Est. Reading Time - 2 min
Non-US Pensions For Brits in America (Across the Pond Podcast – Ep. 3)
Welcome back to Across the Pond! In this podcast, we are going to discuss Non-US Pensions For Brits in America.
Many have lived and worked in other countries before arriving in America and, as a result, have pensions (and sometimes other assets) in countries other than the US or the UK (DTAs).
As with UK pensions as a US resident and/or citizen, because there are no ready answers and many complications, these can be neglected and forgotten about until they need to be addressed (usually at or near retirement). Sometimes this can have negative consequences. We are not experts in non-US or non-UK pensions, but having come up against this several times, we can share some of our experience.
A tax treaty is a bilateral (two-party) agreement made between two countries to resolve issues involving double taxation of passive and active income of each of their respective residents and citizens. Income tax treaties generally determine the amount of tax that a country can apply to a taxpayer’s income, capital, estate, or wealth.
It is important to understand that while DTAs may offer relief from double taxation, and in some cases may eliminate it altogether, the existence of a DTA relevant to your situation does not guarantee the eradication of double tax. Even if covered, a DTA could mitigate double tax, but you may still suffer some double tax — ouch!
Listen now to find out more.
Plan First Wealth LLC is a Registered Investment Adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that Clients seek their own advice in these areas.
