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Just so you know, Green card holders and citizens have the exact same requirements when it comes to taxes and foreign account disclosures. If you are a Permanen
by codegeek 12y ago
Just so you know, Green card holders and citizens have the exact same requirements when it comes to taxes and foreign account disclosures. If you are a Permanent resident/Green card holder, you still have to file taxes with IRS regardless of where you live or where your accounts are. The foreign bank account law (FATCA) also applies to permanent residents.
- cylinder 12y agoYes, but permanent residency is easily abandoned, and can later be reobtained if desired (through any available means of immigration).
- gcb0 12y agonot so. there is the tale of a french game developer who did what you said, and the IRS still managed to froze his foreign bank account. basically, he gave up his US residency. Moved back to his native france, joined a game company that turned huge. on the IPO(?) the IRS got france to hold his assets because he was evading taxes, by renouncing the residency. ..i'm trying to find the history or the names. but failing, i'm sure someone here can help...
- gsb 12y agoBut if you're going to abandon your green card, you need to do it before the eight year because doing it after that makes you subject to the exit tax where abandoning your green card requires giving up a nice chuck of your net worth.