Renouncing US Citizenship
Covered Expats and Exit TaxA covered expat is a US citizen with over $2M of net worth and/or an average annual net tax liability for the preceding 5 years of $161,000 or more (indexed for inflation). Covered expats must pay Exit Tax upon renouncing their US citizenship. Proactive planning can minimize this. Renouncing is a drastic step, and it is not right for everyone. However, for some, it may be the best for their particular situation. We have significant experience with this delicate process. We can guide you in planning your expatriation and in making the right financial decisions to optimize your tax strategy to minimize potential exit tax. We can also help prepare and file the necessary forms and coach you through the process. In addition, through our extensive network, we can connect you with trusted service providers, including immigration and tax attorneys, local accountants, and licensed valuation professionals, to assist in the transition.
Our Expatriation Services
Our experienced experts at Global Expat Advisors have worked on many expatriation cases, including high-profile, complex international situations.
We can assist you in strategic planning, form preparation, and more throughout the citizenship renunciation process and make this complex process much more straightforward.
How We Can Help With Renouncing US Citizenship
Analyze your tax situation and potential exit tax exposure, estimate your tax liability upon renunciation.
Exit tax planning
Plan for tax implications of Section 877A exit tax for covered expats. Devise strategies to minimize exit tax.
Post-renunciation tax planning
Estimate post-renunciation tax liability and tax treaty implications.
Advise on obtaining a 2nd passport through investments (Dominica, Malta, Grenada).
Final tax filing
What Are the Implications of Renouncing US Citizenship?
Giving up your US passport has significant implications and cost.
We have helped many clients successfully navigate this delicate process.
After living abroad for two decades, I finally made the decision to expatriate. Not only was I facing the complexities of the final return, but also several often overlooked returns and reporting requirements to bring myself up to 100% compliance. As the deadline for my renunciation appointment bore down, Vincenzo and crew got everything in shape. It was a wild ride, but they made it go as smoothly as possible. I’m now living in a country where even the “complicated” personal income tax returns take about 15 minutes to complete. It was a big step, but I’m glad I took it and glad that Vincenzo and crew helped me along the way.
Amit Gilboa, Singapore
After interviewing several tax consultants as preparations for renouncing my US Citizenship I have decided to use the services of Online Taxman as I felt Vincenzo and his team were the most knowledgeable and experienced with the process. All went well and I am very happy and satisfied with guidance, services and help I received from Vincenzo and the Online Taxman team. I can highly recommend them if you are thinking of going through the process of renunciation.