Ep 26: What Is English For "PFIC"?
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In this episode, we discuss PFICs (Passive Foreign Investment Companies) and the dangers of investing in them.
We start by defining them with some examples and then discuss the tax compliance requirements and the potential penalties for non-compliance. We include financial planning considerations like foreign exchange and repatriation.
We explain why we want to get a detailed idea of any PFICs clients may have when we start working with them on financial planning or tax preparation.
Most of our clients /prospects are not aware that they have PFICs in their overseas portfolio.
We discuss ways of dealing with them, how to stay compliant or get rid of them, and also mention the particular case of those with work visas - who may want to keep the PFICs in their portfolio.
It's a fun discussion.
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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