Domicile determines residency – Domicile is defined as the location at which a person lives, and intends to remain indefinitely. Domicile test is subjective and based on one’s intent.
There are two categories of foreign nationals -
- Resident aliens (RA) – foreign nationals who permanently live / domicile in the US with no intentions of leaving. Many times are green card holders. Worldwide assets subject to US gift and estate tax just like a US citizen, but also denied certain tax advantages available to US citizens which creates unique planning needs.
- Non-resident Aliens (NRA) – foreign nationals who permanently live / domicile outside of the US; permanent home in another country. Only US situs assets subject to US gift and estate tax.
Global Insurance Solutions Group is an independent life insurance boutique that provides concierge wealth protection solutions to private banks, wealth managers, family offices and attorneys who advise ultra-affluent clientele. We are an industry recognized thought leader with deep subject matter expertise in cross border planning for ultra-high net worth foreign national individuals and businesses worldwide.
If you would like to learn more about cross border planning, have a specific question, would like to discuss a client situation or the services we provide to advisors please contact me directly -
Travis Burke, CFP®
National Director of Business Development
+01 (404) 276-3089