We discuss the top five blind spots that foreign nationals often encounter in their cross-border finances.

We cover misunderstandings of your individual financial situation, the risks of false economies, the need to report foreign assets, and more. 

We also touch on cultural adjustment and the importance of being prepared for potential changes in residency/immigration status.

Takeaways

• Don't assume your financial situation is the same as others
• False economy - Pay for professional services
• Your cultural background significantly influences financial decisions.
• Comparing financial systems between countries is just bad
• Foreign assets must be reported to avoid severe penalties.
• Estate planning is essential, regardless of wealth.
• Understanding U.S. tax obligations is crucial for foreign nationals
• Preparation for potential changes in residency is vital. A comprehensive checklist can help plan for cross-border transitions.

Chapters  

• 00:00 Identifying Blind Spots in Cross-Border Finances
• 03:00 Understanding False Economies in Financial Decisions
• 05:51 Cultural Adjustments and Financial Planning
• 09:05 The Importance of Reporting Foreign Assets
• 11:55 Estate Planning Essentials for Foreign Nationals
• 15:11 Preparing for Potential Changes in Residency (immigration status)

Episode Links and Resources

• Ep 45: What Is English For "Streamlined Filing Procedures
• Ep 34: What Is English For "FBAR"
• Top 5 Things To Know About FBAR Filing
• IRS FATCA Thresholds

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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.