Immigration lawyers warn that green card is not a visa and you can’t return it if you don’t like it

one green card A green card is the most coveted status for foreigners in the United States, but immigration attorneys warn that before getting one, people must remember that a green card is not something they can throw away later; it has its own terms and conditions, all of which must be met. Immigration attorney Adrian Pandev said many of his international clients view the green card as a trial run, like a long-term visa that will expire. But green card holders must pay taxes in the United States on their worldwide income, and there are repercussions if they fail to do so.

Tax

“The foreign companies that you still own, the rental properties in the country, the dividends from overseas investments, all of those are now subject to the U.S. tax system,” Pandev said.

The fine is bigger than the tax

“On top of that, you’re subject to a long list of foreign reporting obligations, such as FBAR, FATCA and Form 5471 for foreign company equity, and the penalties for missing a return are often greater than any tax you actually owe,” the attorney advises.

Must stay in the United States

“There is also a time issue that most people don’t consider. If you spend too much time abroad, the U.S. government may take the position that you give up your green card,” Pandev explained. A person must reside continuously in the United States for six months to maintain a green card.

Inspection upon re-entry

Failure to comply with the 6-month requirement will subject you to additional scrutiny upon re-entry. “This could mean undergoing secondary screening when you enter the country or even being referred to an immigration judge to defend your permanent resident status,” Pandev said.

exit tax

If a person holds a green card for a long time and then decides to give it up, he or she will need to pay an exit tax on global assets to the United States.“If you are not ready to stay in the United States long-term, a green card may not be the right choice,” Pandev said.