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$29 one-time · 30 min read · Lifetime access

Expat Tax Toolkit

Everything an American retiree needs to handle taxes from abroad — FBAR, FATCA, Foreign Tax Credit, NHR/territorial regimes, expat CPA selection, and the state-tax-exit playbook.

Best for: Anyone moving abroad for retirement, or already abroad and unsure if they're filing correctly. The US is one of two countries that taxes citizens worldwide — managing this properly saves $5K-$30K/year.

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Who this is for

  • Considering retirement abroad
  • Already abroad and uncertain about tax compliance
  • High-income retirees with significant investment income
  • Couples with one foreign-citizen spouse
  • Anyone with $10K+ in foreign bank accounts (FBAR threshold)

What's inside

  • FBAR (FinCEN 114) — what triggers it, how to file, penalties for missing
  • FATCA — Foreign Account Tax Compliance Act, what your foreign bank reports
  • Foreign Tax Credit — how to use foreign tax paid to offset US tax
  • Tax-friendly expat regimes (Portugal NHR, Italy 7%, Greece 7%, Costa Rica/Panama territorial)
  • State tax exit (CA, NY, NM, SC, VA — the sticky states)
  • Roth IRA distribution treatment by country
  • Selecting an expat-specialty CPA (vetted firm list)
  • Cheat sheet: tax compliance calendar + key forms

Preview — The one fact you must understand: US taxes follow you

The United States is one of only two countries (with Eritrea) that taxes its citizens on worldwide income regardless of where they live. Move to Portugal, retire in Mexico, settle in Thailand — you still file a US federal return every year. Forever. The only way to escape is to renounce US citizenship (irreversible, has its own tax consequences).

What changes when you move abroad: you may also owe tax to your country of residence, but the US-side obligation continues. Tax treaties prevent double taxation by allowing credits for foreign tax paid. Smart structure can result in net tax LOWER than you'd pay in the US.

What does NOT change: the IRS expects you to file. Missing FBAR or filing requirements has aggressive penalties (up to $10K per violation for non-willful, $100K+ for willful).

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Full table of contents

  1. The one fact you must understand: US taxes follow you
  2. FBAR — the form everyone misses
  3. FATCA — what your bank reports
  4. Foreign Tax Credit (FTC) — your best friend
  5. Tax-friendly expat regimes
  6. State tax exit (the sticky states)
  7. Roth IRA + retirement account treatment by country
  8. Selecting an expat CPA
Key takeaways
  • US taxes you worldwide. Filing every year is mandatory.
  • FBAR: $10K+ in foreign accounts at any point = file by April 15 (auto-extended to October).
  • FATCA: foreign banks report you to IRS. Form 8938 if $50K+ single / $200K+ joint overseas.
  • Foreign Tax Credit (Form 1116) prevents double taxation.
  • Tax-friendly regimes: Portugal NHR (10% pensions), Italy/Greece 7%, Costa Rica/Panama territorial.
  • State exit: CA, NY, NM, SC, VA chase former residents — document carefully.
  • Roth conversions BEFORE moving abroad maximize tax efficiency.
  • Hire expat-specialty CPA — $1,500-$3,000/year, 10x ROI vs mistakes.
Action steps
  1. Inventory all foreign accounts (banks, brokerage, retirement, insurance).
  2. If $10K+ ever: file FBAR for current and prior years (use voluntary disclosure if past-due).
  3. Engage expat-specialty CPA before moving (or in your first year abroad).
  4. Plan Roth conversions in years before move when you're at lower brackets.
  5. Document state-tax exit carefully if from CA/NY/NM/SC/VA.
  6. Save all foreign tax payment records — they're FTC documentation.
Cheat sheet — Expat tax compliance calendar
  • · April 15: US federal return due (auto-extended to June 15 for expats abroad)
  • · April 15: FBAR (FinCEN 114) due — auto-extended to October 15
  • · October 15: All extended deadlines
  • · Form 1116: claim Foreign Tax Credit
  • · Form 2555: Foreign Earned Income Exclusion (rarely useful for retirees)
  • · Form 8938: FATCA reporting — $50K single overseas / $200K joint
  • · FBAR: $10K+ in foreign accounts at any point during year
  • · FBAR penalty: $10K/violation non-willful; $100K+ willful
  • · Specialty CPA cost: $1,500-$3,000/year

FAQ

Can I just renounce US citizenship to escape taxes?+

Possible but irreversible. Plus exit tax: if your net worth is $2M+ OR avg US tax for 5 years was $190K+, you owe an 'exit tax' on unrealized gains. For most retirees not worth it. Stay a citizen, structure taxes optimally.

What if I never filed FBAR for past years?+

Voluntary disclosure programs exist (Streamlined Filing Compliance Procedures for non-willful violations). File past years + minimal penalty. Don't ignore — penalties for caught-non-filing are severe. Expat tax attorney can guide.

Does Social Security still pay me abroad?+

Yes, in almost every country (excluded: Cuba, North Korea, etc.). Direct deposit to many foreign banks. US tax on SS continues. Foreign country may also tax under treaty.

Pairs well with

Expat Blueprint ($29)
State Tax Migration Guide ($19)

Expat Tax Toolkit for $29.

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