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Across the Pond
A podcast for Brits living in the US to learn about how to best navigate the American financial system so they can protect and grow their life's work, and securely and happily live their American dream.Across the Pond is hosted by Richard Taylor and Thomas Quinn, and produced by Plan First Wealth LLC.
Across the Pond
Non-US Investments [PFICs] (Across the Pond Podcast - Ep. 5)
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Plan First Wealth
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Season 1
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Episode 5
It’s common for expats to own Non-US Investments (PFICs) and it’s usually a problem.
Many people relocate to the US with existing collective investments, and many acquire them later on. For example, you inherit a GBP investment account and leave it as is because the exchange rate isn’t attractive.
Unless certain steps have been taken, most PFIC distributions will be considered “Excess Distributions” and will suffer punitive tax, interest, and reporting requirements in the US. This can get VERY expensive.
If you own PFICs, address it ASAP. Waiting makes it worse! Listen to our latest episode of Across the Pond to learn more.