Insights
Get the Right Advice, Well in Advance – How to Avoid Immigration Pitfalls
Two minutes with Peter Rosenberg, Senior Partner and co-Chairman of Stonehage Fleming Americas.
Failing to plan ahead is the biggest risk in immigrating to the US. Before moving, you have a one-time opportunity to take advantage of many planning opportunities that simply won’t be an option later on. It’s very difficult to unscramble the egg. Taking advice from a specialist who has experience in supporting people in similar situations is a huge advantage.
Scenario-testing is crucial. My team carries out a full 360-degree legal and tax review of a client’s structures, assets and sources of income to illustrate what a move to the United States would look like with no planning or restructuring. It can be quite a sobering exercise and it brings home the vital importance of preparation.
Don’t rush to get a ‘green card’. With visas, it is important to work out which one is right for your specific circumstances. If held for too long, green cards can be unhelpful from a tax perspective and more difficult to ‘undo’ from the US system than other options. Again, build in enough time to work with your adviser to scope out all the possibilities so that you can make an informed decision together.
Keep an open mind on where to live. Too often people look at a move to the US with a narrow selection of relocation options in mind. The USA is a huge country and it’s easy to underestimate the cost of living on some of the more well-trodden ex-pat destinations. There’s more to America than New York, LA, or Florida. Give it some real thought, widen your scope and listen to those who have helped others find the right place for them.
A family office connects the dots between legal advice and implementation. According to the best interests of the client, this can involve a wide range of services from creating trusts or companies, to opening bank accounts, applying for tax ID numbers, acting as trustee, assisting with income tax compliance. Additionally, the draws on an incredible network of trusted service providers, helping to procure insurance, buying property, or choosing schools.
Peter Rosenberg is key adviser to a number of ultra-high net worth families in North America and internationally, bringing together and coordinating the full range of the Group’s advisory services to clients. He serves as a trustee for many clients and is a practicing attorney, focusing on United States and international tax planning, compliance and administration.
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