

    We answer this and more questions that pertain to custodial accounts.

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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
    Show more Show less
    9 mins
  • EP 19: A Safety Net for Difficult Times: How To's!

    EP 19: A Safety Net for Difficult Times: How To's!
    Jun 12 2024
    Employees on work visas tend to be very hardworking (mainly in the STEM Space), very determined to pursue their version of the American dream, and with high incomes, anxious to start investing.

    When we start working with them on a financial plan, we complete a full SWOT analysis, and without a doubt, one threat stands out like a sore thumb.

    In this episode, we address the specific threat—all related to their visa—and suggest different ways of mitigating it. The ideas range from career enhancements to other legal ways of staying in the US.

    We draw on our backgrounds as people who were once on work visas and some of the fears and concerns we felt, which apply to many foreign nationals on work visas.

    By the end of this episode, you'll walk away with 4 to 5 ideas you can implement or start planning on that will help you shore up your financial plan.

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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.

    Be sure to join the conversation by visiting our page The International Money Cafe

    Or by following us on social media:-

    Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
    Show more Show less
    25 mins