The Challenge of Being an International with a U.S. Nexus
FATCA does not only affect American citizens living abroad, but can potentially affect anyone who has or ever has had a connection with the U.S. So, if you have ever lived and/or worked in the United States, consult with a financial professional to find out the financial implications of the Foreign Account Tax Compliance Act for you.
Apart from having to comply with FATCA and American tax regulations you might also have a 401K. What to do with it when you return to Europe? Can you withdraw from your 401K or arrange a rollover, and what will be the financial implications?
For financial, tax and retirement planning purposes it is crucial for expats to have a solid knowledge of their personal finances. Consult with an advisor to find out the impact of having retirement plans in multiple countries, and make sure you know what to do when it come to filing your taxes. Especially in the case of a U.S. expat nexus.
Read these articles about having a U.S. connection:
