Financial Advice for Expatriates California Maximize Your Wealth With a Financial Plan
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Protect Your Livelihood Abroad With Our California Attorneys
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From our office in California, our team of attorneys can help you manage your investments, file your taxes correctly, create estate plans, and more while you live in the country of your choosing. We’ll provide you with an actionable plan that helps you achieve your financial goals.
Advice No Matter Where You Are
Our attorneys practice domestically within the United States and internationally. No matter where you are, we can connect you with a Law House PC attorney who can meet your legal needs. We offer virtual consultations, and you can reach out to us 24/7 to set up a call.
Find Financial Success Beyond U.S. Borders
Expatriates have unique needs when it comes to wealth management, and our California lawyers can help you develop a plan that meets these needs. Our attorneys can provide you with financial advice to:
- Reduce or prevent double taxation
- Correctly file all the necessary tax forms with the IRS and your country of residence to avoid penalties
- Develop a long-term investing strategy that allows you to save for retirement
Developing a financial plan while living outside your home country can be a challenge if you aren’t familiar with U.S. and international tax laws. Seek professional advice from our California attorneys who can help set you up for financial success, no matter where you find yourself.
Our Mission
Our attorneys can help you develop a financial strategy that complies with international and U.S. tax laws and helps you meet your goals.
The Financial Basics for Expatriates
While many aspects of your financial plan will be similar to those of a U.S. citizen who resides in the U.S., an expatriate will have additional considerations. You should always have a budget and stick to it, save several months’ worth of expenses in an emergency fund, and save for retirement, but you should also consider the following:
Featured Practice Area Tax Obligations
U.S. citizens who are living abroad are generally required to file U.S. federal income tax returns, estate tax returns, and gift tax returns, as well as pay estimated tax. Your income, filing status, and age will determine if you must file a return. Amounts must be reported in U.S. dollars. Our attorneys can help make sure your cross-border tax planning complies with U.S. laws while at the same time, keeping your best interests in mind.
Featured Practice Area Bank Accounts
Expatriates should open a local bank account in their country of residence to manage their living expenses in that country’s currency. Savings and investments can be held in a U.S. account. Setting up a U.S. brokerage account while living abroad can be difficult, but our attorneys can guide you through the process.
Featured Practice Area Long-Term Investments
We recommend that American expatriates invest in a diversified, multicurrency portfolio that’s full of global assets. If you’re planning on living abroad for the rest of your life, investing in international stocks is often a wise decision. For example, if you’re living in France, try to invest in European stocks and bonds. If you’re planning on returning to the U.S. after a few years, investing in U.S. stocks and bonds is likely a better strategy. Always diversify your portfolio with U.S. stocks, international stocks, bonds, and real estate.
Complying With U.S. Tax Laws
FATCA
The Foreign Account Tax Compliance Act (FATCA) aims to prevent tax evasion by requiring all foreign financial institutions to identify accounts held by U.S. citizens and periodically report them to the U.S. IRS. It also requires U.S. citizens living abroad to file an annual report on their foreign account holdings and pay taxes on them. If you’re an American taxpayer living abroad with at least $200,000 of specified foreign financial assets at the end of the year, you must file Form 8938.
FBAR
A U.S. citizen who has a foreign financial bank account must file a Report of Foreign Bank and Financial Accounts (FBAR) if their funds exceed $10,000 at any time during the calendar year.
Frequently Asked Questions About Finances for Expatriates
Do U.S. expats get taxed twice?
U.S. expats have to pay taxes to the U.S. and the country they’ve moved to. However, the IRS provides mechanisms like foreign tax credits and exclusions to help prevent or reduce double taxation. Our attorneys can help you take advantage of these mechanisms.
Is an expatriate still a U.S. citizen?
Yes. Expatriates are still U.S. citizens unless they complete the process of renouncing their citizenship, which involves appearing in person at a U.S. Embassy or Consulate, signing an oath of renunciation, and paying a fee. Expats must still file taxes with the IRS as long as they are U.S. citizens.
What happens if I don’t file my taxes as an expatriate?
Failure to file an FBAR can result in a fine up to $10,000. Failure to file Form 8939 can result in a fine of $10,000, with additional penalties up to $50,000. Our Law House PC attorneys can help you navigate the system and avoid penalties.
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When it comes to the subject of your livelihood, don’t take chances. Put a Law House PC attorney on your side so you can maximize your profits while enjoying a life abroad.
