Facebook Twitter Instagram
    Facebook Twitter Instagram
    Business News Bill
    SUBSCRIBE
    • Home
    • Finance

      How to Start an ATM Business

      August 9, 2022

      Costs and Benefits of Outsourcing and What You Should Outsource

      August 4, 2022

      Evolution of Online Payments

      August 3, 2022

      How Technology is Helping in the Fight Against Fraud

      July 28, 2022

      7 Ways To Deal With Shaky Investments

      August 3, 2022
    • Business

      Commercial Fencing: Keeping a Balance Between Security and Privacy

      August 12, 2022

      Rules to Live By at the Laundromat

      August 5, 2022

      Moving Offline to Online: Useful Tips for Taking on Digital Transformation

      August 5, 2022

      4 Things Businesses Are Doing To Counter the Great Resignation

      August 5, 2022

      Types of the corrugated boxes for product packaging

      August 3, 2022
    • Digital Marketing

      Why every YouTube video should have custom subtitles

      August 12, 2022

      A brief about Oracle EBS Testing

      August 9, 2022

      7 Tips To Increase Employees Performance

      August 9, 2022

      How Many People are in the US Military

      August 5, 2022

      The Top Web Hosting Types to Think About in 2022

      August 3, 2022
    • Technology

      The Must-Have Web Application Testing Checklist To Cross Off with Test Scenarios

      August 11, 2022

      5 Ways Technology Is Changing the eCommerce Industry

      August 5, 2022

      AMD Radeon RX 550X Mobile Specs & More – Graphics Card Review

      August 5, 2022

      4 Reasons Why Employees Love Modern HR Software

      August 4, 2022

      AMD Radeon HD 7850M – The Best Graphics Card for Gaming & More

      August 4, 2022
    • Shopping

      How to Make a Custom Keychain With These Easy Steps

      August 12, 2022

      Leather Vest- The Leading Staple Cardigan of Wardrobe

      August 9, 2022

      How To Make Your Etsy Store A Print On Demand Powerhouse With PodZa

      July 23, 2022

      Dropshipping with AliExpress? Why choose this online platform

      July 20, 2022

      Things to consider when buying a baby stroller online.

      July 19, 2022
    • Contact Us
      • About Us
      • Privacy Policy
      • Write For Us
      • Terms and Conditions
      • Disclaimer
    Business News Bill
    Home » Taxes for Expats: What You Should Know When Moving Abroad
    Finance

    Taxes for Expats: What You Should Know When Moving Abroad

    Alexander LoganBy Alexander LoganJuly 26, 2022No Comments3 Mins Read

    Taxes are the bane of everyone’s existence whether they are private individuals or entrepreneurs. Navigating the many types of taxation liable on expats can be a considerable undertaking in itself. For US expats still need to file their annual tax returns with the IRS and report every possible source of income. 

    Some other countries however may not have the same rules and may hold expats exempt from state taxes on their existing income if it originates from another country. Territorial taxation which is the tax levied only on income earned within a certain location is also what many countries follow. 

    Ascertain The Exact Income In Every Location 

    In an expat’s home country they will definitely be liable to pay tax on the full scale of their income whether it be from investments, salaries, dividends, rent, or interest. Before an expat makes the move abroad they need to ascertain how much of their income is still being generated passively in the home country because regardless of where they access that income in the world they will still need to pay taxes back home. 

    If your move to another country is for the long term or foreseeable future and you are moving your money or shutting down an enterprise, then the income from the home country will understandably diminish and no longer be taxable. Most states will render an expat a non-resident if they have not visited in six months. You can contact a US tax CPA in the United Kingdom or the country where you have moved for a full list of taxes liable there including the paperwork that needs to be filed. Ideally, you should do your full research about taxes abroad before you book a flight. 

    Criterion For Residence

    The following criteria can determine the status of your residence when you are an expat in another country. 

    • If you still have your voting rights in the home country and maintain a valid ID and other documents required by the state. 
    • If you currently own one or more than one home or other property in the state. 
    • If you visit and stay for several months at a time and have family and relatives living permanently in the state. 
    • You have been living in the state for any period of time within the tax year. 

    Lessen The Burden

    If you are moving to another country you should do some fail-safe measures to reduce your taxable income and take as much income out of the tax net as possible so you are only paying taxes abroad. Consider selling your home or other property or purchasing property instead in an income tax-free state if you are from the US. Open a foreign bank account and close all accounts in the state you are moving away from. Repositioning various large assets like an expensive car or a major investment into a new country can also help you avoid needless taxation back home.

    Share. Facebook Twitter Pinterest LinkedIn Telegram Reddit Email Tumblr VKontakte WhatsApp
    Previous ArticleHow to create a perfect game UI?
    Next Article How to maintain a better lifestyle in this inflation?
    Alexander Logan
    • Website

    Alexander is a professional blogger and journalist, who frequently writes about business, finance, law, and technology to help people understand and know everything happening around them.

    Related Posts

    How to Start an ATM Business

    August 9, 2022

    Costs and Benefits of Outsourcing and What You Should Outsource

    August 4, 2022

    Evolution of Online Payments

    August 3, 2022

    How Technology is Helping in the Fight Against Fraud

    July 28, 2022

    7 Ways To Deal With Shaky Investments

    August 3, 2022

    Why the US Dollar Remains so Popular

    July 24, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    DMCA Protected
    Recent Posts

    Why every YouTube video should have custom subtitles

    August 12, 2022

    How to Make a Custom Keychain With These Easy Steps

    August 12, 2022

    Commercial Fencing: Keeping a Balance Between Security and Privacy

    August 12, 2022

    Fast32 – Stream Movies Online by Just Simple Click 

    August 12, 2022

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    About Us
    About Us

    BusinessNewsBill.com is an online property, publishes daily leading business news stories. The website attracts over 15 million unique visitors every month.

    Our Picks

    Why every YouTube video should have custom subtitles

    August 12, 2022

    How to Make a Custom Keychain With These Easy Steps

    August 12, 2022

    Commercial Fencing: Keeping a Balance Between Security and Privacy

    August 12, 2022

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Facebook Twitter Instagram Pinterest
    • About Us
    • Contact Us
    • Disclaimer
    • Privacy Policy
    • Terms and Conditions
    © 2022 Designed by BusinessNewsBill.

    Type above and press Enter to search. Press Esc to cancel.