Tag Archive for Renunciation

US Increases Fee For “Relinquishment of Nationality” – Maybe It Is Worth The Increased Cost?

Ronald Marini picture14

On Thursday, September 5, 2014, we posted The Cost To Renounce Your US Citizenship Just Increased By 422%  where we discussed that the number of Americans renouncing U.S. citizenship stayed near an all-time high in the first half of the year before rules that make it harder to hide assets from tax authorities came into force (FATCA – Effective Date July 1, 2014) and how the State Department interim rule just raised the fee for “Renunciation of U.S. Citizenship” to $2,350 from $450. Critics noted that it’s more than twenty times the average level in other high-income countries. The State Department says it’s about demand on their services and all the extra workload they have to process people who are on their way out.

For the second time in a year, the State Department just did another hike which Read more

Renouncing US Citizenship? How The S. 877A “Exit Tax” May Apply To Your Canadian Assets – Introduction

John Richardson And FATCA

There is much discussion of the U.S. rules which operate to impose taxation on the residents of other countries and income earned in those other countries. You will hear references to “citizenship taxation”, “FATCA Canada“, PFIC, etc. It is becoming more common for people to wish to relinquish their U.S. citizenship. The most common form of “relinquishment is renunciation”. The U.S. tax rules, found in the Internal Revenue Code, impose taxes on everything. There is even a tax on “renouncing U.S. citizenship”. I don’t mean the $2350 USD administrative fee which everybody has to pay. (Isn’t that really a tax?). I mean a tax on your assets. To be clear:

• You must pay a price to NOT be a U.S. citizen. Read more