Expat Wealth - Cross-Border Financial Advice for Expats in America and Americans Abroad

“The US system of tax reporting and FBAR reporting is exceedingly complex, and materially differs from the reporting requirements in most other countries in the Western world.” So says Dan Price, my guest on this week’s Ask An Expert show. That’s why there’s a high chance of non-compliance if you’re an expat in the US, and why you need to hear this week’s episode. 

Dan is a distinguished tax attorney, two years into running his own firm but with almost 20 years of experience at the IRS Office of Chief Counsel. While there he established programs designed to aid individuals in becoming tax compliant, and covered both criminal and civil IRS audits. He knows his stuff, so it’s a privilege to have him on the show to take us behind the scenes at the IRS and give you expert advice on staying tax compliant. 

We talk about:

·      The cost of compliance for middle-class tax payers. What qualifies as middle-class? And what are the costs of being in non-compliance? Hint: they’re significant.

·      How to streamline your filing with the IRS. As Dan explains, there are myriad systems and procedures in place to catch wilful non-compliance. You can’t beat the algorithm, so don’t try.

·      The difference between true ignorance, or wilful blindness, and knowingly ignoring tax obligations. 

if you're an expat or an immigrant and you came here mid-career, there's a very good chance you're in some form of non-compliance. Don't bury your head in the sand. It's very possible the IRS already has information about you and it might one day catch up with you. There are solutions, palatable solutions, as you’ll hear in this episode.

For more information on Daniel N Price LLC, visit pricetaxlaw.com

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

There’s a well-known fable on investing that claims that from 2003 to 2013, Fidelity conducted an internal performance review of customer performance. They wanted to see who the best investors were, so they trawled through millions of records to map returns over a decade. Who do you think was the best performing customers? 

Fidelity found that they were the ones who had died; the accounts that accumulated the most wealth over time for which the account holders had stopped managing after they passed away. It’s slightly morbid but the lesson – and it’s one we at Plan First Wealth talk about every week – is that trying to time the market is impossible, and you just need to stick to your plan, and buy and hold.

That’s especially true at the moment: so much happened in March, and yet it seems as if nothing happened in April; month-on-month, minimal changes in the markets. The S&P fell less than 1%. The NASDAQ closed up 1%. 

So what are the lessons for your portfolio management and retirement planning in these times of volatility followed by relevant calm? To find out, Richard Taylor and James Boyle are back in the trenches, showing you behind the scenes at Plan First Wealth and analysing the market movements (and lack thereof). 

This week you’ll hear how:

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Are your foreign investments quietly wrecking your US tax situation? They might be. 

This week’s Ask An Expert show features Brian Dunhill, a seasoned financial planner based in the UK, to tackle one of the trickiest topics in expat finance: PFICs (Passive Foreign Investment Companies). 

Host and founder of Plan First Wealth, Richard Taylor, and founder of Dunhill financial Brian walk you through: 

Brian shares real-life stories of expats who’ve navigated PFIC trouble - and how they got out of it. Brian is the founder of Dunhill Financial, a firm that specialises in cross-border financial planning and wealth management. The firm is based in London and focuses on assisting Americans living abroad and expatriates in the United States.

Brian and his firm are adept at handling financial advisory needs that cross national borders, particularly involving US and European regulations.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

"When selling feels right, that's when it's most dangerous," warns James Boyle in this week's From The Trenches. Richard Taylor sits down with James to look at one of the most turbulent weeks in the market in recent history.

The S&P 500 took a massive 12% dive over four days, stirring up investor panic similar to past financial crises. This panic often leads to hasty decisions; James and Richard stress the need to stay on course, even when the stock market feels like a rollercoaster. A steady investment strategy is key to preserving long-term gains and avoiding reactive trading pitfalls.

Right after the market dropped, the S&P 500 bounced back with a 10% gain the third-highest since World War II, a perfect example of the volatility that can trap you into trying to time the market. Richard emphasises that while it's natural to want to act during downturns, a buy-and-hold strategy helps you benefit from market recoveries instead of locking in losses by selling at a low. 

Also, consider how taxes impact your financial returns. Using strategies like tax-loss harvesting during downturns can boost your after-tax returns. This involves selling losses to offset gains, reducing taxable income, and is valuable for long-term portfolio health. In times of market volatility, make sure your investment strategy matches your risk tolerance and financial goals. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

We’re The Brits In America is a Plan First Wealth podcast dedicated to helping ambitious expatriates and 1st generation immigrants THRIVE in America, hosted by Richard Taylor, founder of Plan First Wealth. 

We work with successful expatriates, immigrants and internationally-minded Americans living across the US to make the most of their opportunity and avoid the expat landlines.

We’re The Brits In America consists of three show formats:

We have “Ask An Expert” where a fellow professional is invited on to share useful and important information that expats and immigrants need to know.

“Always An Expat” where Richard invites in a fellow expat/immigrant with an interesting story to tell

“From The Trenches” where Richard Taylor and James Boyle from Plan First Wealth bring you behind the scenes, analyse the market movers and forecast what they mean for you. 

If you aren’t already receiving our regular emails please go to our website, www.planfirstwealth.com and sign up there - it’s free - and you’ll then be notified every time we drop a new episode, and so much more.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Many green card holders mistakenly believe they are no longer liable for US taxes after expiration. Properly relinquishing a green card requires completing Form I-407. If this is news to you (or you’ve never heard of this form) then you better listen to this week’s Ask An Expert. 

Richard Taylor is joined once again by Virginia La Torre Jeker, a member of the NYS Bar since 1984 and preeminent US tax professional. Together they talk about what green card holders and US citizens need to know before giving up their status. They break down the risks of becoming a “covered expatriate,” how the exit tax works, and why signing the wrong form at the border can have big consequences. 

Plus, Virginia shares tips on how to plan ahead to avoid major tax issues. One of those is the exit tax: covered expatriates are treated as if they sold all their assets the day they expatriate - even if they haven’t. In the case of IRAs and similar retirement accounts, the IRS treats the entire balance as a taxable distribution, potentially triggering a tax bill without the expat actually accessing any of the funds. 

If you’ve got a million dollars in an IRA, the IRS is going to treat it like you've just received a million dollars of IRA income - taxable at the highest rate, up to 37%. That hurts. 

Find out how to avoid this, right here.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

You might already have missed the market bounce-back.

That’s the warning from Richard Taylor and James Boyle in this From The Trenches episode of We're the Brits in America, where they break down the latest market movements and what they mean for investors and, in particular, expats. 

With a mix of market updates and personal insights, they explore why staying invested during turbulent times is crucial, how tax loss harvesting can boost returns, and why diversification is key for long-term success. Plus, you’ll get practical strategies to navigate financial uncertainty. As we always say on the show, keep calm, stick to your plan, and ride out the uncertain times. 

Beyond the numbers, Rich and James dip into the pick-n-mix, with book recommendations like Die with Zero by Bill Perkins and 4000 Weeks by Oliver Burkeman, which encourage you to rethink wealth and time. If you're an expat or immigrant looking to make smarter financial moves in the US, this one’s a must-listen.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

There are tax changes coming in the UK - new rules replacing the domicile system with a tax residency-based system. This could affect your inheritance tax exposure, among others if you’ve been out of the UK for over 10 years. 

To find out what it all means, Richard Taylor welcomes back Aidan Grant, a partner specialising in Tax and Trust Estates Planning at the law firm Collier Bristow. Aidan advises cross-border families and expats on navigating complex taxation and estate planning issues. The new rules in the UK are certainly complex. 

Plus, for those moving back to the UK or coming for the first time after being abroad for over 10 years, you can leverage the FIG regime; it allows a four-year tax exemption on foreign income and gains. This can be strategically used to manage assets and liquidate investments without UK tax burdens. How do you do it? Aidan and Richard discuss.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

The ‘Magnificent Seven’ (that’s Alphabet, NVIDIA, Amazon and the rest of the tech giants) currently make up over a third of the entire S&P 500. This is a problem for long-term investors because – as we saw when Chinese GPT DeepSeek got released in January – billions can be wiped off their valuation overnight. Are they overvalued as it is? 

To discuss this and all the market movers from the start of 2025, Richard Taylor and James Boyle are back in the trenches. They talk about the importance of diversification: ‘if you want to grow it, diversify. If you’re out to make money and you’re willing to lose it all, concentrate”, says Richard. 

James shares insights on the current market volatility and what it means for your retirement planning. Plus, as always, how to ensure you stay tax compliant as an expat in the US. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

In the UK, the five-year survival rate for pancreatic cancer is 7.3%. In the US, it’s 13%. 

This is a very special episode of Always An Expat, and a slight departure from the usual format, but it’s an important story to tell. Keith Hunt, a Scottish-born geophysicist, was working for Shell when, in 2022, he was diagnosed with pancreatic cancer. It was detected early, in part due to his proactive approach influenced by his family’s medical history, and the efficiency of the US healthcare system. After treatment in the US he won the battle, but then the second sucker punch hit him – a diagnosis of brain cancer, unrelated to his pancreatic cancer. 

Richard Taylor talks to Keith about this experience, the remarkable resilience he’s shown and how the past few years have shaped his perspective on being an expat. People talk a lot about the US healthcare system, and it’s not without its faults. But despite the costs there’s no doubt it provided Keith live-saving care. Would the same be true in the UK with the NHS? 

This is a must listen for any expat. ‘I am here today because we came to the US,’ says Keith. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.