Good Financial Reads: Foreign Affairs

Do You Need To Report Your Foreign Assets?

by Jiyao Xu, X and Y Advisors, Inc.

If you have lived in the U.S. for a while, you must be aware that you are taxed on worldwide income unless you are considered a nonresident alien who meet neither the green card test or the substantial presence test. How about your foreign assets? I will give you some general guidance on the questions below:  Do you need to report it? What do you need to report? And how to report?

[Read the Full Article]

5 Things Non-U.S. Citizens Need To Know About Social Security Retirement Benefits

by Jiyao Xu, X and Y Advisors, Inc.

If you are a permanent resident and not planning to become a U.S. citizen in the future, you may wonder if you are still eligible for Social Security benefits and if so how much you will get and whether you can still collect the payment if you decide to go back to your home county. Don’t worry and I'm with you.

[Read the Full Article]

Watch Out For The Exit Tax Before Giving Up Your U.S. Citizenship Or Green Card

by Jiyao Xu, X and Y Advisors, Inc.

Are you a green card holder planning to go back to your home country? Are you a U.S. citizen planning to retire in a foreign country? Are you a dual-citizen who do not want to be subject to worldwide taxation anymore? If you are considering giving up your U.S. citizenship or green card, think twice before you pull the trigger. Before you do so, you should be aware of many things and plan ahead. This week, I will cover one of them - the expatriation tax (more commonly known as the exit tax).

[Read the Full Article]

About Buying Life Insurance As Non-U.S. Citizens

by Jiyao Xu, X and Y Advisors, Inc.

Life insurance can be a very useful tool in terms of transferring risk and estate planning. It may also be beneficial under some limited circumstances as an investment vehicle which I covered in two previous blog posts here. However, if you are not a U.S. citizen, you may wonder if you can still buy life insurance in the U.S.? Does your immigration status affect the pricing? When is the best time to buy it? If you have the same questions in your mind, you may get some general guidance from this post. 

[Read the Full Article]

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.