RENUNCIATION SEMINAR SERIES
Complimentary seminars on the main topics of interest concerning the renunciation of your US citizenship.
The United States is one of the only countries in the world to tax based on citizenship.
If you’re a US citizen living outside the United States, you still have yearly IRS tax filing obligations. These tax filing obligations can be an expensive annual hassle (even if you owe no tax) and may even result in double taxation. Fortunately, properly renouncing your US citizenship can provide a way out.
Is Renouncing Your US Citizenship Right for You and Your Family?
Renouncing your US citizenship is a very personal decision. If you’ve made a permanent home outside of the US and find the benefits of maintaining US citizenship no longer outweigh the costs, we can help. The process of renouncing one’s US citizenship is complex and can seem overwhelming. If not done correctly, the consequences can include the imposition of the US Exit Tax, a permanent ban on entering the US and burdening your heirs with the US inheritance tax in life and at your death. Our priority is to help you make an informed and educated decision, one that best suits your situation and your family’s needs.
Pros & Cons of Renouncing Your US Citizenship
Pros
Cons
ELIMINATION…
of double taxation (US tax plus the tax in your home country)
—
ELIMINATION…
of US reporting and filing obligations and associated legal costs
—
ELIMINATION…
of US gift tax and estate tax regimes
—
INSULATION...
from US tax changes on expats moving forward
—
ELIMINATION…
of expensive cross-border planning and legal advice
—
ELIMINATION…
of tax owing to the US through common transaction and investment funds in your country of residence (sale of principal residence, non-US mutual funds, privately held non-US corporate interests, etc.)
Cons
LOSS…
of US citizenship privileges (voting in US elections, travel on US passport, year round US residency)
—
LOSS…
of US Consular Services
—
LOSS…
of protection abroad by US government
—
ONE-TIME FEE
of $2350 to the US government (plus applicable legal fees)
Related Articles
FAQs
Our Approach
Our method involves a unique combination of Domestic and US tax law, Domestic and US Immigration Law, and US Tax Compliance. Our integrated team of US and domestic lawyers and accountants will help you assess if renouncing your US citizenship is right for you. If you decide to renounce, we work with you through every step to make the process as smooth as possible.
Benefits of renouncing your US citizenship using professional guidance
- No restrictions on US travel
- Proper planning to avoid costly taxes levied on renouncers
- No loss of social security benefits or access to Medicare
Potential issues of renouncing your US citizenship without guidance
- Restrictions on travel to the US
- US Exit Tax and exposure to other costly tax laws
International Reach
From Canada to Australia, the UK, Singapore, and beyond. No matter where you live in the world, we can help. Our integrated team of US lawyers and Certified Public Accountants know the intricacies of the US legal and tax systems inside and out. We work with our global network of legal professionals to cover every circumstance unique to your current country.
ALEXANDER MARINO JD, LLM (US TAX)
Director, US Tax Law | Co-Leader, US Tax Practice Group
Alexander Marino has years of experience in cross border tax law, estate planning, corporate tax, and US expatriation law. In addition to co-leading the US Tax Practice Group at Moodys Tax Law, Alexander also heads the US renunciation practice, annually representing hundreds of clients worldwide in properly giving up their US citizenship or terminating their US green card status. He regularly speaks on the topic of US renunciation and expatriation in Canada and around the world as one of the foremost experts in this area of law.
Alexander is a member of the New Jersey State Bar, Pennsylvania State Bar, American Bar Association Tax Section, and the Society of Trust and Estate Practitioners.
After graduating from the University of Pittsburgh with a B.S. B.A. in Finance and Marketing in 2006, Alexander received his JD from Duquesne University School of Law in 2010 and an LLM in taxation from the University of Florida Levin College of Law in 2011.
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