Lakshmi Iyer and her husband Ganesh have been living in Bangalore, India for the last 40 years. Recently, their son, a US citizen, sponsored their Green Card and they are now US Green Card holders.
But convenience aside, there are certain tax and compliance issues that are extremely important before taking a decision to get a Green Card without actually living in the US. "A few years ago, it may not have been very grave to fail in these compliances. But today, the IRS is increasing its focus on offshore assets. It is very important for individuals to assess the consequences before they apply for their Green Card," advices Roy Vargis, Illinois based CPA and promoter of www.IndianCPA.com. Read more
Source : timesofindia.indiatimes.com
