Tag Archives: us citizenship
US Citizenship-Based Taxation: Is Expatriation the Only Way Out?
The United States stands as one of only two countries in the world (Eritrea being the other) that assesses personal income tax based on citizenship as well as residency. This distinctive tax system subjects US citizens to taxation on their global income and gains, irrespective of their place of residence. Consequently, managing tax affairs becomes […]
Expatriation the Easy Way or How I Learned to Give Up My US Citizenship and Breathe Freely Again
Lefty Gomez, an all-star pitcher for the New York Yankees in the 1930s, is credited with saying “I’d rather be lucky than good.” He is also credited with earning the nicknames “Goofy Gomez,” and “El Goofo.” Still, I often think Lefty had it right and today could very well be your lucky day. If you […]
Why has the fee for renunciation of US citizenship dramatically increased?
The following post was provided by our guest contributor, Ashley Puscas, Associate Attorney with Immigration law firm Laura Devine, LLP in London. On September 12, 2014, the fees for many consular services dropped. However, the cost of renunciation of U.S. citizenship increased fourfold. Instead of $450, the fee is now $2,350, which is more than 20 times […]
Renounce US citizenship (Expatriation)
The United States imposes its Income Tax on US PERSONS based on the person’s worldwide income. It does not matter where you live – if you are a US PERSON or as an advisor have a US PERSON in your investment structure, you (or they) are subject to US Income Tax. Many American citizens who […]