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About Derren

Derren successfully completed the Comparative Tax Program at Harvard University and is an EA (Enrolled Agent).  As an EA, he has been admitted to practice before the IRS to represent taxpayers in all 50 states and internationally. He has 2 Masters Degrees in Economics, a Certified Diploma from ACCA (Association of Chartered Certified Accountants in the UK), done Executive Education with Columbia Business School, and has completed Advanced Tax coursework at both New York University and the University of London.

He enjoys writing and giving seminars. He had his views published in the Singapore Business Review, Forbes Asia, and the American Chamber of Commerce in Indonesia, the International Business Structuring Association (in the UK), Offshore Alert, and the (Trinidad) Guardian. And has given seminars on tax issues in the U.S., the U.K., Singapore, Indonesia, Malaysia, Vietnam, The Philippines, Portugal, Hong Kong, UAE, and the Caribbean.

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Can mixed nationality couples have different tax domiciles in Ireland?

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Irish income tax is imposed on the worldwide income of an individual who is resident and domiciled in Ireland.
An individual who is resident but not domiciled in Ireland is liable to Irish income tax on Irish-source income, foreign-employment income earned while carrying out duties in Ireland, and on other foreign income to the extent that it is remitted into Ireland.
A non-resident individual is generally liable to Irish income tax on Irish-source income only.

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DERREN JOSEPH: 
What is generally considered the residential status of a married couple where a husband is Irish wife is American? This is very specific, but, we read it anyway. I'm just saying it's specific cuz we may not be able to answer it in this specific context, but we can speak generally about it. Right. Yeah. So married, couple husband Irish wife, American kids born in the US, the couple lived in the US for 20 years. Now everyone is in Ireland for five years with kids enrolled in school in Ireland right now. They filed jointly I guess in the US can each spouse have different Domiciles despite having the same ordinary residents Well, okay.

DAMIEN: 
Yes. That is the answer to that. Yeah. Yeah. 

DERREN JOSEPH: 
But okay. That's, that's good. And what can an American wife do if she has American inheritance at this point? Any tax implications for an inheritance? 

DAMIEN: 
Yes. So wait, we, let me just read this. Let me just read this again. So, okay. Then, my wife is American and she's lived in Ireland for five years. So she is five years resident. So I think then she could be caught for the American inheritance. Now we'd need to get the breakdown of what's, what's in that inheritance. But of course, as well we would, she would be entitled to, she would be entitled to the the thresholds and so forth that we have the exemption thresholds. So depending on who, on, on her relationship with the owner. Like if she's a, if she's a, if she's a daughter, she'll have 330 odd K that she won't have to pay tax. I'm assuming she got no other gifts or inheritances from that person before. So we'd need to have a look and see. But she's if she's resident for five consecutive years, so if it's the fifth year, she's actually okay. But if it's the sixth year, she would potentially then have exposure to Ireland in that. And we have to look and see what, well, what is it she's actually going to be inheriting? Who is she inheriting from any kind of due to calculations and work it out? 

DERREN JOSEPH: 
That's because in year 60 triggers some sort of deemed.

DAMIEN: 
Essentially Yes. It's not a class deemed dumb site. It's just a different rule where if you're resident for five years, for five years, or for more than five years, I think it is, you're, you're, you're caught. You're caught with that. Yeah. The remittance basis doesn't apply in that scenario. The remittance basis isn't applicable to capital acquisitions tax, which is the tax head. That's, of relevance to this. 



#taxdomiciled #Irelandtaxes #ireland  #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

Can mixed nationality couples have different tax domiciles in Ireland?

Register now for the NOMAD OFFSHORE SUMMIT ⬇️ ⬇️
https://htj.tax/nomad-offshore-summit-2023/

Irish income tax is imposed on the worldwide income of an individual who is resident and domiciled in Ireland.
An individual who is resident but not domiciled in Ireland is liable to Irish income tax on Irish-source income, foreign-employment income earned while carrying out duties in Ireland, and on other foreign income to the extent that it is remitted into Ireland.
A non-resident individual is generally liable to Irish income tax on Irish-source income only.

-----------------------------------------------
OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7 and 8 figure International Entrepreneurs, Expats, Digital Nomads and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon best-selling author, Derren Joseph, in exploring the offshore financial world.

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--------------------------------------------------
WATCH OTHER VIDEOS:
https://youtu.be/DGAnFCsQ_Lg
https://youtu.be/SSd1BFyH8Ss
https://youtu.be/3kvARTVLoUs
--------------------------------------------------
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✉ Contact us on help@advancedamericantax.com
--------------------------------------------------
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DERREN JOSEPH:
What is generally considered the residential status of a married couple where a husband is Irish wife is American? This is very specific, but, we read it anyway. I'm just saying it's specific cuz we may not be able to answer it in this specific context, but we can speak generally about it. Right. Yeah. So married, couple husband Irish wife, American kids born in the US, the couple lived in the US for 20 years. Now everyone is in Ireland for five years with kids enrolled in school in Ireland right now. They filed jointly I guess in the US can each spouse have different Domiciles despite having the same ordinary residents Well, okay.

DAMIEN:
Yes. That is the answer to that. Yeah. Yeah.

DERREN JOSEPH:
But okay. That's, that's good. And what can an American wife do if she has American inheritance at this point? Any tax implications for an inheritance?

DAMIEN:
Yes. So wait, we, let me just read this. Let me just read this again. So, okay. Then, my wife is American and she's lived in Ireland for five years. So she is five years resident. So I think then she could be caught for the American inheritance. Now we'd need to get the breakdown of what's, what's in that inheritance. But of course, as well we would, she would be entitled to, she would be entitled to the the thresholds and so forth that we have the exemption thresholds. So depending on who, on, on her relationship with the owner. Like if she's a, if she's a, if she's a daughter, she'll have 330 odd K that she won't have to pay tax. I'm assuming she got no other gifts or inheritances from that person before. So we'd need to have a look and see. But she's if she's resident for five consecutive years, so if it's the fifth year, she's actually okay. But if it's the sixth year, she would potentially then have exposure to Ireland in that. And we have to look and see what, well, what is it she's actually going to be inheriting? Who is she inheriting from any kind of due to calculations and work it out?

DERREN JOSEPH:
That's because in year 60 triggers some sort of deemed.

DAMIEN:
Essentially Yes. It's not a class deemed dumb site. It's just a different rule where if you're resident for five years, for five years, or for more than five years, I think it is, you're, you're, you're caught. You're caught with that. Yeah. The remittance basis doesn't apply in that scenario. The remittance basis isn't applicable to capital acquisitions tax, which is the tax head. That's, of relevance to this.



#taxdomiciled #Irelandtaxes #ireland #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13Lm1ubVM3VHgzdk5V

[ Offshore Tax ] Can mixed nationality couples have different tax domiciles in Ireland?

16 hours ago

How is a US LLC treated in Cyprus?

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The meaning of “resident in the Republic” is defined in the Income Tax Law article 2 which provides the following:
“Resident in the Republic, when applied to an individual, means an individual who stays in the Republic for a period or periods exceeding in aggregate 183 days in the year of assessment and when applied to a company, means a company whose management and control is exercised in the Republic and “non-resident or resident outside the Republic” shall be construed accordingly: …”.
Pursuant to this provision, a company is considered to be resident of Cyprus, and in effect liable to Cyprus taxation, when its “management and control” is exercised in Cyprus.
In addition to the above meaning of resident in the Republic; a company which is established or registered pursuant to any law in force in Cyprus from 01-01-2023, will be, by default, considered as resident of Cyprus, provided that it is not a tax resident in any other country.

-----------------------------------------------
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--------------------------------------------------
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https://youtu.be/SSd1BFyH8Ss
https://youtu.be/3kvARTVLoUs
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 FOR MORE DETAILS, CONNECT WITH US:
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DERREN JOSEPH: 
I assume this is a US person and he or she is either or is going to be based in Cyprus and running an LLC a US LLC. So for those who may not be familiar, with US LLC, the kind of a hybrid it is not, it's, it can be treated as a pass-through unless certain elections are made. So within various EU jurisdictions, we've found that it can be more or less a test of facts and circumstances as to whether the country would be treated as a pass-through or as a US corporation. Generally speaking, how does, do you have a sense of how Cyprus looks at us? LLC vary. 



MARY TRIMITHIOTOU:
We also have the concept of either the concept of employed in Cyprus, which is doing an activity as an under the trading name or, we also have passed are also passed through, but I'm not sure I understand that question. So he has passed through LLC and he plans to relocate to Toru and become a cyber resident. 

DERREN JOSEPH: 
That, that's, that's a sense of getting from this question. So I guess if, if I'm to guess it is as it is in other European countries, a test of facts and circumstances. So if it is a single member LLC, he's the only person employed by this, Oh, he's created this LLC and he's the only person who's working with this LLC and he sits in Cyprus. I remember the first slide, like the very first slide that you had in your presentation spoke about management and control. So in that case, management and control is being exercised in Cyprus. So the entire activity of the LLC would be taxable in Cyprus. Mary, am I correct in saying that? 


MARY TRIMITHIOTOU:
Well, it depends. I mean it depends, on a variety of factors and, and how this is, this is done in practice. But if he's, if he becomes a Cyprus tax resident and we need to see what sources of income, how is the structure, is he indeed managing these Cyprus if he is from Cyprus, and is this considered Cyprus instead of us? So I mean it's not a clear straight answer because there are a lot of, many factors to consider. 

#LLC #Cyprustaxes #cyprus  #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

How is a US LLC treated in Cyprus?

The meaning of “resident in the Republic” is defined in the Income Tax Law article 2 which provides the following:
“Resident in the Republic, when applied to an individual, means an individual who stays in the Republic for a period or periods exceeding in aggregate 183 days in the year of assessment and when applied to a company, means a company whose management and control is exercised in the Republic and “non-resident or resident outside the Republic” shall be construed accordingly: …”.
Pursuant to this provision, a company is considered to be resident of Cyprus, and in effect liable to Cyprus taxation, when its “management and control” is exercised in Cyprus.
In addition to the above meaning of resident in the Republic; a company which is established or registered pursuant to any law in force in Cyprus from 01-01-2023, will be, by default, considered as resident of Cyprus, provided that it is not a tax resident in any other country.

-----------------------------------------------
OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7 and 8 figure International Entrepreneurs, Expats, Digital Nomads and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon best-selling author, Derren Joseph, in exploring the offshore financial world.

SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION:
https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1
--------------------------------------------------
WATCH OTHER VIDEOS:
https://youtu.be/DGAnFCsQ_Lg
https://youtu.be/SSd1BFyH8Ss
https://youtu.be/3kvARTVLoUs
--------------------------------------------------
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SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: https://htj.tax/events/
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CONTACT us for tax optimization consults over Zoom: https://www.htj.tax/contact/
High Net Worth? We can QUOTE for doing your "US-International" tax returns.

FOR MORE DETAILS, CONNECT WITH US:
✉ Contact us on help@advancedamericantax.com
--------------------------------------------------
FOLLOW US ON:
🌍 Check our website: https://htj.tax/
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DERREN JOSEPH:
I assume this is a US person and he or she is either or is going to be based in Cyprus and running an LLC a US LLC. So for those who may not be familiar, with US LLC, the kind of a hybrid it is not, it's, it can be treated as a pass-through unless certain elections are made. So within various EU jurisdictions, we've found that it can be more or less a test of facts and circumstances as to whether the country would be treated as a pass-through or as a US corporation. Generally speaking, how does, do you have a sense of how Cyprus looks at us? LLC vary.



MARY TRIMITHIOTOU:
We also have the concept of either the concept of employed in Cyprus, which is doing an activity as an under the trading name or, we also have passed are also passed through, but I'm not sure I understand that question. So he has passed through LLC and he plans to relocate to Toru and become a cyber resident.

DERREN JOSEPH:
That, that's, that's a sense of getting from this question. So I guess if, if I'm to guess it is as it is in other European countries, a test of facts and circumstances. So if it is a single member LLC, he's the only person employed by this, Oh, he's created this LLC and he's the only person who's working with this LLC and he sits in Cyprus. I remember the first slide, like the very first slide that you had in your presentation spoke about management and control. So in that case, management and control is being exercised in Cyprus. So the entire activity of the LLC would be taxable in Cyprus. Mary, am I correct in saying that?


MARY TRIMITHIOTOU:
Well, it depends. I mean it depends, on a variety of factors and, and how this is, this is done in practice. But if he's, if he becomes a Cyprus tax resident and we need to see what sources of income, how is the structure, is he indeed managing these Cyprus if he is from Cyprus, and is this considered Cyprus instead of us? So I mean it's not a clear straight answer because there are a lot of, many factors to consider.

#LLC #Cyprustaxes #cyprus #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LnBiQ01vaUQwdHJr

[ Offshore Tax ] How is a US LLC treated in Cyprus?

September 29, 2022 6:00 pm

What taxes do I face if I am tax domiciled in Ireland?

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Irish income tax is imposed on the worldwide income of an individual who is resident and domiciled in Ireland.
An individual who is a resident but not domiciled in Ireland is liable to Irish income tax on Irish-source income, foreign-employment income earned while carrying out duties in Ireland, and on other foreign income to the extent that it is remitted into Ireland.
A non-resident individual is generally liable to Irish income tax on Irish-sourced income only.

-----------------------------------------------
OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7 and 8 figure International Entrepreneurs, Expats, Digital Nomads and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon best-selling author, Derren Joseph, in exploring the offshore financial world.

SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION:
https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1
--------------------------------------------------
WATCH OTHER VIDEOS:
https://youtu.be/DGAnFCsQ_Lg
https://youtu.be/SSd1BFyH8Ss
https://youtu.be/3kvARTVLoUs
--------------------------------------------------
Here are 4 ways we can help you:
SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: https://htj.tax/events/
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High Net Worth? We can QUOTE for doing your "US-International" tax returns.

 FOR MORE DETAILS, CONNECT WITH US:
✉ Contact us on help@advancedamericantax.com
--------------------------------------------------
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DERREN JOSEPH: 
I'm an, I'm Irish citizenship from my grandparents. I'm retired and I don't plan to work. What Taxes would I face in spending more than one engineer in 83 days in Ireland? 

DAMIEN: 
So I assume by indicating Deborah, that your Irish citizenship, that your Irish Domiciled. And unfortunately, if that's the case, you're, it's, it's, it's, it's not a, it's not a favorable outcome or it's not pretty. You will be liable to tax on your worldwide, worldwide incoming and gains if you're going to be resident and Domiciled in Ireland 

DERREN JOSEPH: 
Because you are Domiciled. So, 

DAMIEN: 
Cause you're Domiciled. Yeah, Yeah, exactly. Okay. 

OUTRO: 
So if you're a six, seven, or eight-figure investor, entrepreneur, or business owner who needs a tailor-made solution from a qualified team of professionals, we can help you achieve the international lifestyle, freedom, and even the tax savings you're looking for. Visit us at HTJ.tax and live that international life.

#irelandtaxes #ireland #taxdomiciled #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

What taxes do I face if I am tax domiciled in Ireland?

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Irish income tax is imposed on the worldwide income of an individual who is resident and domiciled in Ireland.
An individual who is a resident but not domiciled in Ireland is liable to Irish income tax on Irish-source income, foreign-employment income earned while carrying out duties in Ireland, and on other foreign income to the extent that it is remitted into Ireland.
A non-resident individual is generally liable to Irish income tax on Irish-sourced income only.

-----------------------------------------------
OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7 and 8 figure International Entrepreneurs, Expats, Digital Nomads and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon best-selling author, Derren Joseph, in exploring the offshore financial world.

SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION:
https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1
--------------------------------------------------
WATCH OTHER VIDEOS:
https://youtu.be/DGAnFCsQ_Lg
https://youtu.be/SSd1BFyH8Ss
https://youtu.be/3kvARTVLoUs
--------------------------------------------------
Here are 4 ways we can help you:
SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: https://htj.tax/events/
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High Net Worth? We can QUOTE for doing your "US-International" tax returns.

FOR MORE DETAILS, CONNECT WITH US:
✉ Contact us on help@advancedamericantax.com
--------------------------------------------------
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#irelandtaxes #ireland #taxdomiciled #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13Lnk4b2dvVWpEVTBN

[ Offshore Tax ] What taxes do I face if I am tax domiciled in Ireland?

September 28, 2022 5:56 pm

How is a US Exposed Person in Singapore taxed?

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The IRS taxes US citizens on their worldwide income unless and until they relinquish their citizenship. U.S. lawful permanent residents ("green card holders") who live outside the U.S. continue to be subject to U.S. tax on their worldwide income until the green card has been revoked or has been administratively or judicially determined to have been abandoned. Code §7701(b)(6).

-----------------------------------------------
OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7 and 8 figure International Entrepreneurs, Expats, Digital Nomads and Investors legally minimize their global tax burden and protect their wealth.
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https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1
--------------------------------------------------
WATCH OTHER VIDEOS:
https://youtu.be/DGAnFCsQ_Lg
https://youtu.be/SSd1BFyH8Ss
https://youtu.be/3kvARTVLoUs
--------------------------------------------------
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SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: https://htj.tax/events/
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High Net Worth? We can QUOTE for doing your "US-International" tax returns.

 FOR MORE DETAILS, CONNECT WITH US:
✉ Contact us on help@advancedamericantax.com
--------------------------------------------------
FOLLOW US ON:
🌍 Check our website: https://htj.tax/
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📕 Add us on Facebook: https://www.facebook.com/htj.tax
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DERREN JOSEPH: 
Okay. If you are a US citizen working in Singapore for a Singapore company, what salary is subjected to the US? Taxes. That's easy. If you are a US citizen, no matter whether you're in Seattle or Singapore, the IRS doesn't care. You're gonna be subject to taxes on your worldwide income. So that, that, that's a pretty easy question. So basically a US citizen is Taxed on your worldwide income, or if you are under section 771, a green card holder, or you trigger substantial presence by spending a lot of time in the US, you're subject to taxes on your worldwide income. So that, that's, that, that is Matic. It is what it is. So he or she continues housing allowances and retirement supplement salary. Are they also subject to US taxes? Yes, you're correct. It's subject to taxes on your rule-wide income. It doesn't matter whether you are in Tennessee or tan PGA, the US, the federal government is gonna tax you. So that includes all your benefits. Housing. I know if you're one of the few people that are still on an ex-pat package and you get that flight back every year, or you get a, you know, car allowance, school fees for the kids, that may all be taxable. So it's 100% taxable. You'd wanna sit with an advisor, to talk that through, but generally speaking, yes, 100% taxable. Hope that answers your question. 
OUTRO: 
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How is a US Exposed Person in Singapore taxed?

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The IRS taxes US citizens on their worldwide income unless and until they relinquish their citizenship. U.S. lawful permanent residents ("green card holders") who live outside the U.S. continue to be subject to U.S. tax on their worldwide income until the green card has been revoked or has been administratively or judicially determined to have been abandoned. Code §7701(b)(6).

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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13Lkx0MHg5MlJHd3c0

[ Offshore Tax ] How is a US Exposed Person in Singapore taxed?

September 27, 2022 5:44 pm

If my green card expires, am I still a US taxpayer?

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Lawful Permanent Residents (LPR) of the U.S. must present a Permanent Resident Card ("Green Card", Form I-551), a Reentry Permit (if gone for more than 1 year), or a Returning Resident Visa (if gone for 2 years or more) to reenter the United States. Your lawful permanent resident status is not linked to your green card's validity.

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DERREN JOSEPH: 
More context. I'm an Indian citizen with a green card living in the UAE, but I could not travel to the US in 2020, or 2021. I finally got my green card reactivated and traveled to the us in 2022. Right. Okay. So consider a green card. A green card is a kind of a re-entry permit. Look at it like that. So my point is that even though your green card may have expired, or you may have lost it as long as you didn't correctly surrender it to the comp a competent authority. So for example, an embassy or someone CBP, customs, and border protection, and they give you an I four seven. So you did not correctly surrender that card. You remain US Taxpayer, even if it's lost, even if it's stolen, even goes to the washing machine, I've seen them a while. I've seen the green cards go through the washing machine. The clients bring them to us. So we've seen them all. So regardless of this, this, the condition, or the expiration of the physical card, you are still US Taxpayer. So yes, you need to ensure you're up to date with your taxes. And that may include either going through the voluntary disclosure, which we discussed earlier for someone whose noncompliance was willful or the streamline, which we discussed earlier for someone who'whosecompliance is deemed non-willful. I hope that helps. 

OUTRO: 
So if you're a six, seven, or eight-figure investor, entrepreneur, or business owner who needs a tailor-made solution from a qualified team of professionals, we can help you achieve the international lifestyle, the freedom, and even the tax savings you're looking for, visit us at HTJ.tax and live that international life. 



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If my green card expires, am I still a US taxpayer?

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Lawful Permanent Residents (LPR) of the U.S. must present a Permanent Resident Card ("Green Card", Form I-551), a Reentry Permit (if gone for more than 1 year), or a Returning Resident Visa (if gone for 2 years or more) to reenter the United States. Your lawful permanent resident status is not linked to your green card's validity.

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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LjFDVEpJMVowUk44

[ Offshore Tax ] If my green card expires, am I still a US taxpayer?

September 26, 2022 5:56 pm

What about tax in Ireland on a US pension?

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In general, foreign pensions (including UK and US pensions) are taxable sources of income in Ireland. They are liable to Income Tax (IT) and Universal Social Charge (USC), but not Pay Related Social Insurance (PRSI).

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DERREN JOSEPH: 
If it is that this retirement fund, this private retirement fund was accumulated while living in the US, and now you've come over to, Ireland. And now you are receiving distributions from that fund. How is it treated generally, from a tax perspective? 

DAMIEN: 
Yeah, I, I think if it's if you're getting distributions out of it, it is class, it is classed as income, unfortunately. So if you are, depending on these, your, you know, your, your periodic Pension payments to pay, to fund your lifestyle in Ireland. Yeah. You may be caught there. You may be caught there with that now. I'm I, we, we could check the treatment for you just to see if there is anything in it. Yeah. But that's my initial, my initial thought on that one. 

DERREN JOSEPH: 
Yeah. So normally in the standard drop of, the treaty, they do say that pensions will be taxed in one country only. So it, so I guess the bottom line is it won't be double taxed, but chances are, you know, it, it will be taxable.

DAMIEN: 
And it will be dependent upon what your total taxable income in Ireland is this stuff, this was your only taxable income in Ireland. It could actually be quite advantageous for you because it's likely you would pay little or no tax. But if you did have other income and other income of significance and it pushed, it pushed the distributions you got from this, into the top, right? 

DERREN JOSEPH: 
A higher it would. 

DAMIEN: 
Yeah. Then it would be more significant. Yeah. Yeah. 

DERREN JOSEPH: 
Okay. So the bottom line is we probably need, you need to sit with a tax professional because you want to know things like, for example, is it a Roth or which is after-tax income, which has been invested, is it a regular 401k, which is pre-tax and then we'd need to look at the treaty as well as your Donald south data in Ireland, Ireland, but generally speaking, these, these are the kind of thoughts and conversations that 

DAMIEN: 
We are that we need to yeah. We need to call it true. 

DERREN JOSEPH: 
Yeah. Gotcha. 

OUTRO 
So if you're a six, seven, or eight-figure investor, entrepreneur, or business owner who needs a tailor-made solution from a qualified team of professionals, we help you achieve the international lifestyle, the freedom, and even the tax savings you're looking for, visit us at HJ.tax  and live that international life.


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What about tax in Ireland on a US pension?

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In general, foreign pensions (including UK and US pensions) are taxable sources of income in Ireland. They are liable to Income Tax (IT) and Universal Social Charge (USC), but not Pay Related Social Insurance (PRSI).

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DERREN JOSEPH:
If it is that this retirement fund, this private retirement fund was accumulated while living in the US, and now you've come over to, Ireland. And now you are receiving distributions from that fund. How is it treated generally, from a tax perspective?

DAMIEN:
Yeah, I, I think if it's if you're getting distributions out of it, it is class, it is classed as income, unfortunately. So if you are, depending on these, your, you know, your, your periodic Pension payments to pay, to fund your lifestyle in Ireland. Yeah. You may be caught there. You may be caught there with that now. I'm I, we, we could check the treatment for you just to see if there is anything in it. Yeah. But that's my initial, my initial thought on that one.

DERREN JOSEPH:
Yeah. So normally in the standard drop of, the treaty, they do say that pensions will be taxed in one country only. So it, so I guess the bottom line is it won't be double taxed, but chances are, you know, it, it will be taxable.

DAMIEN:
And it will be dependent upon what your total taxable income in Ireland is this stuff, this was your only taxable income in Ireland. It could actually be quite advantageous for you because it's likely you would pay little or no tax. But if you did have other income and other income of significance and it pushed, it pushed the distributions you got from this, into the top, right?

DERREN JOSEPH:
A higher it would.

DAMIEN:
Yeah. Then it would be more significant. Yeah. Yeah.

DERREN JOSEPH:
Okay. So the bottom line is we probably need, you need to sit with a tax professional because you want to know things like, for example, is it a Roth or which is after-tax income, which has been invested, is it a regular 401k, which is pre-tax and then we'd need to look at the treaty as well as your Donald south data in Ireland, Ireland, but generally speaking, these, these are the kind of thoughts and conversations that

DAMIEN:
We are that we need to yeah. We need to call it true.

DERREN JOSEPH:
Yeah. Gotcha.

OUTRO
So if you're a six, seven, or eight-figure investor, entrepreneur, or business owner who needs a tailor-made solution from a qualified team of professionals, we help you achieve the international lifestyle, the freedom, and even the tax savings you're looking for, visit us at HJ.tax and live that international life.


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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LnhmUkRQT0tZYmRV

[ Offshore Tax ] What about tax in Ireland on a US pension?

September 25, 2022 5:48 pm

How about living in Singapore and owning a property in the US?

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When a nonresident individual owns rental real estate in the U.S., there are two alternatives for reporting and paying U.S. income taxes.
The individual may choose not to file an income tax return in the U.S. to report the rental income. In this case, 30% of the gross rental income must be remitted to the Internal Revenue Service. If the rental is handled by a rental agent, the agent must withhold and remit the 30% as rent is collected. If no rental agent is involved, then the nonresident owner is obligated to pay the 30% to the Internal Revenue Service.
Most nonresidents do not choose the first option. Instead, they report the rental income on a U.S. income tax return, Form 1040NR. They must report the rental income received, but, unlike the first option, all expenses associated with the property are deductible against the rental income. These expenses include property taxes, mortgage interest, repairs, etc. In addition, a calculated amount for depreciation is also deducted.  Majority of owners do not have any taxable income left after taking into account all of the deductions that are available. If there is no taxable income, there is no tax to pay. In addition, any excess expenses accumulate and carry forward indefinitely and are available to offset profit on sale.

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DERREN JOSEPH: 
So your question is if I let my child stay in a property that I own in the US and also use a property myself, occasionally, how would it impact your US taxes? You didn't Mr. Or miss anonymous, you didn't identify whether you are a US person or not, whether you are the US green card rule or a citizen. So I'm gonna assume that you are right. So I'm gonna guess that you're American and that you are based in Singapore. Now, if it is that you have a Senate daughter that is studying in the US, or for whatever reason, living in the US, and they stay in a property you own, this is so common because of course, the US is a destination of choice universities for, for young people, Singapore wanted to sell abroad. So this is completely normal. And it does happen that compared to the price of condos in Singapore, real estate, in the US, may be considerably cheaper, right? So, you take the opportunity, to invest, right? Why have your son and daughter rent when they can live somewhere you own? So this is complete, this is completely normal. There, there should be no us tax consequences aside from property tax or whatever, but assuming that you are American, however, depending on what state you are in having a property available for your use. 

#livinginSingapore #Singaporetaxes #expatsSingapore #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

How about living in Singapore and owning a property in the US?

Join the waitlist for the NOMAD OFFSHORE SUMMIT ⬇️ ⬇️
https://htj.tax/nomad-offshore-summit-2023/

When a nonresident individual owns rental real estate in the U.S., there are two alternatives for reporting and paying U.S. income taxes.
The individual may choose not to file an income tax return in the U.S. to report the rental income. In this case, 30% of the gross rental income must be remitted to the Internal Revenue Service. If the rental is handled by a rental agent, the agent must withhold and remit the 30% as rent is collected. If no rental agent is involved, then the nonresident owner is obligated to pay the 30% to the Internal Revenue Service.
Most nonresidents do not choose the first option. Instead, they report the rental income on a U.S. income tax return, Form 1040NR. They must report the rental income received, but, unlike the first option, all expenses associated with the property are deductible against the rental income. These expenses include property taxes, mortgage interest, repairs, etc. In addition, a calculated amount for depreciation is also deducted. Majority of owners do not have any taxable income left after taking into account all of the deductions that are available. If there is no taxable income, there is no tax to pay. In addition, any excess expenses accumulate and carry forward indefinitely and are available to offset profit on sale.

-----------------------------------------------
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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13Ll9aTDVXdXhxQWJ3

[ Offshore Tax ] How about living in Singapore and owning a property in the US?

September 24, 2022 5:22 pm