Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 19.06.2021, 20:48
Newbie
 
Join Date: Jun 2021
Location: USA
Posts: 1
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
SuperDJ has no particular reputation at present
US Green Card - Negative Implications

Hello - not sure if I'm in the right Forum here, so pls just move me to the right category if necessary.

I have question regarding the US Green Card.

We moved to the US in 2014 and are in possession of a L-1 Visa and are currently in the process to obtain a Green Card.

We expect the Green Card process to be completed by the end of the year.

However, I'd like to better understand what the possible negative implications are once we get the Green Card from a Financial and Tax perspective.

Not only am I interested in what the implications are when I receive the Green Card, but also what is going to happen once I return back to Switzerland.

It would be very interesting to learn whether there is any downside to obtaining a Green Card and if yes, what they are.

In advance, thanks for your help.

Super DJ
Reply With Quote
  #2  
Old 19.06.2021, 20:58
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 11,061
Groaned at 363 Times in 304 Posts
Thanked 13,900 Times in 6,485 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: US Green Card - Negative Implications

A lot, just search for FATCA, Fbars etc on the forum. Lots and lots of questions and answers.
Reply With Quote
The following 4 users would like to thank roegner for this useful post:
  #3  
Old 19.06.2021, 22:40
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 22,126
Groaned at 406 Times in 315 Posts
Thanked 17,100 Times in 9,620 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: US Green Card - Negative Implications

Welcome to the forum.

US citizens/Green Card holders are persons non gratis here for most banks; only UBS, Credit Suisse and PostFinance will consider you and that only for a basic checking account. This is due to the US's FATCA law which came into force a while back. You would need to fill in a W-9 form allowing the bank to pass your bank info on to the IRS to be able to open an account here.

Also as a Green Card holder you will still have US tax filing obligations no matter where you live in the world. Start your research on that here.

https://www.irs.gov/individuals/inte...g-requirements

There will also be FBAR forms to fill in online detailing your bank info which again detail all your foreign, i.e. outside of US, bank accounts.

You can avoid these problems by getting rid of your Green Card (a form to fill in, but make sure to take a copy of it as it's the only proof you have given up the card).

https://nl.usembassy.gov/visas/immig...ng-green-card/

There may also be US tax implications in doing so.

https://www.taxesforexpats.com/artic...e-for-you.html
Reply With Quote
  #4  
Old 19.06.2021, 23:45
Forum Veteran
 
Join Date: Jul 2014
Location: lugano
Posts: 721
Groaned at 76 Times in 44 Posts
Thanked 625 Times in 354 Posts
DL21 has an excellent reputationDL21 has an excellent reputationDL21 has an excellent reputationDL21 has an excellent reputation
Re: US Green Card - Negative Implications

i gave mine back. 20% vs 49% tax....
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Getting a Green Card vnctmrn Leaving Switzerland 15 23.09.2019 10:16
Best way to get a Green Card vnctmrn Permits/visas/government 31 03.04.2017 16:44
Banking implications for Green Card holder Lamalaa Finance/banking/taxation 1 05.12.2016 16:24
US Green card question nomad66 General off-topic 4 03.05.2015 14:10
US Green Card Questions bebock General off-topic 6 15.10.2012 16:22


All times are GMT +2. The time now is 21:45.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0