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Ep 52: L-1 Visa - 3 Must-Know Tips For Foreign Execs Moving to the U.S.
We discuss the top three essential financial and tax considerations for foreign executives relocating to the US on an L-1 visa.
We start by defining the different types of L1 visas.
We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.
We emphasize the importance of pre-immigration planning and working with cross-border tax professionals.
Takeaways
Chapters
Episode Links & Resources
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
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.
We start by defining the different types of L1 visas.
We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.
We emphasize the importance of pre-immigration planning and working with cross-border tax professionals.
Takeaways
- L1 visas are for foreign executives and managers.
- US tax residents must declare worldwide income.
- Timing your arrival affects tax obligations.
- Pre-immigration tax planning is crucial.
- Foreign financial assets must be reported.
- Non-compliance with asset reporting incurs penalties.
- Estate and gift tax implications are significant.
- Work with professionals on both sides of the border.
Chapters
- 00:00 Understanding the L1 Visa and Its Implications
- 02:47 US Income Tax Filing and Compliance for L1 Visa Holders
- 06:07 Managing Foreign Financial Assets and Compliance
- 09:00 Estate and Gift Tax Considerations for High Net Worth Individuals
Episode Links & Resources
- EP 09: Work Visas And Investing In The US
- Ep 04: What Is The Substantial Presence Test
- Ep 32: What Is English For "Job Loss On A Work Visa"
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
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.
View all episodes
By The International Money CafeWe discuss the top three essential financial and tax considerations for foreign executives relocating to the US on an L-1 visa.
We start by defining the different types of L1 visas.
We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.
We emphasize the importance of pre-immigration planning and working with cross-border tax professionals.
Takeaways
Chapters
Episode Links & Resources
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
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.
We start by defining the different types of L1 visas.
We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.
We emphasize the importance of pre-immigration planning and working with cross-border tax professionals.
Takeaways
- L1 visas are for foreign executives and managers.
- US tax residents must declare worldwide income.
- Timing your arrival affects tax obligations.
- Pre-immigration tax planning is crucial.
- Foreign financial assets must be reported.
- Non-compliance with asset reporting incurs penalties.
- Estate and gift tax implications are significant.
- Work with professionals on both sides of the border.
Chapters
- 00:00 Understanding the L1 Visa and Its Implications
- 02:47 US Income Tax Filing and Compliance for L1 Visa Holders
- 06:07 Managing Foreign Financial Assets and Compliance
- 09:00 Estate and Gift Tax Considerations for High Net Worth Individuals
Episode Links & Resources
- EP 09: Work Visas And Investing In The US
- Ep 04: What Is The Substantial Presence Test
- Ep 32: What Is English For "Job Loss On A Work Visa"
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
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.