US Connected Person

So now you have moved home and left the USA there is no need to worry about the IRS. Right? – NO WRONG.

Even though you no longer live in the USA, as a US connected person you are still required to do annual tax returns on your worldwide income and investments.  You also may have US assets which require investment management and financial advice to make sure your investments are fully compliant.

More and more US based Product Providers and Financial Advisors are closing clients’ accounts as they are no longer able to service clients who are not resident in the USA.  This has resulted in clients not being able to manage their US assets in the most efficient manner and therefore not achieving their investment goals.  As a Financial Advisor who is licensed in both jurisdictions I can make sure that this does not happen to your accounts.

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Some of the main considerations for US Connected persons include:


PFICs are Passive Foreign Investment Companies which are simply “pooled investments” registered outside of the United States.  PFIC can be foreign mutual funds, ETFs, money-market funds, hedge funds, and investments within non-U.S. insurance products.  Almost any foreign investment product other than direct ownership of stocks and bonds is likely classified as a PFIC by the IRS.

PFICs are taxed at the highest rates.  That’s why it is essential to know if you hold a PFIC in your Non US investments and to learn how you can better position your investments for tax efficiency.  Tax efficiency as a U.S. connected person is vital to ensure your retirement and life planning goals are attainable.

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The Foreign Account Tax Compliance Act (FATCA) is a law that requires U.S. citizens to file annual reports on any foreign account holdings they have.  The IRS defines the assets as: Foreign pensions, Foreign stockholdings, Foreign partnership interests, Foreign financial accounts, Foreign mutual funds, Foreign issued life insurance, Foreign hedge funds and Foreign real estate held through a foreign entity

Under FATCA filing requirements, all US connected persons are required to report certain foreign assets to the IRS if they exceed certain thresholds (which are different for those residing in the US and those living abroad). In addition to individual reporting requirements, foreign financial institutions are required to report on the assets of their American clients in order to avoid a 30% withholding on certain payments from the US.

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The Foreign Bank Account Report (FBAR) is similar to FATCA, as it is also designed to uncover tax evaders who use bank accounts abroad to hide money. FBAR reporting is different, as it pertains to foreign account balances of $10,000 or higher. FBAR is just about bank accounts—no other assets need to be reported.


As a fully qualified adviser who is licensed both inside and outside of the USA I am able to provide the professional advice to help you meet all your regulatory requirements and achieve your investment goals.  These assets can include your traditional IRA or Roth IRA and 401ks from your former employers.

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