Renouncing Your U.S. Citizenship: Are We There Yet?

Pur­chase ($9.95)On Novem­ber 15, 2018 at 12:00pm (East­ern Time), join us for a free webi­nar with U.S. tax attor­ney Alex­ey Man­a­suev, LL.M. (Int’l Tax), NYU, TEP, and U.S. tax accoun­tant Bran­don Vucen, CPA, CA, CPA (IL), MST, who will dis­cuss the deci­sion-mak­ing process regard­ing renounc­ing your U.S. cit­i­zen­ship. More impor­tant than “Are we there yet?” is: “Are you there yet?” If you, like many U.S. expats (U.S. cit­i­zens and Green card hold­ers liv­ing out­side the Unit­ed States) are becom­ing more frus­trat­ed, con­fused, or over­whelmed with the mas­sive bur­den that U.S. cit­i­zen­ship may entail when you are liv­ing out­side the Unit­ed States, you may have con­sid­ered renounc­ing your U.S. cit­i­zen­ship. With the restric­tions on your free­dom to make finan­cial deci­sions or under­tak­ing any trans­ac­tion with­out care­ful­ly review­ing poten­tial U.S. tax impli­ca­tions, the thought of pos­si­bly renounc­ing your U.S. cit­i­zen­ship may have crossed your mind, maybe more than once. Decid­ing to renounce your U.S. cit­i­zen­ship should nev­er be made based on tax con­sid­er­a­tions. After all, tax­es can be man­aged. How­ev­er, high annu­al com­pli­ance costs, the require­ment to file tax returns and numer­ous oth­er forms with the Inter­nal Rev­enue Ser­vice (“IRS”) and your coun­try of phys­i­cal res­i­dence, along with the inabil­i­ty to make cer­tain invest­ments are often the cat­a­lyst that begins the deci­sion-mak­ing process. Frus­tra­tion and the long-term finan­cial costs of remain­ing com­pli­ant in mul­ti­ple juris­dic­tions are some of the rea­sons why you are ask­ing your­self, “Am I there yet?” Do I need to main­tain two cit­i­zen­ships? The rea­son why U.S. cit­i­zen­ship gets the spot­light is because the Unit­ed States tax­es its cit­i­zens and res­i­dents on a world­wide basis, not sole­ly on phys­i­cal res­i­den­cy. Even with the avail­abil­i­ty of a for­eign tax cred­it (“FTC”), which is less and less avail­able, U.S. expats are often pay­ing extra tax and, in some cas­es, are sub­ject to dou­ble tax­a­tion. The deci­sion to ter­mi­nate one’s U.S. per­son sta­tus should nev­er be tak­en light­ly or made with­out a full under­stand­ing of future con­se­quences, which could be cost­ly and irrev­o­ca­ble. Con­sult­ing a qual­i­fied U.S. tax and immi­gra­tion attor­ney is one of the best things you can do to deter­mine if renounc­ing your U.S. cit­i­zen­ship is the right answer to your con­cerns. It is impor­tant that you proac­tive­ly plan the renun­ci­a­tion process, and the clos­ing of a chap­ter in your life, by prop­er­ly fil­ing all applic­a­ble tax returns and forms with the IRS. Whether you are a U.S. cit­i­zen or a Green card hold­er liv­ing abroad, renounc­ing your U.S. cit­i­zen­ship or relin­quish­ing your Green card takes a lot more thought and plan­ning than just say­ing, “I quit.” To help you decide if you are there yet, this webi­nar will out­line key issues for you to con­sid­er and dis­cuss with your pro­fes­sion­al legal tax con­sul­tant. Spe­cif­ic top­ics we will dis­cuss:

• Impor­tant fac­tors to be con­sid­ered in mak­ing the deci­sion to ter­mi­nate your U.S. per­son sta­tus;
• Are you a U.S. cit­i­zen? Are you a U.S. per­son?
• Overview of the renun­ci­a­tion / Green card aban­don­ment process;
• Key U.S. immi­gra­tion law con­sid­er­a­tions;
• Key U.S. tax con­sid­er­a­tions;
• Options to become tax-com­pli­ant;
• Prac­ti­cal tips and con­sid­er­a­tions, as well as traps for the unwary;
• And…More!

To learn more, reg­is­ter and gain the knowl­edge you need to under­stand the issues to con­sid­er in dis­cussing yours or your client’s sit­u­a­tion and decid­ing on the best course of action. We hope you join us!Purchase ($9.95)

Very tru­ly yours, U.S. TAX IQ Team