Options for those who dream of settling in the US
The recent ongoing serious commentary centred on the right to work and reside in Bermuda has seen a fierce uproar of feelings among many Bermuda citizens and residents. It is a vigorous debate: over term limit changes, suggestions of selling Bermuda residency to obtain much needed foreign cash infusions, and other proposals regarding the right to live, work, and / or become a temporary / permanent resident of Bermuda continues on.We, who can live here unequivocally, forget in our complacency that people love Bermuda. Those visitors to our country who come here even for a short stay are so envious, and wistful of the opportunities afforded to us, permanent citizens with inalienable rights of abode, seeing that blazing sun, sparkling seas, pastel cottages, gleaming sand and courteous customs every day.They will lament that they wish they could come and live here — in this wonderful isle of peace and tranquility.The green grass contingency planSurprisingly, for as many of those individuals residing on a long-term comfortable basis in our beautiful world, so many more individuals would give their left arm to live in another jurisdiction. Specifically, the right to reside in the United States has an allure that few countries can match. Comments such as: “What can you do, anything at all, to get me into the United States as a legal resident?” have been rampant during my practice years.These urgent requests surface because with today’s global immigration regulations everyone knows that one can no longer just walk into a country, set up house, find a job, or start a business without extensive documentation, vetting, permission, and all of the appropriate passports / visa paperwork.If there is a will, there is a way. Some strategies are easier and less expensive than others, but all need to consider serious strategic planning.Almost anything can be had for a price. Depends upon the price, though. True love and subsequent marriage to a US citizen (or a green card holder) is a perfectly valid strategy leading to a coveted United States passport.One likes to assume that most couples in love in this category would not usually place obtaining a US passport as a prerequisite for the relationship. The process just happens as a matter of romance precursor to married life. However, much has been made of green card convenience marriages (including a movie) where the intent of the relationship should be deemed to have a solid foundation.At the time that the US citizen spouse sponsors the foreign national for permanent United States residency, substantial interviews are held with US immigration officers where the suitability assessment is based upon a list of more than 100 personal and relationship questions. Uncle Sam does not like to be deceived.Working toward citizenship. There are other options available. Ramping your game up with extensive post secondary education to obtain a job in International Business where a preferable firm operates on a global basis.The individual will need a bachelor’s degree with a focus on speciality occupations and knowledge, for instance, in maths, accounting, law, engineering, and the like. Watching for opportunities to work for a subsidiary or parent company in the United States will provide the lucky candidate with a H1-B non-immigrant visa under the United States Immigration and Nationality Act.The H1-B visa allowing an individual to work in the United States is considered a dual intent visa meaning that the individual can apply for a green card, thus opening the way for United States citizenship.This strategy is a long-term goal, requires planning, employer sponsorship and very hard work, much harder than marrying a US citizen (which may be illusory at best — unless true love strikes first) but it can be done. The secret is to hold that goal in a tight framework while not deviating from that determined course of action.Buying the Right to apply for US citizenshipThe fourth option is to buy your way in. It will cost you, the move is not guaranteed, the return on equity may not be realised, but the strategy should get you legitimately to the door of good fortune.Reaching the US citizenship goal is the exhilarating end point — sort of. Then, as a real US person you face the worldwide citizenship based taxation structure that could dematerialise your entire personal net worth. No one, or hardly anyone, plans for such a serious inbound lifestyle change by structuring all offshore assets appropriately, first.Next — we review the citizenship purchase programme; the pitfalls of a new foreign tax structure, and answer the question of receiving foreign (Bermuda pensions and withdrawals) while residing outside Bermuda.Martha Harris Myron JP CPA PFS CFP TEP is a Bermudian, and a cross border financial planning specialist / journalist. Her articles are published domestically and internationally and focus on the challenging financial environment for local and international residents and their families living and working in Bermuda with connections across the pond in the North Atlantic Quadrangle: United States / Canada, United Kingdom and Europe. Inquiries to martha.myron@gmail.com