Pensioners and retirees often find it extremely attractive to move abroad for their retirement. New York simply isn’t as exciting as New Zealand, and depending on the country of choice, and the strength of the U.S. dollar, day-to-day living could be cheaper, the quality of medical care excellent and defrosting the vehicle in December isn’t an issue.
Whatever your reason to move overseas, there are potential tax benefits.
While you execute your foreign retirement, there are important tax considerations and tax treaties that you must take into account. The United States requires its citizens/residents to report their worldwide income annually – regardless of where they reside. Your income may come from a variety of sources – including domestic and foreign investments, real estate, pensions and retirement plans – all of which must be correctly accounted for in the tax return.
This is where you can rely on XPAT 1040. We specialize in international tax compliance for U.S pensioners and retirees who live or are relocating abroad.
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