Person Outside of the USA
- Thread starter BW2010
- Start date
- 10,589
It depends on their immigration status.
If they have a green card then there are many companies that will sell to them with no problem.
Most likely, they will be subject to normal US taxes; but this could vary; ask the company you place the product with.
What country is he from?
It might be better to use the international division of one of the companies.
- 415
First, if they are resident in there home country then you would have to be licensed in that country to sell it.
For example, you cannot sell a UK person living in the UK. You would have to be licensed.
If they are living here in the US then they would pay US taxes.......Nationality is irrelevant.
Residency is the key.
For example, you cannot sell a UK person living in the UK. You would have to be licensed.
If they are living here in the US then they would pay US taxes.......Nationality is irrelevant.
Residency is the key.
- 1,271
All U.S. citizens and U.S. green card holders living outside of U.S. must file annual income taxes (period).
- Thread starter
- #5
They are here on a visa. Has anyone followed through with a sale of this kind?
The tax rate in the country they are from is almost nothing. Paying the USA tax on a annuity would defeat the sale as far as retaining interest earned. Has anyone gotten a license in another country?
The tax rate in the country they are from is almost nothing. Paying the USA tax on a annuity would defeat the sale as far as retaining interest earned. Has anyone gotten a license in another country?
- 15,041
Annuities are tax deferred, unless there is a different rule for non-citizens. He won't have to pay taxes on the interest until he withdraws the money.
- 11,997
Anyone else thinking about the AML training?
- Thread starter
- #8
- 15,041
As it was an US annuity, he'll have to pay US taxes, plus any taxes his home country may impose on foreign income. He just won't have to pay it until he withdraws the money.
- 415
Most countries (except the US) have tax treaties so that there is no double taxation.
If you sell him an annuity in the US, then he has to pay US taxes. His home country will probably not require him to pay taxes on it.
I was a green card holder and my country of origin did not require me to file/pay any form of income tax. The only time that I would be required to was if I was to return and establish residency again.
Most countries are like that EXCEPT the US. Their requirement is foll all citizens and residents to file taxes on ALL WORLDWIDE income. Most don't. But thats the way it is written. The IRS has no jurisdiction if a person is resident in another country. They have no way of making them comply with the IRS code.
If you sell him an annuity in the US, then he has to pay US taxes. His home country will probably not require him to pay taxes on it.
I was a green card holder and my country of origin did not require me to file/pay any form of income tax. The only time that I would be required to was if I was to return and establish residency again.
Most countries are like that EXCEPT the US. Their requirement is foll all citizens and residents to file taxes on ALL WORLDWIDE income. Most don't. But thats the way it is written. The IRS has no jurisdiction if a person is resident in another country. They have no way of making them comply with the IRS code.
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