February 23, 2016

A Tax Guide for People Retiring Abroad

Michael Hirschfeld

After years of the rush-hour grind, some retirees decide for a major change in life by resettling outside the US. While retirees may think they can leave all their past worries behind, one thing that will not go away is US tax liability. Unlike many countries around the world, the US imposes its income tax on the worldwide income of its citizens regardless of where they live. US estate– and gift–tax liability may also persist. Ignoring these taxes can lead to civil and criminal penalties and a headache for the next generation, so retirees need to focus on these issues. 

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