US citizens (and green card holders) are required to use the US Dollar as their “functional currency” for all “personal” transactions, including the purchase and sale of a foreign residence. There are actually two separate taxable transactions that occur when you sell a foreign residence – “Capital Gain” and “Exchange Rate Gain”
Overseas assignments have many wonderful benefits, though they can also be uniquely challenging. The complexity of managing one’s financial wealth often tops the list of these challenges. This is particularly true for American citizens. In order to properly guide Americans through the process of expatriation, global mobility and HR professionals ought to have a working knowledge of the financial challenges their American assignees face.
About Our Blog
Highlights of New U.S. Tax Code for Cross-Border Individuals posted on February 13, 2018
Take it or Leave it? What to do with your old 401k when you move abroad posted on March 20, 2018
Investment Challenges Faced by International Families posted on January 25, 2018
The Long Arm of Uncle Sam posted on April 5, 2018
3 Biggest Investment Mistakes by American Expats posted on February 22, 2018