If you are a U.S. citizen living overseas, your Social Security, foreign bank account, and investment accounts may cause you the following challenges:
Social Security challenges
If you retire overseas and receive a foreign pension and then apply for Social Security, this can adversely affect your eligibility to receive your full benefit…. Read more
Insurance & Taxes
What You Need to Know About Social Security
I recently gave a webinar on the subject of the Windfall Elimination Provision (WEP), which generated lots of feedback. Evidently, the WEP affects many American olim. Many American citizens who have made aliya weren’t aware that their moving to Israel and receiving a pension in Israel would affect Social Security payments…. Read more
How Anti-Money-Laundering Legislation Hurts U.S. Citizens
As a result of anti-money-laundering legislation that was supposed to dry up the cash flow to terrorists, a great deal of trouble has befallen U.S. citizens living overseas. Not only do Americans now have to file IRS tax returns, but any of them who hold an aggregate of $10,000 in overseas accounts needs to file additional forms with the American government…. Read more
Bad for Business: How to Make Sense of FATCA and FBAR
My op-ed piece in The Jerusalem Post outlines the potential fallout from these two regulated regulations, including the potential for small and medium-sized foreign banks to divest completely from the U.S. market.
Since these laws force American expatriates to disclose and pay taxes on most of their foreign financial holdings,… Read more