What is an expat?
Updated: Jan 31
Let's start by defining what an expat is:
The word expat is short for expatriate. In simple words, an expat is a person residing and/or working in a country other than their native country. An expat can live in another country permanently or for a certain period of time.
For tax purposes, if you are a U.S. citizen, resident, or Green Card holder, the rules for filing income, estate, and gift tax returns and paying estimated tax in the United States are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.
Tax regulations and foreign financial disclosures around expatriates can be complex.
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This post may not contain a complete analysis of the tax issues discussed herein and does not represent official conclusions or advice regarding the matter.