Pre-Immigration Tax Planning Essentials

There are essentials that one should consider before moving to the United States and beginning an Immigration procedure.  Every Immigration case and Immigrant is different in their own right, but these are some things that are worth thinking about before making a decision:

  • If you plan to sell assets, do so before becoming a U.S. person.  A sale would otherwise be subject to U.S. capital gain taxes.  Of course, if you expect to incur a capital loss, it might make sense to wait until you become a U.S. person.
  • Discuss your income and asset situation with a U.S. tax advisor to avoid paying unnecessary U.S. income taxes and to ensure that you will understand foreign tax credits and other potential tax savings.
  • Familiarize yourself with U.S. tax reporting obligations and the reporting of foreign (non U.S.) assets that apply to U.S. persons.  You may have to talk to your non U.S. employer if you have signatory right over the employer’s accounts that you may have to disclose these accounts once you become a U.S. person.
  • If you own a foreign entity discuss electing tax treatment as partnership under U.S tax laws with your U.S. tax advisor.
  • Make gifts before you become a U.S. person to avoid U.S. gift taxes.  That rule does not help if you gift U.S. sited assets like real estate.
  • Discuss your estate and gift planning with a U.S. tax advisor prior to coming to the United States to avoid unnecessary U.S. taxation of estates and gifts.
  • If you have an offshore trust or foundation or if you are the beneficiary of such a trust or foundation, review the trust or foundation with a qualified U.S tax advisor and ensure that you know your U.S. reporting and filing requirements.
  • If you are planning to return to your home country at some point, ensure that you know the current expatriation rules which also apply to long term residents who live for more than 8 years in the United States.
  • Have your non U.S. pension and retirement plans reviewed by a U.S. tax advisor to ensure that you know how they will be treated for U.S. tax purposes.
  • Same for insurance, annuities and deferred compensation plans.
  • Get advice on how you may be able to avoid having to contribute to the U.S. social security regime and the equivalent in your home country.

Real Estate Law

The Victoria Law Group consists of competent and dependable attorneys and legal professionals who are highly knowledgeable in the field of real estate law. Our team of legal professionals has assisted several residential and commercial clients with various legal matters associated with real estate including but not limited to the preparation and revision of contracts, acquisition of properties, refinances, foreclosures, deeds-in-lieu of foreclosure, short sales, landlord tenant disputes, eminent domain, leasing as well as enforcements and evictions.

There is no case too complex for The Victoria Law Group to handle. We understand Miami Real Estate; we were built for Miami Real Estate. We know how important the real estate industry is to the global economy and we work hard to provide our clients with the best solution for all their legal needs.

Representation in our Real Estate Practice Area includes sales, leases, title insurance and other transactions in addition to structuring complex sale and acquisition agreements and negotiating and closing complex mortgage financing on behalf of lenders and developers.