December 15, 2014 2 Comments
Choosing to give birth in the US,has so far been a smart option available to well to do Indian mothers. Doing so enabled the babies,and later the parents themselves to acquire the prized US citizenship and the opportunities available in America.
The US already taxed its citizens and residents on their global income and with the passage of FACTA, suppressing asset ownership in India is going to be harder.
Worse,if a person wishes to give up US citizenship, they have to pay an expatriation tax on the market value of their world-wide assets. Now imagine the mess if this person owns a pricey house in India, they have no interest in selling!
So going to the US to give birth, is no longer a no-brainer but requires a great deal of careful planning and ring-fencing of assets.