Close

Retirement and Tax advice

Hello.  I'm currently in Santiago de los Caballeros on a tourist visa.  I go back home often enough so that I don't overstay my welcome ;)  I currently work as an independent contractor through a U.S.-based company as well as another overseas company, and my earnings are obviously deposited into my U.S. bank account and I claim all of this when I file taxes with the IRS.  (I'm 32 years old in case that helps).

Since I am newly self-employed and currently spend a lot of time here in the Dominican Republic, figuring out what kind of retirement account would be best has been difficult.  Many bankers I spoke to said that if I tried to access my retirement account while abroad my account would automatically be closed and the money would be sent to me.  I found this a bit strange, but that is what I was told. 

Does anybody have any suggestions, referrals, or recommendations regarding whom I could speak to about the best retirement options for me?  (There is a possibility that I will be looking into applying for residency here in the future, but it is currently undecided).

Thank you in advance for any help you may offer.  :)

Banks in which country & abroad from which country?

Those will be US banks. Sounds to me like you are getting some bad advice.  I am Canadian so don't know all your laws but I have never heard of this.

I am,sure others will help and I will suggest asking on the US forums!

Thank you!!!

Check out this website: http://iralawyer.com/about/

We connected with John Hyre when we decided to purchase an investment property in DR through a self-directed IRA.  When it comes to IRAs, he is the best authority we could find! Attorney and accountant all in one. There might be articles on his website that answer your questions.

I'm not an expert but it sounds like you are getting some bad information from whoever is telling you that accounts will be closed. In addition to working with John, we have also been working with a retirement/financial planner as we finalize our plans for early retirement and a move to DR.  Not once has anyone said anything about limitations accessing retirement accounts from abroad.

Great help, thank you!

PM me for another excellent tax & planning Cpa. Very well connected here. Hope you find what you need.

CPA here or in the USA????

Here. I know that you will say that is a no-no.  Deals with expats in business here as well as Dominican corporations. As US CPAs  have less experience here so do locals have less about the USA.  It does not hurt to have a local if financial transactions & investments also transpire here in the DR.

IF it is an American CPA here absolutely  refer for  info about US taxes!!! Agreed.

A Dominican Accountant is NOT who I would want giving me advice about tax overseas. And they are NOT CPA's here at all.

The tax rules here are a completely  different world than most other places.  Its nuts here trying to understand their systems.

I repeat, have investment here or doing business here, better to have both. There is a fairly high limit to what you can earn here before you have to pay US taxes. The $$ I think has to be utilized here  but not transferred to the US. A tricky subject that needs expert advice. The US is getting pretty picky about how its' citizens can spend their legal earnings.

Tinker the OP specifically asked about issues in the US.

US income tax is complicated and is based on income earned worldwide by individuals regardless of how it is spent.  Corporate taxes are very different.  As a former financial planner my advice is: get good quality advice from an American lawyer / accountant / investment professional.

If you want tax advice here get a local professional!

I surrender to a higher power.

We have to be really careful about  confusing issues here.  Its easy to make things more complicated than they already are. I see this every single day.  Things here are at times ridiculously complicated!  It is easy to get tied up in it,  lets try to keep it simple!

Yeah, I thought it was very strange when they said that my account would be immediately closed.  I guess she didn't like me for some reason and decided to give me that information. :/

Anyway, thank you so much for your referral.  I'm going to check into that now!

Glad we could help.

New topic