Episodios

  • Ep 53: What Is English For "Life Insurance?"

    Ep 53: What Is English For "Life Insurance?"
    Sep 24 2025
    In this episode, we delve into the concept of life insurance, particularly in a cross-border context.We discuss the two main types of life insurance: term and permanent, and when foreign nationals might need them.We emphasize the importance of life insurance for expatriates and foreign nationals, particularly in terms of providing financial support to families and managing estate taxes. We discuss two use cases for the different types of life insurance for foreign-born families.Takeaways Life insurance is a contract between the insured and the insurance company.Term life insurance provides coverage for a specific period.Permanent life insurance includes a cash value component.The primary purpose of life insurance is to provide income replacement for dependents.Choosing the right insurance company is crucial for cross-border policies.Estate taxes can be significantly higher for non-residents. Life insurance can help cover estate taxes for beneficiaries.Customizing life insurance policies is essential for individual needs.Chapters 00:00 Understanding Life Insurance in a Cross-Border Context02:59 Types of Life Insurance: Term vs Permanent05:47 Who Needs Life Insurance and Why?Episode Links & ResourcesAre you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.Ep 08: What Is English For "Domicile?"Do I Need A Trust, Especially On A Work Visa?Ep 42: What Is English For "Gift And Estate Taxes?"---------------------------------------------------------------------------------The IM Café Finance / Tax Roastery (Store) Is LiveGrab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.If you'd like to work with us on your finances or taxes, check out the process ---------------------------------------------------------------------------------Be sure to join the conversation by visiting our page: The International Money CafeOr by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.------------------------------------------------------------------------------------The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    9 m
  • Ep 52: L-1 Visa - 3 Must-Know Tips For Foreign Execs Moving to the U.S.

    Ep 52: L-1 Visa - 3 Must-Know Tips For Foreign Execs Moving to the U.S.
    Sep 10 2025
    We discuss the top three essential financial and tax considerations for foreign executives relocating to the US on an L-1 visa.

    We start by defining the different types of L1 visas.

    We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.

    We emphasize the importance of pre-immigration planning and working with cross-border tax professionals.

    Takeaways
    • L1 visas are for foreign executives and managers.
    • US tax residents must declare worldwide income.
    • Timing your arrival affects tax obligations.
    • Pre-immigration tax planning is crucial.
    • Foreign financial assets must be reported.
    • Non-compliance with asset reporting incurs penalties.
    • Estate and gift tax implications are significant.
    • Work with professionals on both sides of the border.

    Chapters
    • 00:00 Understanding the L1 Visa and Its Implications
    • 02:47 US Income Tax Filing and Compliance for L1 Visa Holders
    • 06:07 Managing Foreign Financial Assets and Compliance
    • 09:00 Estate and Gift Tax Considerations for High Net Worth Individuals

    Episode Links & Resources

    • EP 09: Work Visas And Investing In The US
    • Ep 04: What Is The Substantial Presence Test
    • Ep 32: What Is English For "Job Loss On A Work Visa"

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    The IM Café Finance / Tax Roastery (Store) Is Live


    Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

    If you'd like to work with us on your finances or taxes, check out the process


    ---------------------------------------------------------------------------------

    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    16 m
  • Ep 51: What Is English For "Tax Treaty"?

    Ep 51: What Is English For "Tax Treaty"?
    Aug 27 2025
    We delve into the complexities of tax treaties, their implications for individuals and businesses, and the importance of understanding saving clauses and various types of tax agreements.

    We highlight how tax treaties can help mitigate double taxation and the necessity of professional guidance in navigating these agreements.

    Understanding tax treaties is crucial for financial planning. Court cases can inform the interpretation of tax treaties. Professional help is recommended for navigating tax treaties. Tax treaties can vary significantly from one country to another.

    Key Takeaways

    • A tax treaty is a bilateral agreement to avoid double taxation.
    • Tax treaties determine which country has the right to tax income.
    • Saving clauses in treaties may not benefit taxpayers.
    • Approximately 70 countries have income tax treaties with the US.
    • Estate tax treaties can significantly impact taxation on assets.
    • Totalization agreements prevent double social security taxation.

    Chapters
    • 00:00 Understanding Tax Treaties
    • 03:12 The Implications of Saving Clauses
    • 05:54 Types of Tax Agreements and Their Importance

    Episode Links & Resources

    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    • Ep 13: Between A Rock & A Hard Place: Mitigating Double Taxation
    • U.S. Income Tax Treaties - A to Z
    • U.S. Estate & Gift Tax Treaties

    If you'd like to work with us on your finances or taxes, check out the process


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    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    10 m
  • Ep 50: Summer Sizzle- Your Mid-Year Financial Check-In

    Ep 50: Summer Sizzle- Your Mid-Year Financial Check-In
    Aug 13 2025
    Do you understand the importance of conducting a mid-year financial check-in, especially for those with cross-border financial needs?

    We cover various topics, including tax strategies, estate planning, insurance assessments, and preparations for college and travel that can be reviewed over the summer. We emphasize the importance of proactive financial management during the summer months, ensuring listeners are well-prepared for the remainder of the year.


    Takeaways - Things you can do mid-year as part of your summer financial check-up
    • Engaging with tax advisors in the summer is likely to yield better results.
    • Charitable giving can provide tax deductions during the summer.
    • Tax loss harvesting is a strategy to reduce taxable income.
    • Estate planning is crucial before traveling overseas.
    • College-bound kids need financial and medical powers of attorney.
    • Insurance policies should be reviewed regularly for savings.
    • Emergency funds should be assessed and adjusted as needed.
    • Consult with immigration lawyers for visa holders.
    • Review and adjust financial plans.


    Chapters
    • 00:00 Mid-Year Financial Check-In
    • 12:08 Estate Planning Essentials
    • 19:45 Insurance and Risk Management
    • 23:57 Preparing for College and Travel
    • 25:54 Final Thoughts and Summer Financial Tips

    Episode Links & Resources

    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    • Tax-Loss Harvesting: How To Boost Your Portfolio Gains.
    • Ten Tips On How To Pick A Tax Preparer
    If you'd like to work with us on your finances or taxes, check out the process


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    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    28 m
  • Ep 49: What Is English For "Net Investment Income Tax (NIIT)?"

    Ep 49: What Is English For "Net Investment Income Tax (NIIT)?"
    Jul 16 2025
    What's NIIT?

    We discuss NIIT (Net Investment Income Tax), explaining its implications for individuals with investment income and also how it applies in cross-border situations.

    We cover the statutory thresholds for the tax, what constitutes net investment income, and the reporting requirements.

    We also touch on some fascinating recent court cases that have impacted the application of the NIIT for expats and the potential for foreign tax credits.

    Takeaways
    • The Net Investment Income Tax (NIT) is a 3.8% tax on certain investment income.
    • There are specific thresholds based on the filing status: $250,000 for married filing jointly, $125,000 for single, and $200,000 for others.
    • What's included in NITT and what's excluded
    • How NIIT is impacted by Foreign investment income
    • How to cover NIIT liabilities, especially on W-2 income.


    Episode Links & Resources

    • Treaty-Based Foreign Tax Credits for the NIIT
    • Questions And Answers On NIIT From IRS
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    If you'd like to work with us on your finances or taxes, check out the process


    ---------------------------------------------------------------------------------

    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    10 m
  • Ep 48: Making Money Moves ~ Keep It In the U.S. Or Move It Overseas? The Million $ Question!

    Ep 48: Making Money Moves ~ Keep It In the U.S. Or Move It Overseas? The Million $ Question!
    Jul 2 2025
    Things are bad in the U.S., should I move my money overseas?

    We explore this question that has come up a couple of times, due to the economic uncertainty.

    We include tariffs, market volatility, the practicalities of fund transfer, and financial goals as items to consider.

    Key Takeaways
    • Moving money overseas can be complicated and requires an understanding of regulations.
    • Exchange rates and compliance requirements are critical factors to consider.
    • Assess the underlying reasons for wanting to move money.
    • Financial planning should align with personal goals and timelines, maintain open communication with your financial advisor.
    • Investing in diversified portfolios can mitigate risks.


    Episode Links & Resources

    • Where to Save Short-Term Money
    • Ep 34: What Is English For FBAR
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    If you'd like to work with us on your finances or taxes, check out the process


    ---------------------------------------------------------------------------------

    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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    25 m
  • Ep 47: To Toss or To Keep: Spring Cleaning Your Tax & Financial Records!

    Ep 47: To Toss or To Keep: Spring Cleaning Your Tax & Financial Records!
    Jun 18 2025
    How long do you keep your tax records?

    A shortie that packs a punch. We discuss how long you should retain your tax and other financial records.

    We explore the statute of limitations for tax records, the importance of supporting documents, and special considerations for non-residents and property sales.

    Some takeaways
    • Keep copies of all your tax records for as long as necessary.
    • The statute of limitations for tax records is three years for refunds.
    • If you never filed a tax return, keep records indefinitely.
    • Non-residents should hold onto property sale records until the issue is resolved.
    • Employment records should be kept until a Social Security application is submitted.
    And a whole lot more.
    We emphasize the importance of maintaining accurate records to ensure compliance with tax regulations and protect against potential issues with the IRS.

    Episode Links & Resources

    • Ep 11: Navigating U.S. Taxes
    • Ep 40: Avoid These Blunders With Your Cross-Border Taxes
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    If you'd like to work with us on your finances or taxes, check out the process


    ---------------------------------------------------------------------------------

    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
    Más Menos
    9 m
  • Ep 46: Gift Or Gaffe? Reporting Cash Receipts From Foreign Persons And Navigating U.S. Tax Penalties

    Ep 46: Gift Or Gaffe? Reporting Cash Receipts From Foreign Persons And Navigating U.S. Tax Penalties
    Jun 4 2025
    Your uncle just sent you a ton of money from overseas - what are the tax implications?

    We discuss the complexities of gift taxes, particularly for individuals receiving gifts from overseas.

    We explore the annual gift tax exclusion, reporting requirements for large gifts, and the implications of receiving money from non-U.S. persons.

    The conversation also touches on exemptions to reporting requirements and the potential issues surrounding covered expatriates.

    We emphasize the importance of transparency and consulting with experts to navigate these financial matters effectively.

    Some Key Takeaways
    • Gifts over $100,000 must be reported on Form 3520.
    • Receiving money from non-U.S. persons (outside the US) generally has no tax implications.
    • The reporting threshold for gifts from foreign entities is around $17,000.
    • IRS penalties for non-filing can be significant, up to 25%.
    • Late filing of Form 3520 may allow for a reasonable cause statement.
    • Exceptions exist for qualified tuition and medical payments.
    • Consulting with financial experts is crucial when receiving large gifts.
    • Understanding covered expatriate status is important for tax implications.
    Episode Links & Resources

    • Ep 08: What Is English For "Domicile?"
    • Ep 18: What Is English For "Situs?"
    • Ep 22: What Is English For "Covered Expatriate?"
    • Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
    If you'd like to work with us on your finances or taxes, check out the process


    ---------------------------------------------------------------------------------

    Be sure to join the conversation by visiting our page: The International Money Cafe

    Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

    ------------------------------------------------------------------------------------
    The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
    Más Menos
    25 m