We represent US persons around the world. One of the nastiest surprises some of our clients find out about is the simply awful tax treatment of foreign retirement plans. While there are exceptions (UK, and Malta for example) in most cases, the benefits of foreign retirement plans begin to get outstripped by the detriments imposed by the IRS.
The US tax treatment of Australian Superannuation Funds owned by US persons is one superlative example.
We do see opportunities, though, for the best and brightest Superannuation fund holders and advisers to collaborate and come up with imaginative and legitimate solutions. So please, if this sounds like you, join our LinkedIn group or comment below as you see fit.
Topics discussed with Attorney Anthony E. Parent and Attorney Sean J. O'Connor in our video:
- Why Foreign Retirements are usually one of the worst things for a US person to own and how Australian Superannuation funds can be some of the worst. For now read this article by Sean O'Connor, Esq., foreign retirement plans owners are treated shabbily (with some exceptions).
- A description of how the ATO and IRS work in conjunction to undermine the purpose of Superannuation funds.
- Summaries of the current treaties and ancillary interpretations, along with the key Internal Revenue Code sections and what they mean.
- Proposed and implemented strategies, those risks and risk mitigation techniques, including insurance underwriting.
Check back for updates, as we will continue to share information about Superannuation Funds , such as:
- Alternatives to expatriation.
- Lists of government officials to contact.
We hope that there are a whole host of topics and input that will be added. Hopefully, working together we can make it so that the policy of Australian Superannuation funds will no longer be undermined by the US tax code, or at least find work-arounds to make them work.
Contact us at 877-727-8796 or firstname.lastname@example.org.