About Non Resident Income Tax

Every time tax is being talked about, our minds instantly disappear in the oblivion and we tend to try our hardest not to mind. This is the reason why the only things that are clear in our minds about tax are the 1) “it would be really nice to reduce taxation” 2) “the government should stop spending tax income on propping up banks” and 3) "we want the government to make it simpler to determine how much we have to pay, to whom and when" kind of tax-rants – Pure rants. Period. Well, to tell you honestly, you should actually be knowledgeable about tax, as it's a part of personal finance. And personal finance means YOUR MONEY.

And if you're considered as a non resident tax payer (that is, you have a property or you make business transactions abroad), the more reason why you should be adept about tax and the non resident income tax rules. You may not know it, but if you sell your property that's located abroad, you are likely to be liable for capital gains tax on any profit you reap. You may also be liable to a form of capital gains tax in the nation in which the property is located (and in which you are considered a non resident). This “second” tax charge is the one that's called non resident capital gains tax.

Sounds complicated already? If you don't want to experience income tax problems in the future and don't want others to believe that you lost your sanity for presuming that the US Area 51 holds “aliens” that haven't payed their taxes yet (because obviously, they didn't consider this move at all), start international estate planning now. Believe us, it's not a waste of money nor time.

Every time tax is being talked about, our minds instantly disappear in the oblivion and we tend to try our hardest not to mind.