Essential Tax, Estate and Investment Insights for Global Professionals

Navigating life between countries can be exciting, but financially, it’s also incredibly complex. In this episode of Passport to Wealth™, host Arielle Tucker, CFP®, EA is joined by Jane Mepham, CFP®, founder of Elgon Financial Advisors, for a wide-ranging conversation on the financial realities facing immigrants, U.S. expats, and globally mobile professionals.

From navigating U.S. tax residency rules to avoiding investment traps like PFICs and planning estates across jurisdictions, Jane shares the real-life issues her clients face and how to solve them.

Why Cross-Border Financial Planning Requires a Different Approach

Unlike traditional financial advice, cross-border planning considers immigration status, international tax law, and compliance risks that vary by country. Arielle and Jane emphasize the importance of working with a fee-only advisor, whose recommendations are based on expertise, not commissions.

“Most people don’t realize their financial advisor may be making commissions from the products they recommend,” Jane explains. “With fee-only planning, you’re paying for advice instead of sales.”

And while many assume financial planning is mostly numbers and investments, cross-border clients often need help with something more foundational: knowing what questions to ask before they move.

Visa Type Determines the Rules

One of the biggest mistakes Jane sees? Clients assuming all visas are treated the same from a tax standpoint. But tax residency often begins not when you arrive, but when your visa status triggers it.

Some visas, like the F1 student visa, allow a multi-year window before U.S. tax residency begins. Others, like the H1-B or L-1, establish tax residency much faster, sometimes on day one. Understanding this timing is crucial for financial decisions like when to sell assets, how to report income, and whether you're exposed to dual taxation.

“The first thing I always ask is, ‘What’s your visa status?’” Jane says. “Because everything else builds from there.”

The PFIC Trap

Investing back home, or in your new country, may feel like a smart move. But for U.S. taxpayers, foreign mutual funds often trigger PFIC (Passive Foreign Investment Company) rules, which come with punishing tax consequences and complex reporting requirements.

“These are such an easy trap to fall into,” Arielle explains. “Clients often invest in local funds, not realizing they’re buying PFICs and the IRS doesn’t care that you didn’t know.”

Jane urges anyone planning a move to share their overseas statements before relocation. That way, problematic investments can often be addressed before they become liabilities.

Planning for the Unexpected

For many professionals on work visas, immigration status is tied to employment. If a job ends, so does the right to stay in the U.S.

“On an H1-B, you typically have 60 days to find another job or leave the country,” Jane warns. “That’s not a lot of time in today’s job market.”

To prepare, she recommends:

• A 12-month emergency fund
• Budgeting for the cost of returning home
• Networking and career planning in advance

“You can’t approach your career the same way a U.S. citizen would,” she adds. “You need a built-in safety plan.”

Estate Planning: The International Edition

Estate planning is rarely straightforward, but across borders, it becomes even more complex.

“People hear they need a trust and start setting one up, but they don’t think about who their trustee is,” Jane explains. “If it’s someone abroad, they may have just created a foreign trust now they’re subject to extra reporting and taxes.”

Another hidden issue? Domicile. Unlike residency, domicile considers your long-term intent. If you’re not domiciled in the U.S., your estate exemption drops to just $60,000. That means a modest home could push your estate into taxable territory.

And if you’re living abroad? Don’t assume your host country will treat your U.S. assets the same way. Arielle notes that many countries have forced heirship laws, requiring you to leave assets to certain relatives regardless of your will.

Build the Right Professional Network

Both Jane and Arielle emphasize the value of a trusted, experienced network. That includes immigration attorneys, international tax experts, and estate planners familiar with cross-border issues.

“You’re not just hiring a planner,” Arielle says. “You’re hiring someone who knows who else you need in the room.”

Final Thoughts

Cross-border financial planning isn’t a luxury; it’s a necessity for globally mobile professionals. From managing tax risks and investment restrictions to protecting your legacy and family, proactive planning makes a measurable difference.

As Jane puts it: “You don’t have to figure everything out on your own. Even one conversation with a cross-border planner before you move can change the entire trajectory of your financial life.”

Connect with Our Guest

Jane Mepham, CFP® is the founder of Elgon Financial Advisors and the host of the International Money Cafe Podcast. With a focus on immigrants, foreign nationals, and global professionals, Jane helps clients make confident decisions while navigating the U.S. financial system. 

More About Our Author

Arielle Tucker, CFP®, EA, is the host of Passport to Wealth™ and a cross-border financial planner serving U.S. expats in Europe. With a blend of tax expertise and lived expat experience, Arielle helps globally mobile families build financial clarity and confidence. 

FAQs: Cross-Border Financial Planning for Global Professionals

What is a PFIC and why should I avoid it?

A PFIC is a foreign investment (often a mutual fund) that triggers complex and costly tax treatment under U.S. law. Many expats hold them unknowingly.

When do I become a U.S. tax resident on a visa?

That depends on the visa type. Some trigger residency upon arrival, others offer delayed status. Visa strategy is key to tax planning.

Why is estate planning more complicated for immigrants?

Your domicile, trustee choice, and cross-border assets can affect estate taxes and reporting rules. U.S. trusts don’t always work internationally.

How can I avoid double taxation?

Using tax treaties, foreign tax credits, and coordinated timing helps avoid paying taxes in two countries. A cross-border advisor can guide you.

What’s the benefit of a cross-border financial planner?

They understand international tax law, immigration-linked planning, and compliance across countries—far beyond traditional financial advice.