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Financial Advisors for Immigrants: 5 Costly Mistakes to Avoid in the U.S.

Published on August 12, 2025
Cover image of post "Financial Advisors for Immigrants: 5 Costly Mistakes to Avoid in the U.S."

TL;DR:Immigrants face complex financial challenges in the U.S.—from understanding tax residency to managing international assets. These five common mistakes can derail your plans. Learn how to sidestep them with the help of a specialized financial advisor.

Find financial advisors for immigrants and foreign nationalson Sam's List 


1. Misunderstanding U.S. Tax Residency Rules

Most immigrants don’t realize that yourimmigration status isn't the same as your tax status. The IRS uses thesubstantial presence testto determine when you're a U.S. tax resident—which can mean you're liable for taxes on worldwide income even without a green card.

Tip:Track your days in the U.S. early. An advisor can help you legally manage the timing of your tax obligations.

Learn more:IRS Substantial Presence Test


2. Ignoring FBAR & FATCA Reporting Requirements

If you holdover $10,000 in foreign accounts, you must file anFBAR (FinCEN Form 114). Many also need to fileFATCA (Form 8938). Penalties are steep—up to $10,000+ per violation.

Tip:Don’t assume your CPA will catch it. A financial advisor who understands cross-border rules will.

Resource:FBAR Filing Requirements


3. Holding Foreign Investments or Pensions Without U.S. Compliance

Foreign mutual funds and retirement accounts may trigger unexpected U.S. taxes. The IRS often classifies them asPFICs (Passive Foreign Investment Companies), which are taxed heavily.

Tip:Consider moving investments into U.S.-compliant accounts. An advisor can coordinate this with your tax team.


4. Skipping College & Retirement Planning Due to Uncertainty

Many immigrants delay using 529 plans, 401(k)s, or Roth IRAs—worried about portability. But these accounts offer significant tax advantages while you're here.

Tip:Start early, even if your stay is uncertain. A qualified advisor will structure it to align with your long-term goals, in the U.S. or abroad.


5. Overlooking Exit Planning & Estate Complexity

Leaving the U.S. or passing wealth across borders can triggerexit taxor limit estate tax exemptions (as low as $60,000 for non-citizens). Without planning, it could cost your family thousands.

Tip:If you might leave the U.S., talk to an advisorbeforeyou change residency. Early planning preserves options.


Anthony Syracuse, CFP® — Helping Immigrants Build Financial Clarity

If you're looking for a financial advisor who understands the unique complexities immigrants face, consider working withAnthony Syracuse, CFP®on Sam’s List.

Anthony specializes in building “Complete Financial Architectures” for high-earning professionals—including immigrants with equity compensation, international assets, or complex estate needs. His process is clear, collaborative, and always aligned with your goals.

As a fee-only fiduciary, Anthony only gets paid by clients—not through hidden commissions or product referrals—so your interests come first. He works virtually with clients nationwide and brings years of experience from Northern Trust and private wealth advisory.

Key Services:
✔ Cross-border financial planning
✔ Tax strategy for non-U.S. assets
✔ Investment and equity compensation guidance
✔ Retirement and college planning for immigrant families
✔ Exit tax and estate coordination

Book a call or learn more:https://samslist.co/advisor/anthony-syracuse-cfp 


FAQ: Financial Planning for Immigrants

Q: When do I become a U.S. tax resident?

If you spend 31 days in the current year and 183 total over 3 years (weighted formula), you may be taxed as a U.S. resident—even without a green card.

Q: What is FBAR and who must file?

Anyone with $10,000+ in foreign accounts must file FinCEN Form 114 annually. This is separate from your tax return.

Q: What’s the risk of holding a foreign pension or mutual fund?

The IRS may treat them as PFICs—taxed at high rates with complex reporting. It’s a common trap.

Q: Can I use 529 plans or IRAs if I’m on a visa?

Yes—but work with an advisor to understand the implications if you return abroad. Some countries tax withdrawals.

Q: What’s exit tax and who pays it?

If you’ve held a green card for 8 of the past 15 years or are a citizen renouncing, you may owe tax on unrealized gains. Advisors can help reduce exposure.


Immigrating to the U.S. means more financial opportunity—and more complexity. A financial advisor who specializes in serving immigrants can help you navigate taxes, retirement, education funding, and long-term wealth planning.

Connect with anadvisor on Sam’s Listwho understands the immigrant journey. Get expert financial guidance for your U.S. life and beyond.

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Author: Kimi, Co‑founder of Sam’s List
Kimi writes about what she’s learning while building Sam’s List and shares honest takeaways from her conversations with accountants and financial advisors across the country. None of this is financial advice—just the stuff most people wish someone told them sooner.


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