There are dozens of reasons an individual may consider packing up and leaving the United States either for an extended stay or permanently. However, before a United States citizen considers moving to a new country, they must first make sure their taxes are in order.
Based out of New York City, Alicea Castellanos, founder of Global Taxes, has specialized in international taxes and compliance services for high net worth individuals for over 17 years. With an exceptional track record and wealth of experience and knowledge, she and her team at Global Taxes have positioned themselves as American expatriates’ top choice for tax planning and management.
While some individuals may desire to abandon their United States citizenship for good, others may simply wish to depart the country for a short period of time. For these individuals, tax laws can be equally daunting. Many US citizens may obtain assets, property, or offshore bank accounts that they simply don’t realize must be accounted for in their tax planning. This lack of knowledge can be incredibly dangerous and may result in fines starting at 10K or even jail time in some instances. Castellanos does not share this information to scare people, but rather to ensure that they are properly informed.
According to Castellanos, “Tax compliance simply comes down to paperwork, lots and lots of paper,” she says with a chuckle. However, by partnering with a client, or their attorney, Global Taxes will ensure that all of this paperwork is properly completed and that the client can plan for their extended stay free of worry.
For high net worth individuals, especially those who own property in the United States, the process of expatriating can be incredibly complex. Many may not realize the exit tax they will face upon their departure. This exit tax can be quite hefty, if not planned for properly. Global Taxes is presently assisting the expatriation process of clients worth hundreds of millions. Typically, clients of this level of wealth are the most complicated cases, but through strategic planning and asset management, Global Taxes has been able to save clients thousands of dollars that, if managed improperly, would simply be lost.
The complex preparation, individualized care, and white-glove service that Global Taxes provides are second to none. The company’s principles of professionalism, responsiveness, and quality inform each decision and tax interaction. Global Taxes provides a level of professionalism that distinguishes them from all other firms in the industry and they understand first hand the value of discretion. Furthermore, Global Taxes is responsive and attuned to their clients’ needs. They operate with competency and efficiency when performing services of any kind. Lastly, they are singular in their quality of service. As trusted advisors, their dedication to providing the best level of service to their valued clients is unwavering.
For individuals considering expatriation, or those simply in need of premium tax management, look no further than Global Taxes for all your tax planning and compliance needs. Visit www.globaltaxes.com to learn more and schedule a consultation.