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Foreign bank

C

chipy

Golden Member
if a U.S. citizen were traveling overseas for a year or two and wanted to use a local bank for savings/checking account, what are the legal ramifications (including any taxes) related to this issue?

it would be interesting to hear from some of those ATOTers who have actually spent time overseas.

thanx - chipy
 
scenario 2: if i lived and worked here in the U.S. and wanted to put money into a foreign account, do i have to pay dividend taxes to that foreign country in addition to paying taxes to the IRS?
 
That would probably depend on which country the foreign account is in. They all have their own laws.
 
Depends on the country and who you work for (US comapny or not) and how long you are out of the country.

In most countries you can get foreign tax credit for the taxes you have paid to that country for federal taxes but have to pay state taxes if you still keep residency there. It depends a lot on your situtation what deducions (foreign housing, moving, etc) and exclusions you can take. My parents (father works mostly abroad) pay nothing for federal but pay something like $8000 a year in state taxes to keep their residency but it has allowed then to keep their green card.
 
thanx for the replies. i guess, like most things, there is no single answer... i'll have to do more research on the specific countries.

gracias - chipy
 
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