Green Card Tax Implications: Revoking and Abandoning Green Cards, Preplanning for Green Card Status, Exit Strategies

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

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Tuesday, October 18, 2022 (in 12 days)

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

or call 1-800-926-7926

This webinar will review the initial considerations of obtaining a green card and how to successfully abandon or revoke the same. Our panel of seasoned foreign immigration experts will detail which taxpayers are the best candidates for green cards, when a VISA is a better alternative, the eight of 15 year test for long-term residents, how U.S. treaties affect expatriation, and tax and estate planning for a U.S. exodus.

Description

A U.S. person is taxed on worldwide income and is likewise subject to foreign information return reporting and the U.S. estate tax regime. Unfortunately, international tax advisers often are not consulted by taxpayers until after they have obtained their coveted green card. Holding a green card can trigger unexpected tax and filing obligations. Now considered a U.S. shareholder, a green card recipient with shares held in foreign corporations could be unwittingly subjected to CFC (controlled foreign corporation) or PFIC (personal foreign investment company) reporting and tax requirements. Additionally, inheritances from family abroad could be included in the resident's taxable estate.

The process to abandon or revoke is often more painful than the reporting obligations that come with the green card. Covered expatriates, including individuals exiting with a net worth of at least $2 million, must pay an exit tax on the fair market value of worldwide assets above $767,000 (2022). Appropriate planning can negate or mitigate these harsh income and estate taxes.

Listen as our panel of international tax experts explains the tax consequences of green cards, including pre-planning and revocation considerations.

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Outline

  1. Green Cards vs Non-Immigrant VISAs
  2. Pathways to a Green Card
  3. Pre-Immigration tax planning
  4. Naturalisation or not
  5. Covered Expatriate Implications of long-term Green Card residency
  6. Strategies to avoid Covered Expatriate status Ramifications of staying too long
  7. Implications of being a Covered Expatriate
    1. Exit tax
    2. Inheritance tax
    3. Pre-expatriation tax planning
    4. War Stories

Benefits

The panel will cover these and other critical issues:

  • When should a green card holder file Form I-407, Record of Abandonment of Lawful Permanent Resident Status?
  • How can gifting be used to lower expatriation taxes?
  • Tips to present long-term resident status to expedite expatriation
  • How do U.S. treaties affect expatriation?
  • When is a green card holder subject to the CFC taxation regime?
  • What is the eight of 15 year rule, and how does it affect expatriation?

Faculty

Lesperance, David
David Lesperance, J.D.

Founder and Principal
Lesperance & Associates

Mr. Lesperance is one of the world’s leading international tax and immigration advisors. He has successfully...  |  Read More

Warshaw, Melvin
Melvin A. Warshaw, JD, LLM
International Tax and Estate Planning Lawyer
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Mr. Warshaw has nearly 40 years of experience as a U. S. estate planning and tax lawyer. He currently represents U. S....  |  Read More

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