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Moving Retirement Overseas Out of the United States  

When a US person resides overseas, it is not uncommon that they may want to take their US money with them to whichever foreign country they reside. This can have serious US tax implications for several reasons. First, transferring money from the United States to a foreign pension plan is generally not considered a qualified rollover that can avoid tax. In other words, moving a big chunk of money from the US retirement into a foreign retirement may be a taxable event. In addition, the taxpayer may now have various reporting requirements such as FBAR and FATCA – as well as Form 3520. Finally, if the person is going to give up their US status then there are the potential expatriation/exit tax consequences. Let’s take a brief look at some of the issues.