Excellent article from Business Week about all of the US Taxpayers surrendering their US Citizenship. It does not include in the total tally all of the US Green Card holders who have surrendered there permanent residency under a similar program for those individuals READ BUSINESSWEEK ARTICLE HERE.
Our firm has advised or assisted in excess of one hundred Citizens or Green Card holders with the tax requirements of surrendering their US Tax Status over the past few years and we get inquiries daily. It is a two STEP process. The first STEP is easy. You must have citizenship in another country, pay the US State Department $450, and fill out forms and go through an exit interview.
The second STEP requires that you file a final "Dual Status" us tax return, and Form 8854 which gives the IRS information on your worldwide asset value on the date your surrendered your status. If the value of your worldwide assets exceed a certain amount, you may owe taxes on the gain you may have in those assets. Visit our website if you need more information on the process and tax aspects at www.TaxMeLess.com or www.expatattorneycpa.com. We can advise you on the process and your situation with the protection of the attorney-client privilege privacy rules.
Our firm has advised or assisted in excess of one hundred Citizens or Green Card holders with the tax requirements of surrendering their US Tax Status over the past few years and we get inquiries daily. It is a two STEP process. The first STEP is easy. You must have citizenship in another country, pay the US State Department $450, and fill out forms and go through an exit interview.
The second STEP requires that you file a final "Dual Status" us tax return, and Form 8854 which gives the IRS information on your worldwide asset value on the date your surrendered your status. If the value of your worldwide assets exceed a certain amount, you may owe taxes on the gain you may have in those assets. Visit our website if you need more information on the process and tax aspects at www.TaxMeLess.com or www.expatattorneycpa.com. We can advise you on the process and your situation with the protection of the attorney-client privilege privacy rules.
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