Bare Basics/Necessities of Life Upon Entry - Feedback from Successful DV Selectees In USA Please
- Thread starter Momo1980
- Start date
And with a good amount of money in addition to having eyes open
I'm younger than you (32) and in a similar situation. Had I remained in Tanzania (which there is no way I want to no matter how much money/opportunity there is here because having a gun put to my head was the last straw), I'd be working 5 hours a day, playing tennis everyday and sitting on a beach on Sundays and retired by 40 living off investments, traveling and being bored to death lol
Just like you now I'm looking at 10 years of hard work to ensure not only my security but someday when I get married, the security of my wife and kids and my parents when I hopefully move them to America after obtaining my citizenship in a few years.
After considering so many factors, my father and I decided to keep our business interests here just to ensure an income flow even when we're all living in America someday so we'll just take turns coming down here every couple of months to check on things.
Britsimon
Super Moderator
And with a good amount of money in addition to having eyes open
Yeah true - go with open eyes and a full wallet!
Britsimon
Super Moderator
That sounds like a good plan - and the idea to keep the business interests is smart. Hope for the best, plan for the worst.
Lol my dad always says to me "always think of the worst possible scenario" and I get so pissed off at him for it and when something goes wrong I get the signature look from him and a lecture that warrants a bottle of Advil afterwards!
Britsimon
Super Moderator
Wisdom takes years to develop....
Sm1smom
Super Moderator
Hope you're aware of the fact that as a GC holder, 'Uncle Sam' is likely to get a big chunk of the earnings you make from those business interests? You will be required to declare your world wide earnings every tax season.
SusieQQQ
Well-Known Member
Hopefully there is a double tax treaty with TZ!
Most countries have residence-based taxation now. And of course, you need to be up to date with the IRS for when you naturalise eventually so not worth it trying to hide stuff.
Yes I've heard about that and I'm going to speak to a tax consultant when I get to America on this issue and see how I can save my $$$ as much as possible.
Uncle Sam just wants everything in the world lol
Britsimon
Super Moderator
Yep - that is an issue - having said that, at least in my case the US tax rates will be lower than I currently pay - so I'm not too unhappy. There are a number of things that do worry me though (like some investments I have that are treated tax free in the UK) so I too am planning to spend a bit on professional advice before and after the immigration date.
Sm1smom
Super Moderator
Hopefully, there may be. However, I've always been under the impression that the tax treaty applies to non-resident aliens of which a GC holder is not one.
http://www.irs.gov/Individuals/International-Taxpayers/Tax-Treaties
But then, I don't have an indept knowledge when it comes to taxation (I hate numbers as a matter of fact), so I could be wrong. Again the way the taxation lingo is written and interpreted can be a bit of a pain.
US certainly has a taxation treaty with Canada, and I remember how upset I was a couple of years ago, while still on my H visa, I took out money from my account in Canada to pay my kid's school fees (money earned and saved in Canada long before I moved to the US), and I got slammed with a hefty tax on that withdrawal, it was considered an income the year I withdrew from the account.
Sm1smom
Super Moderator
Oh yes, he does!
Yeah, be informed as much as you can before you make the move, I would say. This can help provide some happy reading
:http://www.irs.gov/Businesses/Income-from-Abroad-is-Taxable
SusieQQQ
Well-Known Member
I haven't yet gone into the details, but essentially the tax treaties exist so that you are only taxed once on the same income (in practice you often end up paying a bit more). The problem may arise if the immigrant comes from one of the countries that still used source-based tax, in which case you will be taxed twice.
I just had a quick look at your link, it seems to refer to US citizens resident abroad - people will need to look at their home country ones as well I think.
Sm1smom
Super Moderator
My interpretation of it is that it refers to foreign citizens working in the US, otherwise refered to as resident expatriates in the US, and not US citizens resident abroad.
http://www.irs.gov/Individuals/International-Taxpayers/Tax-Treaty-Overview
SusieQQQ
Well-Known Member
Ah, but read further down:
"Treaty provisions generally are reciprocal (apply to both treaty countries). Therefore, a U.S. citizen or resident who receives income from a treaty country and who is subject to taxes imposed by foreign countries may be entitled to certain credits, deductions, exemptions, and reductions in the rate of taxes of those foreign countries."
SusieQQQ
Well-Known Member
This bit also - and could be critical to those with substantial income from foreign sources:
"Some states honor the provisions of U.S. tax treaties and some states do not. Therefore, you should consult the tax authorities of the state in which you live to find out if that state taxes the income of individuals and, if so, whether the tax applies to any of your income, or whether your income tax treaty applies in the state in which you live."
"Some states honor the provisions of U.S. tax treaties and some states do not. Therefore, you should consult the tax authorities of the state in which you live to find out if that state taxes the income of individuals and, if so, whether the tax applies to any of your income, or whether your income tax treaty applies in the state in which you live."
Trips will only be every 3-4 months to Tanzania and if I'm working somewhere then it'll only be when I have time off from work so as far as being a resident goes I am planning to stay in America lol...once I'm settled America even if someone paid me to go back to live in Tanzania I wouldn't.
Its kinda difficult cutting ties entirely to Tanzania because of the nature and size of the business and we are also a US Federal Government Supplier here.
Once I've found a solid place in terms of work which I see as a long-term thing, I'll then buy a house for me and my family because my parents will be visiting frequently now that my brother and I will be living in America.
Man its so difficult being a grown up, I miss the old days when I could hold a Nutella bottle and eat with my fingers and not worry about Green Cards and taxes and work lol
Its kinda difficult cutting ties entirely to Tanzania because of the nature and size of the business and we are also a US Federal Government Supplier here.
Once I've found a solid place in terms of work which I see as a long-term thing, I'll then buy a house for me and my family because my parents will be visiting frequently now that my brother and I will be living in America.
Man its so difficult being a grown up, I miss the old days when I could hold a Nutella bottle and eat with my fingers and not worry about Green Cards and taxes and work lol
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I actually get annoyed at some people in Tanzania who are sitting on Green Cards but living here and just waltzing into America once a year to get a stamp on their passport. I mean talk about unfair when there are people willing to go there and be law-abiding people and pay their taxes.
From what I hear the US Government wants to revoke people holding Green Cards and doing the above because they feel other serious people should have a chance and why should people be living elsewhere and making money and hiding it from the US Government.
From what I hear the US Government wants to revoke people holding Green Cards and doing the above because they feel other serious people should have a chance and why should people be living elsewhere and making money and hiding it from the US Government.