How to declare overseas assets when immigrating to the United States

When it comes to American immigrants, many applicants will think of the United States? Global taxation, robbing the rich to help the poor? Like,? Rich people give up their green cards for tax evasion, and rich Americans give up their nationality for tax evasion? Such reports are often seen in newspapers and the Internet. These reports seem to have caused a public? Does America tax more than tigers? The impression also makes many wealthy people in China who intend to immigrate to the United States worry about a series of tax problems they will face after getting a green card. According to the Detailed Rules for the Implementation of the Overseas Account Tax Act (FATCA) promulgated by the Internal Revenue Service (IRS), American citizens and green card holders must truthfully declare their overseas assets exceeding $50,000 to the IRS. Otherwise, you may face a fine as high as $654.38+$00,000. If it is not paid after being notified by the IRS, the fine will rise to $50 thousand.

In fact, investment immigrants do not have to blindly believe some out-of-context reports. In fact, the tax in the United States is not so terrible, because the overseas assets required by the United States are not total assets, but specific financial assets, such as direct investment income, indirect investment income, business income, property capital gains and so on. Property is not included in the declaration, so China green card holders need not worry about the problem that domestic property needs to pay taxes in the United States.

When declaring overseas assets, one thing needs to be clear. Do you need to declare global income? Doesn't mean. Do you have to pay taxes on global income? . Overseas assets before immigrating to the United States should be declared, but there is no need to pay taxes. If these assets are later increased in value and realized, tax may be involved. Therefore, we suggest a series of tax planning before immigration.

First of all, consider the family. If the wife's income is low and the husband's income is high, you can consider applying only for the wife first, and the husband will not apply for it temporarily, so that the husband's assets outside the United States will not have the problem of overseas income tax; Secondly, consider the property disposal before immigration. For example, you can sell real estate or stocks before emigration, buy them back in cash after emigration, or give them to your family, or you can avoid related tax problems.

Although the property declaration in the United States is relatively transparent, the tax revenue is relatively fair. The net income from long-term overseas work or operation is tax-deductible. Overseas income tax credit? . For example, in the United States, the tax deduction of 20 1 1 is about more than 90 thousand dollars. If a couple live and work overseas together, they have more than180,000 USD of overseas tax-free federal income tax each year.

In addition, China and the United States have reached an agreement to avoid double taxation. You paid taxes in China, but you don't need to pay taxes in the United States. For example, the corporate income tax in China is 20-25%, and then 20% of the dividends are distributed to individuals, making a total of nearly 40%. The individual income tax rate of American states is about 15-20%, so the tax paid in China can offset the part to be paid in the United States.

For another example, the income from house purchase investment is taxed at 20% in China, while the income from investment is taxed at 15% in the United States, so the amount paid in China will also offset the amount to be paid in the United States. ? Those who are worried about being taxed to varying degrees after immigrating to the United States need not be so nervous. ?

According to the data of the US Immigration Service, China accounted for 3/4 of the American investment immigrants last year. Why? Global tax? Didn't stop the China people? Because the United States does have a self-evident advantage, therefore, to achieve it? American dream? The key is to deeply understand American tax policy and find professional certified public accountants and tax experts to make reasonable planning.