In my last movie, I hope everyone is doing really great and enjoying the lovely weather in London. Or maybe not, maybe you are in Germany, Africa, Australia, or any other country. Today, I will talk about a topic that I had discussed yesterday with one of my clients. They asked me what to do when you become a green card holder, and it's a lot to consider. I would really, really consult a tax consultant before you get a green card because there are quite a few investments that you might want to get rid of before becoming a green card holder. Once you become a green card holder, you have a tax filing obligation with the Internal Revenue Service that you cannot ignore. If you do, you will be penalized and may even lose your green card. So, I highly recommend finding a tax consultant you're comfortable with, like our nice ladies at the US and UK taxation, who love to help with these matters. Please don't be shy and come over, and we can look at your investments and give you the best advice on how to take care of them before you get the green card. But for a brief overview right here and right now, let's assume you have investments that are not very good from an American tax perspective. One of these investments would be a self-invested pension plan (SIP). When you have a pension plan that you opened outside of employment, unfortunately, this pension plan does not receive the same treatment as an employer-provided pension plan. My pension plan, as you probably know, gets the same treatment as an American 401k pension plan if you prepare the proper treaty statements. You are not taxed on your contributions and the growth in your employer-provided pension plan....
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Video instructions and help with filling out and completing Which Form 8854 Electing
