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

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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!

Very truly yours,
U.S. TAX IQ Team

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