47. PFICs: The Number One Expat Landmine That Can Easily Be Avoided

Are your foreign investments quietly wrecking your US tax situation? They might be.  This week’s Ask An Expert show features Brian Dunhill, a seasoned financial planner based in the UK, to tackle one of the trickiest topics in expat finance: PFICs (Passive Foreign Investment Companies).  Host and founder of Plan First Wealth, Richard Taylor, and founder of Dunhill financial Brian walk you through:  What PFICs are and why they’re a major tax trap for US citizens and expats. How IRS rules make foreign investing more complicated, and costly. Ways to avoid harsh penalties, including using the Streamlined Filing Compliance Procedures. Smart investment strategies that steer clear of PFIC issues while still diversifying internationally. How the DF Direct platform lets you invest in non-U.S. currencies without triggering PFIC rules. Brian shares real-life stories of expats who’ve navigated PFIC trouble - and how they got out of it. Brian is the founder of Dunhill Financial, a firm that specialises in cross-border financial planning and wealth management. The firm is based in London and focuses on assisting Americans living abroad and expatriates in the United States. Brian and his firm are adept at handling financial advisory needs that cross national borders, particularly involving US and European regulations. We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.