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Idea: moving overseas - what to know before you go

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Moving Overseas And Living Overseas

Some Good News About FATCA Filing For Americans Living Overseas

by Scott Lilly on December 16, 2011
Hand sticking out of a pile of papers

Looking for relief from tax paperwork?

One annoying thing for US citizens living overseas is the additional
IRS reporting requirements.

However, things may be getting a little easier for some of us.

The recent HIRE Act added some new reporting requirements for people
with certain types of assets being held outside the country. This is
commonly known as the FATCA reporting. The IRS created Form 8938 for
this.

Originally, you'd be required to do this additional reporting if you
have more than US$ 50,000 in certain types of accounts overseas.
However, the IRS released some updates the other days.

For people who are living overseas, the amount of money that triggers
reporting is much higher than $50,000.

According to the release on the IRS website, if you are a married
couple living overseas, you'll only need to file Form 8938 (the FATCA
reporting form) if your specified assets overseas total more than US$
400,000 on the last day of the tax year, or more than US$ 600,000 on
any day of the year. If you're single, cut those amounts in half (US$
200,000 on the last day of the year, or US$ 300,000 on any day of the
year).

The requirements to be considered "living overseas" are the same as for
the FEIE. If you have a bona fide residence overseas, or are
physically outside of the country at least 330 days of the year, you
are consider to be living overseas. You can read the complete FATCA
reporting requirements here.

You also won't need to file this form if you are not required to file
an income tax form.

My personal opinion is that no government should have this as a
requirement for any of their citizens. If you legally earned your
money, you should be able to keep it anywhere you want. However, the
reality is that this is something we need to deal with. The penalties
for not filing a Form 8938 are expensive.

At least for now, it's a little bit easier for many of us living
overseas.

{ 3 comments }

Hostel For Sale In Montevideo Uruguay

If you're thinking of moving to Uruguay and opening a hostel, here's an
opportunity for you. Some friends of mine have their hostel in
Montevideo, Uruguay for sale. This hostel is fully functioning, and
currently in business. It's located in the Centro neighborhood of
Montevideo, which is near the tourist areas like Ciudad Vieja and [...]
Read the full article ->

Are You A Traitor Because You Want To Move Overseas?

Sometimes, it's shocking what our friends and family say to us. One of
the more amazing things they say to people moving overseas is that they
are "traitors" for wanting to leave their home country. This is
especially true for places where there are political or economic
problems. I know of potential expats who have [...]
Read the full article ->

More Choices For You To Live Healthier Overseas

One of the great things about moving overseas is having more options.
Like many expats, I want to live life to its fullest. We don't just
want to be un-sick, but we want to have incredible health. We want to
live longer and be more active. We want to have the best life we can.
[...]
Read the full article ->

Is Uruguay A Tax Haven?

I received an e-mail the other day really annoyed me. It was from
International Living. They wrote about how Uruguay is a great tax
haven for Americans. Unfortunately, anyone who reads it and believes
them may be in for a few surprises. Banking privacy in Uruguay In the
e-mail, they say that Uruguay is one [...]
Read the full article ->

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+ Moving Overseas - Review Of Earth Class Mail
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