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  • Home
  • Countries

    Top Destinations:

    Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.

    • Spain
    • Portugal
    • Panama
    • Belize
    • Colombia
    • Cyprus
    • Mexico
    • France
    • Montenegro
    • Browse All Countries

    Best For:

    • The Best Places To Retire
    • Health Care Abroad
    • Cost Of Living
    • Investing in Real Estate
    • Establishing Residency
    • Gun Laws In The World
    • English-Speaking Countries
    • Safest Places For Retirement
    • Best Places In Latin America
  • Budgets

    How Much Will It Cost You To Live Overseas?

    The only honest answer is, we have no idea. And neither does anyone else. The only one who can answer that question is you. Here’s the most important thing to understand about budgeting your new life overseas…

    Super Cheap

    • Chitré, Panama
    • Santa Marta, Colombia
    • Phuket, Thailand
    • Dumaguete, The Philippines

    Cheap

    • Medellin, Colombia
    • Boquete, Panama
    • Kyrenia, Cyprus
    • Hua Hin, Thailand
    • The Algarve, Portugal

    Affordable

    • Valencia, Spain
    • Cascais, Portugal
    • Las Terrenas, The DR
    • Pisa, Italy
    • La Rochelle, France
    • Mazatlán, Mexico

    Luxury

    • Ambergris Caye, Belize
    • Kotor, Montenegro
    • The Panama City Beaches
    • Paris, France
  • Resources

    Global Living

    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore & Diversification

    Making Money

    • International Real Estate
    • Banking
    • Employment
    • Investing

    Follow Us:

    • Meet Our Experts
  • Real Estate

    Buying Real Estate For Cashflow

    • Discover tips and strategies used by global property investing veterans

    Explore Our Latest Posts

    • Learn how to invest and purchase property abroad…

    Go To The Overseas Property Alert Site

    • How To Become Independently Wealthy And Fund The Lifestyle Of Your Dreams
  • Conferences

    Upcoming Events

    • Explore Our Events Site

    Live and Invest In Spain Conference

    Offshore Wealth Summit

    Greece Workshop

    VALENCIA, SPAIN

    Sep. 17-19, 2025

    PANAMA CITY, PANAMA

    Oct. 15-17, 2025

    VIRTUAL

    Nov. 13, 2025

    Learn More About This Event
    Learn More About This Event
    PRE-REGISTER
    Learn More About This Event
    PRE-REGISTER
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    Toll-Free U.S. and Canada:
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    From Outside North America:
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    Monday – Friday 08:00 am – 17:00 pm EST.

    Reach us with your questions by email at: events@liveandinvestoverseas.com

  • Store

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    • Access Your Library

    Overseas Havens Reports

    • Expats' comprehensive destination guides

    Conference Kits

    • Hours of coverage  from our latests conferences

    Lahardan Books

    • Titles on living and investing around the world
    • Explore Our Store
    Your passport to a life well-lived abroad

    Services

    overseas living letter offers affordable retirement guidance
    The Simon Letter Wealth Protection Insights
    Global Property Advisor Global Investment Opportunities

    Our Customer Service team is here to assist with any questions or concerns CustomerService@LiveandInvestOverseas.com

  • My Library
Live and Invest Overseas
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Home Banking

Don’t Make These Costly IRS Mistakes

American Expatriations Reach Record Highs

by Kathleen Peddicord
Jun 23, 2024
in Banking, Offshore, Residency/Citizenship
0 0
Cityscape of Paris by the sunset, France

AdobeStock/Sean Hsu

The number of American expatriations is at a record high, reports an international tax attorney friend. The reality right now is that tens of thousands of Americans a year are moving abroad in search of better lives.

“A root cause,” my friend explains, “is how the U.S. government is treating its citizens these days.

“Just about every call I get now related to expatriation is from someone either battling the IRS or afraid of winding up in a battle with the IRS.

“Why? Because the tone of the Internal Revenue Service has reversed.

“Historically, if an average American failed to report his income accurately and completely, it was usually a civil or a financial issue. Increasingly, the IRS is turning those sections of the tax code enacted to go after drug dealers and mafia kingpins (think Al Capone) on ordinary citizens, all in the name of increasing revenues.

“These weapons of mass destruction, as I think of them (which the U.S. government in this case has no trouble finding), put regular people in jail for years for failing to file a form or to report income. They are being used not only to go after multi-millionaires and billionaires with huge accounts offshore, but everyday hard-working Americans, as well.

“Here are three examples from my experience. There are hundreds of similar cases being argued throughout the United States right now.

Example #1: Offshore Account

“I know a single father of three who makes about US$80,000 a year as a self-employed consultant. He moved some money offshore, to diversify and for asset protection. He never filed the necessary IRS forms, and he failed to report the account on his tax return.

“Unfortunately for him, the account was at UBS Switzerland. He was reported to the IRS, which decided to prosecute him.

“Here is the rub: He did not have any unreported or untaxed income…which is to say, the account did not earn any interest, and the guy would not have had to pay any additional U.S. tax had he reported it.

“That’s irrelevant now. In settlement negotiations, the man faced up to one year in jail and a fine of US$540,000.

“He has little money left and will never be able to pay the fine. What is the point of the prosecution? The IRS gets to issue a press release showing a conviction in this city. This press release will forget to mention that there is no tax loss in the case, but it may induce many others to come forward… thereby increasing revenues on the back of an everyday citizen who made a mistake.

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Example #2: Cash Transactions

“A retired U.S. citizen I know, living in California, age 60, is concerned about a major devaluation of the U.S. dollar. He decided a while ago that he wanted to purchase gold. He owns a condo with some equity and has a few hundred thousand dollars in retirement money.

“As a regular guy, he can’t afford to buy large amounts of gold bullion, so he purchased gold coins from a local dealer. He paid cash for these coins so the dealer would not have to wait for a check to clear before handing over the merchandise. He has never sold any of his coins, thus there is no tax issue.

“What did he do wrong? He took cash out of his account once or twice a week, always less than US$10,000 at a time, to make the gold purchases. To the IRS, this can qualify as “structuring,” which is a crime.

“The man’s bank sent two suspicious transaction reports to the IRS and closed his account. He had been a client of this bank for more than 30 years, yet the bank made no effort to warn him in advance of the reports they made to the IRS or to offer any assistance. They just turned him in.

“As a result, the man is looking at a fine of up to US$100,000 and possible criminal charges that could incarcerate him for up to five years. Add to this a minimum of US$100,000 in potential legal fees, and the reality for this guy is that he and his family could be wiped out. Again, this is all the result of an innocent mistake.

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Example #3 Of American Expatriations: Dual Citizen

“Another client is a 55-year-old engineer who has been working at the same job for 20 years. He is a dual citizen of the United States and the United Kingdom. When he moved to the States, he rented out his U.K. home. Ever since, he has deposited this rental income in a U.K. account.

“The man has filed tax returns in the U.K. reporting the rental property, but he did not report it, or the U.K. account, to the IRS. Had he reported the property and the related rental income all along, it would not have made any tax difference in the United States. In fact, reporting the rental could have reduced his U.S. tax, thanks to the depreciation he could have claimed.

“This man learned of the requirement to file an FBAR form and entered the IRS Voluntary Disclosure Program. As a result, this story has a happier ending than the others. This guy did not face criminal charges. He did, though, pay a fine of approximately US$22,000.

“Cases like these and the hundreds of others currently being argued have changed the way that tax attorneys deal with clients. While we once would say, ‘Come clean, be honest, and let’s get through this,’ now we advise, ‘Be afraid… be very afraid.’

“It is this culture of fear that is pushing many Americans to look around the world for places where they might live better, freer, and less fearfully.

“I’ll note that these changes are not the result of one political party or another. They represent a permanent change in perspective by the U.S. government in general, in how both parties view their citizens.

“Changes to the tax laws, and in the ways the laws are interpreted, began under George Bush II with the Patriot Act and continued under Barack Obama with the Bank Secrecy Act and the HIRE Act.

“Then Trump changed the tax rules for offshore U.S. controlled companies, and Biden has proposed changes that would increase taxes on U.S. expats.

“In the face of a troubled U.S. economy and out-of-control spending, the U.S. government desperately needs to expand its tax revenues, and the IRS has decided that it can raise more money with fear and violence than with honey.

“It’s a situation that qualifies as dire, and sensible Americans are looking to escape it as quickly as they can.”

Until next time,

Kathleen Peddicord signature

Kathleen Peddicord

Founding Publisher, Overseas Opportunity LetterP.S. There are many ways to diversify offshore so it’s essential you get the right advice and guidance to avoid making costly mistakes. That’s where our annual Offshore Wealth Summit comes in. It puts you in a room jam-packed with diversification experts who can help you put your personalized plan in place which will protect your wealth come what may in the U.S.

Whether you’re looking to avoid what’s coming down the tracks… to set up a Plan B—just in case… or to internationalize your life for maximum fun and profit… The Offshore Wealth Summit is the answer.

It takes place Oct. 16-18 in the spectacular 900-year-old coastal city of Porto, Portugal, and if you book your spot today you’ll lock in a Free VIP Upgrade. Full details here.

Tags: 'Banking Overseas''Taxes'CitizenshipIRS Reporting RulesOffshore Bank Accounts
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has reported on opportunities for Americans to live, retire, and do business overseas for 40 years. She has traveled to more than 75 countries, invested in real estate in 24, established businesses in 7, renovated and built properties in 6, and educated her children in 5.

Kathleen has moved children, staff, enterprises, household goods, and pets from the east coast of the United States to Waterford, Ireland, then to Paris, France, and finally to Panama City, Panama, where she has based her Live And Invest Overseas business. Peddicord and her husband, Lief Simon, now divide their time between Panama and Paris.

Peddicord was a partner with Agora Publishing’s International Living group for 23 years. She opened, staffed, and operated International Living publishing and real estate marketing offices in Waterford, Ireland; Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France. Peddicord launched Live And Invest Overseas group in 2008 and has built it into a successful multimillion-dollar business. Today, she shares her firsthand experience of expat life with more than 500,000 readers of her publications, including Overseas Opportunity Letter and Overseas Living Letter.

Kathleen has been featured often in The New York Times, MSNBC, AARP, CNN, Bloomberg, CNBC, and more and writes monthly about expat matters, international real estate, and offshore diversification for Forbes and U.S. News.

Kathleen has written several books including the memoirs “At Home In Ireland” and “At Home At Los Islotes” and her latest title “At Home Abroad,” all published by Lahardan Books. Her best-selling "How To Retire Overseas: Everything You Need To Know To Live Well (For Less) Abroad” was published by Penguin Random House in 2018 and her “Buying Real Estate Overseas For Cash Flow (And A Better Life)” was published by Wiley in August 2020.

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To Live Overseas?

Super Cheap

  • Chitré, Panama
  • Santa Marta, Colombia
  • Phuket, Thailand
  • Dumaguete, The Philippines

Cheap

  • Medellin, Colombia
  • Boquete, Panama
  • Kyrenia, Cyprus
  • Hua Hin, Thailand
  • The Algarve, Portugal

Affordable

  • Valencia, Spain
  • Cascais, Portugal
  • Las Terrenas, The DR
  • Pisa, Italy
  • La Rochelle, France
  • Mazatlán, Mexico

Luxury

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  • Kotor, Montenegro
  • The Panama City Beaches
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