Renunciation of U.S. Citizenship. What You Need to Know.
Renunciation of U.S. Citizenship is frequently motivated by a desire to reduce complexity of personal financial affairs and costs of complying with U.S. tax law. There are immigration and significant tax issues that should be considered, and plans that may need to be put in place before you take action.
To give you a starting point, we made a video that provides an overview of the tax implications associated with the renunciation of U.S. citizenship. I touch on immigration ramifications and review some of the critical potential liabilities, like U.S. Exit Tax that applies to Covered Expatriates, as well as the renunciation process and the disclosures required.
You can watch the video on Andersen Tax LLP’s YouTube channel here: https://youtu.be/7H5ay48cqpg
As with any tax situation, the specific facts involved will affect how the law applies and will determine the outcome. The video provides general commentary on factors that should be considered. It is not intended to be legal or tax advice. If you are considering renouncing your U.S. citizenship, you should seek professional advice. We invite you to contact us to discuss your situation. We can help you determine your options and implement a plan that works for you.