personal properties after green card

[cornmayeat 2]

Hey, so from my understanding, after someone wins a dv and gets a green card, it will take them 5 years to get a us citizenship right? So what do i do with my real estate properties if i have any. Can i keep them for the first five years and then after i get my citizenship, i have to sell them yeah? I dont want to sell what i have over here... idk what i should do.

[Harpa Timsah 13,258]

Why would you have to sell your overseas property?

[cornmayeat 2]

Why would you have to sell your overseas property?

Hmm.. on what basis will i hold my property in my country if im not its citizen anymore? Thats how it works here anyways

[SusieQQQ 11,587]

Well, that will depend on your country laws then, not the US. The US doesn't mind where its citizens own property, and a fair number of naturalised citizens still have property in their countries of origin. It also sounds like you will have to give up Nepali citizenship to take US citizenship from what you say (that you will not be a citizen anymore)? Many countries allow dual citizenship.

Personally I would rather sell my properties as soon as I moved to use the money to make a new life in the US...

[Harpa Timsah 13,258]

Hmm.. on what basis will i hold my property in my country if im not its citizen anymore? Thats how it works here anyways

If your country only allows citizens to own property, and if they don't allow dual citizenship, then I guess you will have to sell, or never get US citizenship. Citizenship in the US in optional, you can choose to live as a Permanent Resident for the rest of your life if you want.

As for the US, there are no restrictions on where their citizens can hold property. Good luck.

[cornmayeat 2]

Well, that will depend on your country laws then, not the US. The US doesn't mind where its citizens own property, and a fair number of naturalised citizens still have property in their countries of origin. It also sounds like you will have to give up Nepali citizenship to take US citizenship from what you say (that you will not be a citizen anymore)? Many countries allow dual citizenship.

Personally I would rather sell my properties as soon as I moved to use the money to make a new life in the US...

yeah, thats the thing, they dont allow dual citizenships here, not yet. And i cant sell my house yet coz my parents live there. hmm.... i may need a lawyer. btw in dv process, at any point will i need to show my properties/assets/bank statements for reasons other than proving that i wont be a public charge? Will showing or not showing these assets cause any issues later on when im in us? Im asking this because i hear the us govt is recently asking for all documents such as bank statements, property valuations from immigrants from other countries.

[SusieQQQ 11,587]

They want to see proof that you won't be a public charge, which is why they may ask for bank statements, assets details etc during the visa interview, They won't force you to do anything with them, if that is what you are worried about... Although do be aware that, as a LPR, if you receive income on the property you will have to declare that as part of your income to the IRS, and bank/stock accounts in excess of $10k held outside the US need to be declared annually.

As Harpah says you can choose to remain an LPR permanently, though personally I would not be comfortable with that.

Edited July 10, 2014 by SusieQQQ

[guestgulkan 9]

Hmm.. on what basis will i hold my property in my country if im not its citizen anymore? Thats how it works here anyways

This must be a Nepalese law. The USA doesn't care.

In most/many countries:

• A) You can be a dual-citizen
• B) Foreigners can own land

Out of interest, how will Nepal know if you become a US citizen?

[cornmayeat 2]

This must be a Nepalese law. The USA doesn't care.

In most/many countries:

• A) You can be a dual-citizen
• B) Foreigners can own land

Out of interest, how will Nepal know if you become a US citizen?

in most cases they wont know but i suppose when i get an american passport it triggers something in the system.

[cornmayeat 2]

They want to see proof that you won't be a public charge, which is why they may ask for bank statements, assets details etc during the visa interview, They won't force you to do anything with them, if that is what you are worried about... Although do be aware that, as a LPR, if you receive income on the property you will have to declare that as part of your income to the IRS, and bank/stock accounts in excess of $10k held outside the US need to be declared annually.

As Harpah says you can choose to remain an LPR permanently, though personally I would not be comfortable with that.

understood. so if i receive dividends, real estate rental amount, etc income from other sources in Nepal, then as an LPR, will i have to pay any form of tax to the US government? I will be paying taxes to the Nepalese government thats for sure. Furthermore, if i do sell my properties in Nepal, and bring the money to the USA, what percent of the money goes to the US govt? thanks

[SusieQQQ 11,587]

This must be a Nepalese law. The USA doesn't care.

In most/many countries:

• A) You can be a dual-citizen
• B) Foreigners can own land

Out of interest, how will Nepal know if you become a US citizen?

It used to be illegal in SA unless you acquired it through marriage - they changed that, but you still need to make an application to retain SA citizenship if you naturalise elsewhere. And they do "know", not sure exactly how but there was a case recently of someone who was informed they'd been stripped of SA citizenship because they had forgotten to make the application.

understood. so if i receive dividends, real estate rental amount, etc income from other sources in Nepal, then as an LPR, will i have to pay any form of tax to the US government? I will be paying taxes to the Nepalese government thats for sure. Furthermore, if i do sell my properties in Nepal, and bring the money to the USA, what percent of the money goes to the US govt? thanks

Technically you might have to pay tax in both places but if there is a double tax treaty in place you should only end up paying once.

Um, the US government will not penalize you for bringing assets into the country...why do you think they would take any of it??? There might be capital gains tax implications of the sale of course, in which case similar to above tax comments. You'd probably have more problems on the Nepali side - if they have any restrictions on what people can take out you may find you pay an exit tax or something similar.