bell notificationshomepageloginNewPostedit profiledmBox

Hoots : Asset management after leaving the USA I've been residing in the USA for 10 years. I own a condo and invest a sizable sum in the stock markets. If I were to return to my home country for good, how would I go bout managing - freshhoot.com

10% popularity   0 Reactions

Asset management after leaving the USA
I've been residing in the USA for 10 years. I own a condo and invest a sizable sum in the stock markets. If I were to return to my home country for good, how would I go bout managing the following.

Can I still maintain and use my current bank accounts?
Can I still own and rent out my condo?
Can I continue investing in the US stock market?


Load Full (1)

Login to follow hoots

1 Comments

Sorted by latest first Latest Oldest Best

10% popularity   0 Reactions

Yes to all three.

However,

You will need to file and pay taxes every year.
After a while, with no income, your banks might start charging you fees or even closing your accounts. That is not a legal issue, but the banks prefer customers that receive and move money, and pay fees, not dead accounts.
If you ever sell your condo, the IRS will lock down 30% of the sales price until you filed your taxes for the year, even if you don't owe any. This is to make sure you don't "forget" to file; but it can be a major nightmare, as you would typically need the sales price to pay off the mortgage. You might end up with the money locked down and inaccessible and the mortgage still running, or, even worse, not being able to sell because the mortgaging bank does not accept it that way. Read up on the details of this, I am not an expert.
Be aware that many interactions become difficult if you are not there in person. Maybe you have someone trusted (or even a lawyer) whom you can designate a proxy before you leave.


Back to top Use Dark theme