Retiring in a foreign paradise is an alluring dream of many American retirees. Moreover, the number of Americans retiring abroad has increased 500% in the past 40 years. Many American seniors choose Argentina, Belize, Costa Rica, Mexico, Ecuador, Panama and Uruguay due to its climate, culture, affordable living and healthcare.
However, Americans retiring abroad must remember that they are still subject to US expat tax filing requirements. They are required to report their worldwide income and to file US expatriate tax returns whether they live in Buenos Aires or New York. However, they can minimize US expat tax liability by utilizing foreign tax credit and tax treaty provisions.
Americans retiring abroad are advised to check our Expat Tax Blog to learn about social security benefits and social security taxes while living overseas. We cover a wide range of topics on a regular basis so American expats can benefit from our newsletter.
International tax experts at Expattaxcpaservices.com have helped many American retirees and seniors to prepare for a foreign move, to choose the best retiring destination and to file US expatriate tax returns. If you require any assistance, please complete our contact form.