According to a recent Wall Street Journal article, more americans are choosing to live abroad. Expatriate retirees face many hurdles such as language and cultural barriers. Of primary concern to retiree expatriates is taxation, financial accounts, and healthcare.
The Foreign Account Tax Compliance Act, which keeps tight watch on expatriates’ finances and tax payments, as made it more difficult for expats to obtain bank accounts while abroad because many foreign banks do not want the extra burden of maintaining accounts for American. Before shipping out, the Article recommends:
-Ensuring that all you legal paperwork (wills, living wills, power of attorney for financial decisions, etc.) are legal in the new country.
-Hiring a tax professional in the United States and abroad.
-Maintaining contacts in the United States with an emergency list of contact information.
Posted by Theodore H. Waggner, Esq., Associate Editor, Wealth Strategies Journal