In recent years, it is very common for families to immigrate to the U.S., Canada, United Kingdom, Australia etc for one reason or another. While these places may be the “land of the free”, but they can also be the “accident waiting to happen” for those who do not take advice before they arrive on its shores. We advise clients on the basic planning considerations applicable to foreigners before immigrating to high tax countries mentioned above.
The tax rules vary from one country to another, often they are highly technical and complex. To give an example, the U.S., an individual’s status as a resident, citizen or non-resident alien of the U.S. can have vastly differing consequences for U.S. tax purposes. The concept of U.S. residency for Federal income tax purposes is different from that for Federal gift and estate tax purposes.
It is important for families to seek experts advice before immigrating to another country.
