Ep 22: What Is English For "Covered Expatriate"?
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If you are a U.S. citizen or a long-time resident (8 of the last 15 years), and you decide to leave the U.S. permanently, you could become a covered expatriate. You don't want to be a covered expatriate since there is a possibility you may have to pay an exit tax.
In this shortie, we tell you who a covered expatriate is. Three main tests determine whether you are a covered expatriate and the potential implications.
The income test, the net worth test, and the certification test.
Being a covered expatriate can have financial implications, such as potential liability for an exit tax and complications with gifts and estate planning.
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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