Immigration / Pre- Immigration Planning
The United States is no longer the country that once welcomed all immigrants with open arms, nor is it a tax haven. Today’s reality is that immigrants are faced with stiff competition and forced to navigate a complex system of taxation.
Unlike many other countries, the United States imposes a federal income tax on the worldwide income of its residents. There is additional taxation at both state and municipal level.
Even non-citizens and non-residents (those who are not U.S. citizens and without green cards) can find themselves caught in the web of American taxation on the basis of their "substantial presence" in the country. The U.S. also taxes non-residents who receive rents, dividends, earn income from doing business within the country or invest in U.S. real estate. U.S. has a federal estate tax and a gift tax, as well as a requirement for all residents to declare any foreign property and assets, including foreign bank accounts.
Planning to minimize the tax burden by legitimate means is not regarded as tax evasion, but failing to report one’s true income or certain financial assets is and can lead to extremely serious legal consequences. To combat overseas tax evasion and to promote better tax compliance, in 2010 the U.S. government passed the Foreign Account Tax Compliant Act (FATCA).
Whether you are considering an EB5 investment, a managerial/executive visa L-1A or you are counting on obtaining a green card via EB1 (available to foreign nationals who demonstrate extraordinary abilities in their field), it is best to start preparing ahead of time.
We work closely with financial advisors, other attorneys, CPAs and trust companies to assist our clients from Russia and the former U.S.S.R. in attaining their goals. We have experienced professionals on our team who will scrupulously analyze your situation and advise you before the re-location, to ensure that you are in compliance and maximizing the planning opportunities available to you under the U.S. laws.