May 6, 2020
There are some serious issues that affect citizens of the USA who are permanent residents of Australia or dual citizens.
The USA is one of the very few countries in the world that maintains and enforces a citizenship-based taxation regime. That has serious implications for US citizens living in Australia, because there are reporting obligations, possibly taxes due and potentially serious penalties if financial affairs are not in order and up to date.
Ashley Murphy is a specialist financial planner from Minnesota in the US, who grew up in Brisbane and studied at the University of Queensland. He is a dual citizen and knows this field very well.
He shares the reasons why Americans living in Australia may be at a significant disadvantage in terms or taxation and retirement planning, but also points out that there are also some possible advantages.
David has many experiences with his clients who have opted to relinquish US citizenship, in order to rid themselves of the obligations that maintaining it brings about for those dual citizens living in Australia.
It's an entertaining discussion concerning a dry topic, and Ashley points out some of the cultural differences he sees that shape the different regulatory and enforcement regimes of the financial industry in Australia and the USA.
Ashley mentioned that Dr. Karen Alpert at the University of Queensland is working to try to fix some of the issues we we discussing. This is her website - fixthetreaty.org
You can always contact David via Twitter and contact the show and leave a comment on the Migrating To Australia Podcast website or make an appointment to speak to David.