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Firstly, thank you all so much, all of this information has been tremendously helpful.
I am beginning to think it would be better if we just remain together as a couple without the additional legal hassles of marriage. I m not so much concerned about my rights to his property in South America - as much as I am about not having to split my pension or assets in the event of a divorce. Considering the currency conversion, my assets are far greater than his...although I have to admit I am not familiar exactly with the property values in his country, although I do know for a fact that the properties he owns are in very desirable areas...one quite literally steps from the ocean and the other, in the best district in the city.
So...it appears that most of my assets are tied up in financial investments and pensions and his, in real estate.
That said....if we are not married, I am not sure how we would manage the residency there, maybe just not extend the 6 month tourist visa since we would be coming back to the U.S. anyway for the summer months. I do need to talk to a tax specialist, but off the top of my head - if I always keep the US as my permanent residency....hopefully I would not also be taxed by his country. Maybe there is a book I can find on Amazon that speaks about these situations in general....Thanks again to all.
Yes, often times I think that you don't necessarily have to go through with the official marriage. Sure, it's nice but it can also be a bit complicated sometimes. I know it's not romantic to think about those types of problems but it's better to be realistic about everything and the possible outcomes.
It still probably makes sense for you to speak to a great accountant both here and abroad that deals with these things that can explain things to you. And one thing I forgot to mention is it's good to consult with that accountant about once a year or two as some of these wacky countries have a way of completely changing the laws every few years! It's frustrating to deal with.
If your S.O.'s property is near the beach, it could be worth a fortune. Regardless of what he paid for it. For example, I bought an apartment one block from the beach in Rio many years ago. I think with currency conversions (which were advantageous back then) I paid about $275,000 for the entire floor apartment. That same apartment today is worth about $750,000 or more. Property prices have really risen dramatically across much of South America. Lima, Buenos Aires, Rio, Sao Paulo, and many other cities.
I wouldn't worry about getting residency in his home country until you know for sure that you will reside there. And you could be HUGELY penalized for becoming a permanent resident of some countries. For example, in some countries it does NOT make sense under the scenarios you described. For example, in countries like Argentina, they will tax you on your WORLDWIDE assets once you become a permanent resident and get your DNI. So you need to talk about this with an accountant. Each country has their quirks.
For countries like Argentina you can theoretically live there forever and stay for 90 days and just cross into nearby Uruguay (ferry that only takes 45 minutes to Colonia). And live there without residency. MANY people do it.
While places like Brazil are VERY strict and you can only stay in the country a maximum of 180 days per year without any residency. But you can easily go down there for 90 days at a time on a tourist visa.
Just explore all of these things. Ok..good luck. Feel free to PM me and I'll help if I can.
Thank you so much again. Off the top of my head, I just realized something. I am only legally authorized to work in the United States (since I am a citizen). He is legally authorized to work in both countries (his own and as a legal resident here). However, with proof of a monthly income of $X, I believe I might qualify for a retiree visa - need to look into that...we could return and he could work there and I could just live on the beach and not work lol....
I am most concerned now on tax implications...I think.... need to research.
I was not aware that their laws changed so frequently....the stereotype of many LA countries is that things move slowly.
Thank you so much again. Off the top of my head, I just realized something. I am only legally authorized to work in the United States (since I am a citizen). He is legally authorized to work in both countries (his own and as a legal resident here). However, with proof of a monthly income of $X, I believe I might qualify for a retiree visa - need to look into that...we could return and he could work there and I could just live on the beach and not work lol....
I am most concerned now on tax implications...I think.... need to research.
I was not aware that their laws changed so frequently....the stereotype of many LA countries is that things move slowly.
C
Yes, it makes sense to explore what you can and can't do legally if you still plan to work after retirement. Lots of wild card factors going on. But really talk to a good accountant because there are strategies you can take if you move abroad and still continue to work. For example, there are tax credit agreements with various countries and there are other things you can do if you live abroad at least 330 days per year.
For example, you can set up a corporation abroad and although you will be taxed in the foreign country, in the USA you can take the foreign income tax exclusion and exempt up to $97,600 (for 2013) and if you are married you can potentially exempt up to $195,200 as a married couple.
If you want to explore a bit on your own Google "Foreign Income Tax Exclusion". However, this is only on earned income. I'm not sure what is and isn't applicable to you. But I'd recommend at least researching it in detail.
In many many situations it does NOT make sense to get full residency in countries in South America. It's not like the other way around where gaining residency/citizenship of the USA is very valuable. Not so much the other way around, IMHO. It can be a real hassle to get permanent residency in many countries. In most cases, unless you plan on living down there permanently, I'd probably not go the residency route unless you will live there full time or work.
Also, there are many Americans that do NOT need to get work visas to work as they work from home or over the Internet or phone. In these high tech and virtual world days, many people can work anywhere in the world. With a Vonage phone line (www.vonage.com) you can have a USA # yet be anywhere in the world and no one knows where you are from. You can get all your mail and have it scanned via sites like Virtual Post Mail (www.virtualpostmail.com) and they will even forward packages to anywhere in the world you want. You can get a USA fax # via www.efax.com And in this type of situation you could work wherever you are.
Are you sure the guy doesnt have 3 former wives and untold number of childrens back home who will be sharing the money with you? Third world countries have funny laws sometimes.
Yes, it makes sense to explore what you can and can't do legally if you still plan to work after retirement. Lots of wild card factors going on. But really talk to a good accountant because there are strategies you can take if you move abroad and still continue to work. For example, there are tax credit agreements with various countries and there are other things you can do if you live abroad at least 330 days per year.
For example, you can set up a corporation abroad and although you will be taxed in the foreign country, in the USA you can take the foreign income tax exclusion and exempt up to $97,600 (for 2013) and if you are married you can potentially exempt up to $195,200 as a married couple.
If you want to explore a bit on your own Google "Foreign Income Tax Exclusion". However, this is only on earned income. I'm not sure what is and isn't applicable to you. But I'd recommend at least researching it in detail.
In many many situations it does NOT make sense to get full residency in countries in South America. It's not like the other way around where gaining residency/citizenship of the USA is very valuable. Not so much the other way around, IMHO. It can be a real hassle to get permanent residency in many countries. In most cases, unless you plan on living down there permanently, I'd probably not go the residency route unless you will live there full time or work.
Also, there are many Americans that do NOT need to get work visas to work as they work from home or over the Internet or phone. In these high tech and virtual world days, many people can work anywhere in the world. With a Vonage phone line (Vonage | Home Phone Service - Domestic & International Calls, Low Rates) you can have a USA # yet be anywhere in the world and no one knows where you are from. You can get all your mail and have it scanned via sites like Virtual Post Mail (Virtual Post Mail – Online Postal Mailbox. Anytime, Anywhere.) and they will even forward packages to anywhere in the world you want. You can get a USA fax # via eFax: Internet Fax to Email Services | Send Faxes Online And in this type of situation you could work wherever you are.
What a great post! These are the types of things I wonder about whenever House Hunters International comes on and they show some couple moving down to Argentina on a whim.
What kind of visa will you have to have from the Latin American country to live there part time as a retiree? This is sometimes NOT a no-brainer, at least in Europe, even if your husband is a citizen of that country.
What a great post! These are the types of things I wonder about whenever House Hunters International comes on and they show some couple moving down to Argentina on a whim.
Those House Hunters International shows are not really too realistic for the most part. While the property they ultimately purchased is the one they purchased, the other comparison properties they show are always typically fake for the show.
And in Argentina, the VAST majority of Americans moving down there have NOT gotten any type of legal residency or visa to work/live there. They are "perma-tourists" that in many cases have lived there for up to 10 years. Argentina has one of the most lax immigration laws in the world. So people live there for years. They only cross and take the ferry into nearby Uruguay (Colonia) and 45 minutes they go over, get their passport stamped and voila...they can stay another 90 days. They just do this 4 times a year.
I think eventually they will close that loophole but I've seen that exist for over a decade down there and I met many Americans there that never got residency down there.
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