• About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe
No Result
View All Result
Live and Invest Overseas
FREE REPORT
BEST PLACES TO RETIRE
*No spam: We will NEVER give your email address to anyone else.
  • HOME
  • COUNTRIES
    • Top Destinations
      • Portugal
      • Panama
      • Belize
      • France
      • Colombia
      • Dominican Republic
      • Thailand
      • Mexico
      • Spain
      • Argentina
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
    • Our Latest On Coronavirus ⚠️
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
Live and Invest Overseas
  • HOME
  • COUNTRIES
    • Top Destinations
      • Portugal
      • Panama
      • Belize
      • France
      • Colombia
      • Dominican Republic
      • Thailand
      • Mexico
      • Spain
      • Argentina
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
    • Our Latest On Coronavirus ⚠️
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
No Result
View All Result
Live and Invest Overseas
No Result
View All Result

How An Overseas Citizenship Can Protect Your Wealth

What Royal Baby Archie Could Mean For U.S. Citizens Living Abroad

Kat Kalashian by Kat Kalashian
Jun 03, 2019
in How to, Offshore
0
france and usa passport on map

Image Source: iStock/Maudib

216
SHARES
3k
VIEWS
Share on FacebookShare on Twitter

Could Royal Baby Archie be the herald of a new dawn for Americans overseas?

I’ve been following his story with rapt interest…

As Harry and I get ever closer to starting a family of our own, the consequences of an American born overseas who may not spend much time Stateside is on my mind…

Like Archie, my future child will be born to a U.S. citizen overseas, and he or she will be blessed with the same complicated tax conundrum.

The United States is one of only two countries in the world (Eritrea is the other) that taxes based on citizenship rather than residency, which means that, no matter where an American lives, he owes paperwork to Uncle Sam every year.

Though I only spent a few years Stateside, I have to declare the fact that I owe zero taxes each year. If I don’t, I’m liable to be audited and the consequences could be great—even though I owe nothing.

Baby Archie is also under the IRS’ thumb in this manner. I have no doubt that the royal family put these puzzle pieces in place long before Meghan’s due day. Likely, none of Archie’s income will go to him directly as an individual, and trusts will receive all his gifts and assets. There’s little chance that he’ll ever actually owe any taxes. But, just like me and my future child, Archie Harrison Mountbatten-Windsor will still have to make his declarations each year.

For royalty, this is a mere matter of paper shuffling and making sure the queen hires him a knowledgeable tax expert in both countries to steer him through.

For the average Joe, things aren’t quite so easy… and the costs are more consequential. But we commoners might still benefit from this celebrity birth…

Whispers abound that the attention given to Archie’s situation in the media may be enough to prompt a change in this unnecessarily onerous legislation. With trade wars, impeachment talks, and all the other hullaballoo in Washington, I somehow doubt that this issue will take center stage… but we can hope.

My brother Jackson, born in Ireland to American parents, is also in this strange tax position. He’ll also have to consider that, because he was born outside the United States, his children won’t automatically be U.S. citizens if they, likewise, aren’t born in the United States… not unless he lives in the States at some point for at least five years.

Of course, the idea of leveraging diversification opportunities is inherent in my family dynamic. Lief’s first suggestion at the thought of grandkids was for me to go to Colombia to have the baby.

Colombia is one of the few remaining jus soli countries that would make sense for me. The baby would automatically acquire both U.S. and Colombian citizenships. Plus, Medellín has a comfortable climate for a swollen, overloaded pregnant body, and the health care is tops.

Failing that, how else can I give my future child a leg up in life? If born here in France, Baby Kalashian won’t be eligible for French citizenship upon birth but would be after several years living here. (I’ll have to ask Lief if the benefit of an EU passport outweighs the potential taxation disadvantages of being a French citizen.)

Otherwise, Junior will have the advantages that come with being schooled outside the States… will be bilingual as soon as he or she can talk… and will be well traveled from the get-go. Hopefully, even if I can’t provide an extra citizenship, these other things will help put my child ahead of the pack.

All of which is to say… when thinking about your life overseas, it’s worth considering this legacy aspect—and how your plans will affect not only you but your future generations, as well…

Kat Kalashian

Comments

Share91Tweet52
Previous Post

Subletting A New Office In Waterford, Ireland

Next Post

5 Best Reasons To Move Your Wealth Offshore

Kat Kalashian

Kat Kalashian

Kat Kalashian has grown up around the world, living in the United States, Ireland, France, and Panama, and has traveled extensively in her few years. Growing up as a young expat she is familiar with the trials and tribulations of an overseas move and the adjustments that must be made in every new destination. Living and learning through experience, she now considers no one place home and feels more comfortable in new environs than in familiar ones. After living in Panama for seven years, where she enjoyed living for a stint in the tropics, she and her husband relocated back to Paris, France, in 2018 where they now live full-time with their American-born cat, Panamanian-born dog, and French-born daughter. Her post as Special Projects Manager of Live and Invest Overseas keeps her busy… whether it’s spearheading a big new product, MCing Live and Invest conferences, or scouting out new locations for coverage, she’s always on the move and eager to discover new things.

Related Posts

Active senior couple riding bicycles.
How to

8 Things To Consider Before You Commit To Moving Overseas

by Heather McClenahan
March 4, 2021
0

Retirement is looming. With it comes the challenge of deciding where to live. I plan to take the next three...

Read more
Alps, Italy.

You May Be Surprised At How Low Taxes In Europe Can Be

March 3, 2021
Landscape of paradise tropical island beach with perfect sunny sky.

Unretirement: How To Broaden Your Retirement Perspective

February 10, 2021
Senior couple at the lake having a picnic.

A Retire Overseas Challenge No One Talks About

February 9, 2021
Alfama at night, Lisbon, Portugal

The Perfect Time For An Overseas Property Purchase?

February 5, 2021
Restaurant in Santa Catalina, Panama

Building Your DIY Dream Home In Panama: Everything You Need To Know

February 4, 2021
Tropical waterside house with moored boat on lagoon side of Placencia in Belize.

Buying Real Estate In Belize: What You Need To Know

January 12, 2021
Next Post
different currencies cash paper money

5 Best Reasons To Move Your Wealth Offshore

A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we'll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today.

Start Your New Life Today, Overseas

how to retire overseas

LIOS Resources


  • New To LIOS
  • Ask An Expert
  • Media Center
  • Contact Us
  • FAQs

Quick Links


  • Best Places To Live
  • Best Places To Retire
  • Finding A Job Overseas
  • Real Estate

Sign up for our free daily e-letter, Overseas Opportunity Letter, and get your FREE report: The 10 Best Places To Retire Overseas In 2021

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe

© 2008-2021 - Live and Invest Overseas - All Rights Reserved.

No Result
View All Result
  • Home
  • Countries
  • Budgets
  • Archives
  • News
  • Events
  • Bookstore
  • Newsletters
  • About Us
  • Members Area
  • Contact Us

© 2008-2021 - Live and Invest Overseas - All Rights Reserved.

WANT TO RETIRE OVERSEAS?

Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll immediately send you a free report on the 10 BEST PLACES TO RETIRE in style overseas. Each day you’ll learn about the best opportunities for international living, retiring overseas, offshore diversification and asset protection, and investing in real estate around the world.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.