Re: Transfer of Residence (USA to Pakistan)
Exactly right! When my bro-in-law and sis moved back to Khi and then Dubai after living in Dallas for 7-8 years, they did not realize that all of my bro-in-laws income from his established family industries, sales and purchases of properties in dubai and business in pak & dubai would be taxable income since he was now a US citizen! Unfortunately, he got incorrect advice from his accountant here in Dallas, and figured since they sold the house here and were not maintaining any ties to the US, they were exempt from taxes…WRONG! They got slapped with over $200K in tax penalites and fines! It took a team of int’l tax consultants almost 2 years to sort through the mess and negotiate down the fines and penalties to a manageable amount he has now payed off.