THE AMERICAN CLUB OF MADRID

ACM Business Luncheon MAR19 with Garrett Civian

January 15, 2020 11:07 | Anonymous

US Taxes: Form 8621 and GILTI Tax or the expats’ nightmare

U.S. expats are already subject to significantly more onerous tax rules than U.S. citizens living in the U.S., among which the Passive Foreign Investment Company (“PFIC”) is one of the most notorious.  U.S. expats deemed to hold investments in PFICs must file form 8621, which is an extremely complex form that imposes significant U.S. tax on investments held in PFICs.  The Tax Cuts and Jobs Acts of 2017 only added on to this complexity, particularly for those U.S. expats who operate businesses through foreign corporations.  The Global Intangible Low-Taxed Income (“GILTI”) tax imposes a tax on U.S. shareholders of the foreign corporation, payable in the United States, regardless of whether any of the foreign corporation’s income is subject to tax in the U.S. or brought back to the U.S.  In essence, the GILTI tax is a minimum U.S. tax inclusion for foreign corporations with U.S. owners.  Understanding how to mitigate these two tax regimes is essential for any U.S. expat who is investing for retirement or operating their business abroad.
Please join us on March 19th for an introduction to PFICs and the GILTI tax and to learn how to plan for your future.

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