Hey gurus - can you try to think if this plan is sound. Couple of months ago I became a US citizen and my wife a GC holder. Unfortunately for business reasons it makes sense for us to go abroad for about 3 years. The question relates to preservation of my wife's GC.
This is what we plan to do:
- Store stuff in storage here in the US. It will be in her name and she will pay for from her US credit card.
- Get 1 REP and then 2 REP. This will cover the 3 years. We will get 2 REP after returning briefly after the 1 REP.
- My wife will get paid by US business from the US (actually my business). So she will have a US source of income at all times.
- We will ship our car overseas - but we will bring it back. We will state that to foreign authorities.
- We will sign an agreeement with my friend that we can live with him. We will pay him some small money for this. And we will make sure that all my wife's credit card bills go to that address.
- My wife will be paying for some utilities in the US like phone while she is away from the US.
- Finally we will pay taxes. However since we will be out for more than 330/365 days - we will be eligible to exclude 80K. But this is still regular 1040 resident tax form.
- She will obviously keep her bank accts, credit cards in the US
However while abroad - we will build a house. Eventually this will be our second house. So after we return to the US we will keep it, rent it out or simply use it for the summer or sthg.
I am going there to establish a business and will likely draw income from abroad. But the businesses are always run in such a way where you ramp them up and then have a manager run the company. I have done it couple of times already. So a person can have businesses everywhere in the world. In fact VISA and Mastercard has businesses in tax paradise.
Also - my wife has been living in the US for quite some time already (couple of years) - but she has had the GC for 2 months only.
Obviously my wife will break her continuous residence - so she will apply for Natz later on after she is eligible when she returns.
So this is what we plan to do. Does anybody think there are some other precautions to take?
This is what we plan to do:
- Store stuff in storage here in the US. It will be in her name and she will pay for from her US credit card.
- Get 1 REP and then 2 REP. This will cover the 3 years. We will get 2 REP after returning briefly after the 1 REP.
- My wife will get paid by US business from the US (actually my business). So she will have a US source of income at all times.
- We will ship our car overseas - but we will bring it back. We will state that to foreign authorities.
- We will sign an agreeement with my friend that we can live with him. We will pay him some small money for this. And we will make sure that all my wife's credit card bills go to that address.
- My wife will be paying for some utilities in the US like phone while she is away from the US.
- Finally we will pay taxes. However since we will be out for more than 330/365 days - we will be eligible to exclude 80K. But this is still regular 1040 resident tax form.
- She will obviously keep her bank accts, credit cards in the US
However while abroad - we will build a house. Eventually this will be our second house. So after we return to the US we will keep it, rent it out or simply use it for the summer or sthg.
I am going there to establish a business and will likely draw income from abroad. But the businesses are always run in such a way where you ramp them up and then have a manager run the company. I have done it couple of times already. So a person can have businesses everywhere in the world. In fact VISA and Mastercard has businesses in tax paradise.
Also - my wife has been living in the US for quite some time already (couple of years) - but she has had the GC for 2 months only.
Obviously my wife will break her continuous residence - so she will apply for Natz later on after she is eligible when she returns.
So this is what we plan to do. Does anybody think there are some other precautions to take?