Relocating to the US - Tax question

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Topic Author
RogerR
Posts: 31
Joined: Thu Sep 05, 2019 3:30 am

Relocating to the US - Tax question

Post by RogerR » Thu Nov 14, 2019 6:26 am

Recently I filed for an EB5 Investor Visa and waiting for approval in couple of years. At what date will my US tax liability commence? Is it the date of visa approval/issue or full calendar year of issue, I.e. retrospective taxation?
Currently residing in Singapore and retired (no tax treaty with US, no capital gain taxes).

TedSwippet
Posts: 2516
Joined: Mon Jun 04, 2007 4:19 pm
Location: UK

Re: Relocating to the US - Tax question

Post by TedSwippet » Thu Nov 14, 2019 7:18 am

RogerR wrote:
Thu Nov 14, 2019 6:26 am
Recently I filed for an EB5 Investor Visa and waiting for approval in couple of years. At what date will my US tax liability commence? Is it the date of visa approval/issue or full calendar year of issue, I.e. retrospective taxation?
Professionals give a range of opinions:
When does an EB-5 investor become a U.S. taxpayer? - EB5Investors.com

The balance seems to be the date on which you become a US resident with your EB-5 in hand, which handily agrees with the IRS instructions:
Residency Starting and Ending Dates | Internal Revenue Service
If you receive your green card abroad, then the residency starting date is your first day of physical presence in the United States after you receive your green card. You may elect to be treated as a resident alien for the entire calendar year if you were a lawful permanent resident of the United States at any time during the calendar year.
Make sure you are fully aware of all the consequences of becoming a US resident. You probably want some paid professional guidance and help here. US tax laws are a lot less investor-friendly than Singaporean ones.

EB5 Visa Applicants Need To Plan Taxes Carefully — MYRA Wealth

Topic Author
RogerR
Posts: 31
Joined: Thu Sep 05, 2019 3:30 am

Re: Relocating to the US - Tax question

Post by RogerR » Thu Nov 14, 2019 6:38 pm

TedSwippet wrote:
Thu Nov 14, 2019 7:18 am
RogerR wrote:
Thu Nov 14, 2019 6:26 am
Recently I filed for an EB5 Investor Visa and waiting for approval in couple of years. At what date will my US tax liability commence? Is it the date of visa approval/issue or full calendar year of issue, I.e. retrospective taxation?
Professionals give a range of opinions:
When does an EB-5 investor become a U.S. taxpayer? - EB5Investors.com

The balance seems to be the date on which you become a US resident with your EB-5 in hand, which handily agrees with the IRS instructions:
Residency Starting and Ending Dates | Internal Revenue Service
If you receive your green card abroad, then the residency starting date is your first day of physical presence in the United States after you receive your green card. You may elect to be treated as a resident alien for the entire calendar year if you were a lawful permanent resident of the United States at any time during the calendar year.
Make sure you are fully aware of all the consequences of becoming a US resident. You probably want some paid professional guidance and help here. US tax laws are a lot less investor-friendly than Singaporean ones.

EB5 Visa Applicants Need To Plan Taxes Carefully — MYRA Wealth
Thank you! I will of course seek professional council in due time.

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