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3 Financial Issues Faced By Expats Working In The Us

The US has been a dream destination since decades for people around the world to live in. The work opportunities, growth prospects, corporate culture, and the American dream are all major factors that help contribute to this. Earning in US dollars could mean that an expat can save up and maybe provide a better lifestyle for their family, even if someday they decide to head back to their native country or shift to another country.

However, like with any other nation, the US has its own set of challenges that an expat may have to face. When it comes to financial challenges, it is something which gains more importance.

Taxes in the US
The tax status in the US for a foreign national (or an alien who doesn’t hold US citizenship) depends on whether he or she is a resident or a non-resident alien. Non-resident aliens are usually not US citizens unless they hold a green card or meet a substantial presence test. Therefore, even if they are permitted to have investment accounts abroad, they would need to report them for taxation purposes to the US Treasury Department if the account is valued at $10,000 or more. Failing to do so involves heavy penalties.

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Therefore, a little tax planning and hiring a US professional to handle your finances especially at an early stage of living there is essential and can be a tedious process.

Gaining credit can be difficult
Because of having no employment or credit history in the past in the US, obtaining credit becomes extremely difficult for an expat. Even if you may have a foreign credit history and can bring a huge amount of investment or savings with you, it is something that only a Canadian national, for instance, can hope to get his or her work done with.

The only way to deal with this is to create a bank account as quickly as possible so that you can form a good credit score through a debit card, from either Visa or Mastercard. For bigger loans, a co-signer might be needed initially who is a US national. Credit history can also be built if you sign up for department store charge cards.

Savings on education
You may decide to settle down and retire in the US. However, if your child goes abroad to study, then you can’t make the most of savings plans available.

For example, the so-called “529 College Plans” allow money to be contributed on an after-tax basis but not as tax investment growth for a child’s education. However, the problem lies in the fact that the money has to be used at an “accredited institution” or else you lose all the tax advantages and upon withdrawal, certain penalties could be imposed. Mostly, all of the top American institutions are accredited; however, there are many good ones that aren’t, so you will have to be careful while selecting the right college for your child if you wish to handle your money well. Doing a bit of research and taking advice from a local advisor and an educationist can make a big difference.

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