howdy folks,
I met my Filipina wife in Thailand while I was an ESL teacher and now we will soon be celebrating our 9th anniversary. She is now a green card holder and we are in the beginning stages of obtaining her US citizenship. Upon returning to America I was blessed in finding a relatively high paying job and we would like to start investing in the Philippines.
There are two areas that I would like to focus on. First, her university offers a "co-opt" in which those who has sufficient funds can contribute. The monies that are collected are then lent out by the university who then charges interest. After 1 year the funds are returned to the owners with the interest. Would this be considered a unregulated "dividend" on my taxes?
The second investment area is through buying/renting farmland and growing a variety of crops through farms that my wife's family owns. There is a huge up front charge to get started and any potential returns are down further down the road. How would I go about reporting this on my taxes while we are still in america or is this even considered taxable income?
Our endgame is to retire in the Philippines and raise a family.