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Who Is Considered an Expatriate?

expatWho Is Considered An Expat?

Calling yourself an expat does not necessarily mean you renounce or reject your home country.   An expatriate is any person living in a different country from where they were born as a citizen.   Recently, the term “expat” is often used in the context of professionals working abroad such as oil workers, missionaries and retirees living abroad.

In order to meet the criteria for the exclusion that allows U.S. expats to avoid paying U.S. taxes on their first $97,600.00 worth of U.S. income ( you may qualify to exclude from income up to an amount of your foreign earnings that is adjusted annually for inflation ($91,500 for 2010, $92,900 for 2011, $95,100 for 2012, and $97,600 for 2013), the expatriate must have a tax home  in a foreign country, as well as be either a legitimate resident in that country (Resident Temporal or Resident Permanente) or spend at least 330 days a year outside the United States.

A stamped passport would verify your time outside the U.S. whether or not you own a home in your new country.

The US does tax citizens on income earned abroad, as evident in the listing of international taxation.  International taxation is the determination of tax on a person  subject to the tax laws of that country’s laws even when those citizens are taxed by their countries of residence.

However, as stated above, US citizens are allowed to exclude their first $97,600.

Additionally, a 2010 US law known as FATCA requires expatriates to report any foreign bank accounts exceeding $50,000, with heavy fines for noncompliance.

We recommend getting a tax accountant that is familiar with international tax laws.  Ask your U.S. accountant if they are comfortable continuing to handle your taxes with your move to Mexico, and if they are not, see if they can recommend one to you.  Depending upon the community you move to, you may be able to get a local referral.

 

 

August 16, 2012 By Ron Burdine

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Mexico on My Mind made this whole move from Philadelphia possible..their knowledge and organization skills (that I don’t have) helped me create order out of my chaos..there are a million details that are just too much for one person to put in order. At least this one person. We followed Ron’s suggestions and had the secure feeling that we were …
Mexico on My Mind was instrumental in helping us choose a location that meets our wants and needs. The information is not routine but personalized for you. They take the time to understand exactly what you need. Location, real estate, banking, shopping, beaches, etc. These people know it all. We did not have the time or money to figure out what wo…
Mexico on My Mind made this whole move from Philadelphia possible..their knowledge and organization skills (that I don’t have) helped me create order out of my chaos..there are a million details that are just too much for one person to put in order.
We can truthfully say that were it not for Mexico on My Mind and Ron’s sage guidance and advice, we would not have made the decision to buy land and build a house in Mexico. We have had not a single regret. It is simply paradise and Ron is one of the angels. So is Catherine – and she is much cuter. – Thomas M. Bayer, PhD. & Laura D. Kelley, PhD. – …
If you’re seeking relocation, vacation or travel advice for the best locations to live or visit in Mexico you are in the right place! If you are looking for lodging & hospitality, spa’s, restaurants, shopping, beaches, sports/fitness, adventure day-trips, fishing, boating, diving, 4-wheeling or need more in-depth advice regarding regional cultura…
If you are visiting or planning to relocate to Mexico or interested in real estate in Tulum, I highly endorse working with Mexico on My Mind and Ron. As a long time expat he understands the needs and desires of those traveling to the area for a vacation or looking to relocate to the area. You will be in great hands with Ron. Feel free to contact me…
The team at Mexico on My Mind are consummate professionals and an incredible resource to have for all-things-Tulum and the surrounding areas. Ron’s in-depth knowledge of, and caring ways for, this magnificent region of Mexico is second-to-none.
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