Green Card Tax Implications: Revoking and Abandoning Green Cards, Preplanning for Green Card Status, Exit Strategies
Recording of a 110-minute CPE webinar with Q&A
This webinar will review the initial considerations of obtaining a green card and how to successfully abandon or revoke the same. Our panel of seasoned foreign immigration experts will detail which taxpayers are the best candidates for green cards, when a VISA is a better alternative, the eight of 15-year test for long-term residents, how U.S. treaties affect expatriation, and tax and estate planning for a U.S. exodus.
Outline
- Green cards vs non-immigrant VISAs
- Pathways to a green card
- Pre-immigration tax planning
- Naturalisation or not
- Covered expatriate implications of long-term green card residency
- Strategies to avoid covered expatriate status ramifications of staying too long
- Implications of being a covered expatriate
- Exit tax
- Inheritance tax
- Pre-expatriation tax planning
- War stories
Benefits
The panel will cover these and other critical issues:
- When should a green card holder file Form I-407, Record of Abandonment of Lawful Permanent Resident Status?
- How can gifting be used to lower expatriation taxes?
- Tips to present long-term resident status to expedite expatriation
- How do U.S. treaties affect expatriation?
- When is a green card holder subject to the CFC taxation regime?
- What is the eight of 15-year rule, and how does it affect expatriation?
Faculty
David Lesperance, J.D.
Founder and Principal
Lesperance & Associates
Mr. Lesperance is one of the world’s leading international tax and immigration advisors. He has successfully... | Read More
Mr. Lesperance is one of the world’s leading international tax and immigration advisors. He has successfully advised scores of high and ultra high net-worth individuals and their families, many of whom continue to seek his counsel today. In addition Mr. Lesperance has provided pro bono advice to many governments on how to improve their Citizenship by Investment, Residence by Investment or “Golden Visa” type programs to better meet the needs of his global clients. He is supported by a team of professionals, some of whom have worked with him since the early 1990s.
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Melvin A. Warshaw, Esq., L.L.M.
Attorney
Melvin A. Warshaw
Mr. Warshaw has nearly 40 years of experience as a U. S. estate planning and tax lawyer. He currently represents U. S.... | Read More
Mr. Warshaw has nearly 40 years of experience as a U. S. estate planning and tax lawyer. He currently represents U. S. and non-U. S. high net worth individuals, families and companies on a wide range of personal and business tax matters, especially in connection with cross-border income and estate tax planning and compliance in the U. S. Mr. Warshaw is admitted to practice in the Commonwealth of Massachusetts. He regularly advises non-U. S. clients on structuring inbound pre-immigration tax strategies including basis step-up in legacy assets, avoiding the U. S. CFC and PFIC anti-deferral tax regimes, optimizing use of foreign tax credits, minimizing green card status as well as advising on and drafting of “drop-off trusts.” Mr. Warshaw also advises long-term green card holders and U. S. citizens on planning to minimize their U. S. exit tax through gift programs, managing equity compensation and by drafting “expatriation” trusts and considerations of a change of domicile outside the U. S. He has also counseled clients in complying with their U. S. tax filing obligations by engaging accountants and bringing such taxpayers into compliance with their numerous U. S. international tax reporting requirements. Mr. Warshaw has also advised on the U. S. international tax aspects of cryptocurrency, including how to become U. S. tax compliant and how to mitigate U. S. tax implications prior to and following renouncing U. S. citizenship.
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