Wealthy Americans Line Up to Forfeit Passports in Zurich - Businessweek

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.

SOME AMERICANS ARE SURRENDERING THEIR CITIZENSHIP TO AVOID FILING US TAX RETURNS

Read the Reuters article here on the large number of Americans surrendering their US Citizenship to avoid having to file tax returns etc.  Their actions are not necessarily to avoid US income taxes since many will then be Citizens of  countries with much higher tax rates than the USA.  Many feel that it is not the high tax burden, but what you get for it that is the true measure of a good tax system.  We have helped or advised hundreds of US Citizens and Green Card holders with respect to the surrender of their US tax status.   If you are interested go to our website at www.taxmeless.com to learn more of the details.