Webinar: Living Outside the U.S. Does Not Exempt You from Your Tax Obligations

Last March 10, the virtual event “Living Outside the U.S. Does Not Exempt You from Your Tax Obligations” was held, organized by the Colombian American Chamber of Commerce Miami. This meeting, designed for U.S. citizens and residents living abroad, took place virtually via Zoom with the objective of providing clarity on federal tax obligations and international compliance.
During the session, Néstor Rangel, business strategist at the firm Biz CPA's Accountants and Advisors, explained that the United States tax system is based on citizenship rather than residency, requiring the reporting of worldwide income through Form 1040. He also detailed tools such as the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC), which allow taxpayers to manage their situation and prevent double taxation while residing in other countries.
Later, he addressed the importance of transparency and reporting financial assets abroad, highlighting compliance with regulations such as FBAR and FATCA. He noted that conducting a meticulous inventory of bank accounts and investments is a fundamental step and shared a seven-step strategic action plan to organize information and facilitate regularization processes.
The session emphasized the importance of making informed decisions, maintaining organized financial documentation, and seeking professional guidance to manage these requirements while living abroad.
From Colombian American Chamber of Commerce Miami, we extend an invitation to the entire business community to continue participating in and attending upcoming events, using these spaces for conversation to stay connected, expand perspectives, and learn from real experiences that strengthen decision-making.
If you missed this event, we invite you to relive it by clicking here.
If you would like to explore the topics discussed in greater depth and enjoy the content at your own pace, we invite you to listen to the podcast version (in spanish) of our event. Click below to listen now.
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