Investments in India: How moving to the US changes your tax compliance
SummaryMigrating to the US poses tax and investment considerations for individuals like Karen, who must report their Indian investments to the IRS. Compliance is important to avoid penalties.
Migrating to the US has been a dream for many. But when Karen was moving to the US with her husband and children, there were many considerations that needed discussion, including her residential status, bank accounts, tax and investment considerations, domestic investments and how she would need to update her know your customer, or KYC, status and report all investments made in India to the Internal Revenue Service (IRS) in the US. Karen had investments in mutual funds and some Ulip (unit linked insurance plan) policies in India.