Tax Consequences for US Green Card Holders
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Getting that green card sounds like a dream come true, right?<\/p>\n
US residency has many benefits so why wouldn’t you get it to live a fine life in America.<\/p>\n
One of the major downsides of living in the US is that you’re obligated by law to report all your foreign bank and financial accounts. The FBAR needs to be filed each and every year which is usually done using a separate form. Failure to disclose your foreign accounts to the IRS can lead to huge fines and potentially prison time.<\/p>\n
Residents of the United States of America are subject to worldwide income tax. You’re obligated to report all your worldwide income to the IRS and pay taxes on it. An exception is corporate income – that you pay wherever your business is situated.<\/p>\n
The exit tax is another big burden and often comes as a surprise when green card holders terminate their resident alien status. Some individuals pay as much as 30% of their net worth when they leave the United States. How much you’d need to pay depends on how long you’ve lived in the United States and how much money you made.<\/p>\n
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