Why You Should Consider a Foreign Residency as Part of Your Asset Protection
Individuals who are looking for an effective strategy that utilizes international law for asset protection may want to consider acquiring a foreign residency. Taking this step can provide many benefits.
People choose to acquire a foreign residency for several reasons such as:
- Traveling to a specific area often and desiring a second home there
- Working part-time in another country
- Having a job that does not require them to stay in their home country so they are free to work from wherever they please
- Retired individuals who wish to experience life abroad
In addition to these motivations, a foreign residency can provide strong asset protection and significant tax savings.
By becoming a legal resident of another country, you can acquire a non-resident status for tax purposes, which allows you to file a 1040NR tax form. Taking this step can help investors save a substantial amount on their tax payments. By filing a 1040NR, a person is not subject to tax on approximately the first $100,000 of their income.
Additional Foreign Residency Benefits
Securing a foreign residence is often an initial step in gaining a second citizenship. Dual citizenship allows a person to not become dependent on his or her own native country or its economy. Whether an investor lives in the United States, Canada, Mexico or another country, they can help insulate themselves from any economic problems in their home country by having citizenship and assets in another country.
The law firm of Nagel & Associates specializes in utilizing international law for the purpose of asset protection. The firm can also offer a variety of global strategies that individuals can use to protect their wealth, regardless of their net worth. For more information on asset protection, international law, investing in a foreign residency or other strategies that you can utilize to protect your wealth, call Nagel & Associates at 412-200-5115 or visit nagellaw.com.