The Financial Reality of Migrating to/from the United States with Sean Kearney (Part 1)

Taxbytes for Expats

Hi everyone! The complications of Ireland/U.S. migration isn't lost on any professional that has a stake in making the move work. Knowing how to treat both countries from a financial perspective is difficult - especially for those of us making the move!

In this episode, I sat down with Sean Kearney of Amvoy Wealth, a specialist in helping Irish citizens manage their US-based finances, understand tax obligations, and plan for future moves between Ireland and the US. Sean’s expertise is second to none, and his insight into the realities of balancing US and Irish financial systems is both essential and eye-opening.

In Part 1 of our conversation, Sean shares the basics of navigating dual tax obligations, the common missteps that Irish expats encounter in US financial planning, and why keeping everything above board (no matter how tempting it might be to do otherwise) is crucial.

If you’re an Irish citizen in the US, planning a move back home, or have financial assets in either country, don’t miss Sean’s advice on staying compliant, managing investments across borders, and the importance of early financial planning! And stay tuned for Part 2 in the next episode of Taxbytes For Expats!

What you'll hear in this episode:

• The Importance of Cross-Border Financial Planning: Moving between the US and Ireland involves unique financial and tax implications, especially for Irish citizens holding US assets or green cards. Working with advisors who understand both systems can save you from costly mistakes down the road.
• Tax Consequences of Holding a Green Card: Many Irish expats seek a US green card but don’t realize the potential tax consequences when leaving the US. It’s critical to properly exit the US tax system and file necessary documentation to avoid future tax liabilities.
• Why Rebasing Investments Before Moving Matters: Selling or ‘rebasing’ assets while still under US tax jurisdiction can often reduce capital gains tax, as US rates are typically lower than Ireland’s. Proper timing here can make a significant difference in tax savings.
• Potential Risks of Unpaid Taxes and Undeclared Assets: Ignoring tax obligations on assets left in the US or in Ireland can come back to haunt expats, especially with increasing global tax transparency. Compliance is key to avoiding future penalties.
• The Value of a Cross-Border Advisory Team: Combining the expertise of Irish and US advisors who communicate directly can give expats clarity and security. This collaboration ensures compliance, optimizes tax strategies, and aligns with personal and financial goals across both countries.

Contact Sean:

Email: [email protected]

Website: https://www.amvoywealth.com/

LinkedIn: https://www.linkedin.com/in/sean-kearney-cfp%C2%AE-870763199/

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Taxbytes for Expats is brought to you by ExpatTaxes.ie. If you're considering moving to or from Ireland and would like support with your taxes, book a consultation today: https://expattaxes.ie/services-and-pricing/.

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