In this video, Vincenzo Villamena, CPA and founder of Global Expat Advisors, explains tax strategies for immigrants, including new Green Card holders, to the United States.
Vincenzo covers:
- The importance of a "check-the-box" election for stepping up the cost basis of assets with unrealized gains before becoming a US tax resident.
- Dealing with PFICs (Passive Foreign Investment Companies), such as foreign mutual funds and investments, by selling them before US tax residency.
- Analyzing life insurance and foreign pension-owned mutual funds for potential tax consequences.
- Addressing GILTI tax obligations for ownership in non-US companies and taking necessary steps to minimize tax exposure.
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