It is getting more complicated daily to surrender your US Citizenship. It is a two step process. The legal side is with the State Department and costs $2,350 plus you must fill out their forms. Part two requires that you file final tax returns with the IRS and file a special form that states all of your assets. If your total net worth on surrender exceeds $2,000,000 or includes certain types of items, you may have to pay an exit tax on the current fair market value of some or all of those assets. Also if your total assets exceed $2,000,000US you may also be subject to restrictions and conditions on visits to the US after surrender and gifts and inheritances left to US beneficiaries or relatives.
You must have filed the last five years tax returns and your the amount of tax you have paid during those past five years on your income must be below a certain amount to qualify to get rid of your citizenship without tax penalties
Proper tax planning will often reduce or eliminates many of these potential IRS tax problems. We have advised or assisted over 100 individual citizens or green card holders (long term ones are subject to the same rules) with the process and often saved them hundreds of thousands of dollars in taxes.Email us if you need assistance or help with the complex process and planning it out.
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