Just a quick note while Tax Season rages onward. We've mentioned the dread Form 8938, wherein "US persons" - not just US citizens - must annually report foreign assets. This form is in addition to and far more broadly based than the FBAR report on foreign bank and other financial accounts.
Americans have gotten used to certain tax exemptions for IRAs, 401k's and various types of pensions and retirement savings. We won't waste your time on all the ins-and-outs of those here.
What you do need to worry about is any foreign pensions! Foreign pensions are NOT tax-exempt from US taxes! Unlike various types of IRAs or 401k's, etc, foreign pensions are fully reportable and fully taxable. So foreign pension funds must be reported, just like foreign bank accounts, stockbrokerage accounts, and other financial accounts.
Don't fall afoul of the IRS on this one! Penalties take up to 50% of your pension fund if you fail to report it as required.
May your road rise to meet you!
Ann
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