2

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.

  1. Can I still maintain and use my current bank accounts?
  2. Can I still own and rent out my condo?
  3. Can I continue investing in the US stock market?
  • 2
    Be aware that your home country might have some say about whether you, as a resident citizen instead of a nonresident, can continue to do these things, – Dilip Sarwate Nov 21 '16 at 16:32
  • Purely one random piece of advice: I would dump it all and take your money. Apart from anything else you will then be (more) free of the US tax/etc systems. It's possible that in your country, you can get away with keeping it all somewhere like (say) Dubai or Singapore; depending on your country if you can do that and keep your wad of investment more privately, great. – Fattie Nov 22 '16 at 16:51
2

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.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.