It may come as a surprise to you, but only two countries in the world tax its residents on worldwide income:
Despite being a developed country, the US has managed to group itself with an African country that appears to “intimidate emigrants into paying taxes.”
If you’re a new immigrant to the US, the IRS welcomes you… and the entirety of your foreign income. The same goes to current US citizens and resident aliens.
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We’ve all been there.
Right before a big trip overseas, we visit banks or money changers to buy our destination’s local currency. Often enough, anything related to foreign cash is mired in any combination of the following:
Is it possible then to avoid paying these fees?
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Let’s face it. Life with lactose intolerance is more than a little annoying when it comes to mealtimes, ever since I developed it at the age of 17.
Since then, my lactose intolerance has taken a dive to a point that I’ve become extremely sensitive towards dairy—a single drop of milk or a single flake of pastry is enough to set off a chain reaction of side effects.
And when I accidentally drank an entire glass of fruit shake that contained milk unbeknownst to me? I had diarrhea and stomach cramps so bad I had to miss a flight to Boracay, the Philippines.
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There are financial obligations that most new US immigrants (and even some CFPs) are unaware of—including myself.
When I first made the big move to New York last year, no one told me that as soon as I become a US resident, Uncle Sam would stretch his all-encompassing hands into my Malaysian bank accounts and assets.
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