RENUNCIATION WEBINAR SERIES
Complimentary seminars on the main topics of interest concerning the renunciation of your US citizenship.
Canada, the Caribbean & Latin America
November 23, 2024
Europe, the UK, Middle East and Africa
December 7, 2024
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
Top Four Questions People Ask When Looking to Renounce Their US Citizenship
2024.10.21
A recent survey shows that nearly one in three US expats plan to renounce their citizenship or are seriously considering it. Read their reasons why.
2024.07.24
The Biden administration is proposing a capital gains tax rate of 44.6% as part of the fiscal year 2025 budget. Why a record number of American expats are looking to renounce US citizenship before it’s too late.
2024.05.07
Have you ever wondered how much your US citizenship is costing you? Why renouncing could save you hundreds of thousands and open new doors for financial opportunities.
2024.03.22
Looking to make 2024 your last filing year for US taxes? Here’s what you need to do.
2023.12.29
Travelling to the US? If you’re a US expat who doesn’t renounce properly, your trip may never get off the ground.
2023.10.12
What the recent FATCA decision means for US Expats (and the news is not good).
2023.07.21
Why US Citizens Who Are Residents of Canada Should Take Note: The Supreme Court of Canada Has Dismissed the Constitutionality Challenge of US FATCA
2023.07.14
Are you an “Accidental American”? Why now may be a good time to renounce your US citizenship.
2023.05.08
Why US Tax Season Never Ends When You’re an American Citizen Living Abroad
2023.04.17
Why US Selective Military Service Is Leading Some Expats To Renounce Their US Citizenship.
2023.02.24
Want to Avoid Your Own “Succession” Drama? How Renouncing Your US Citizenship Before Death Can Preserve Your Family’s Generational Wealth.
2022.11.07
“Mummy, am I an American?” A Tax Nightmare, in One Act
2022.10.03
The US government is giving the IRS an extra $80 billion in funding under the newly passed Inflation Reduction Act. Where’s that extra money going to come from?
2022.08.22
Countries Around the World Offer Tax-Free Status – But US Citizens Need to Be Aware of the Pitfalls!
2022.07.11
What to Consider When Deciding to Renounce U.S. Citizenship for Tax Purposes – The Globe and Mail Article (Featuring Quotes from Alexander Marino, Leader of the US Tax Practice)
2022.06.22
What Every US Green Card Holder (Past and Present) Needs to Know About Their US Tax Obligation
2022.05.24
Am I Still a US citizen? Clearing the Confusion Regarding Loss of US citizenship for Tax Purposes (Updated)
2022.04.26
Want to Make Next Spring a Lot Less Taxing Than This Spring? Renounce Your US Citizenship the Right Way in 2022.
2022.03.08
Can I Die My Way Out of US Tax? And Other Important Issues Facing US Citizens Living Abroad
2022.01.26
Setting The Record Straight on Scheduling an Interview To Renounce Your US Citizenship During the Pandemic
2022.01.21
The One Simple Question All Advisors Must Ask to Save Their Clients from an IRS Nightmare (And Save Them a Call to Their Malpractice Carrier).
2022.01.05
US Tax Increases May Be Coming. Are You Ready to Pay More for Your US Citizenship?
2021.11.12
‘What Happens to My Social Security Payments?’ and Some Common Myths About Life After Renouncing Your US Citizenship
2021.10.15
Six Ways the US Can and Will Tax American Citizens Living Abroad…If They Don’t Renounce Beforehand
2021.08.16
5 Things You Need to Know if You’re a US Citizen Living Abroad
2021.06.17
The “Super” Reason Australians are Renouncing Their US Citizenship
2021.05.21
Renouncing your US citizenship: Is divorcing Uncle Sam right for you?
2021.02.02
Record Numbers Line Up to Renounce US Citizenship with Presidential Election Looming
2020.08.06
Andrew Scheer reveals he’s in the process of renouncing US citizenship
2019.10.04
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 brings his extensive experience in cross-border tax law, estate planning, corporate tax, and US expatriation law to his role as Director of US Tax Law at Moodys Tax. As leader of the firm’s US Tax Practice Group, he oversees the world’s largest US Citizenship Renunciation Practice. His team annually assists hundreds of clients from six continents with renouncing their US citizenship or terminating their US green card status – more than any other firm in the world.
His work in US Citizenship Renunciation is crucial for clients seeking to navigate the complex legal and tax implications of giving up their US citizenship. With a strong focus on doing things the right way, Alexander helps individuals understand and comply with the intricate requirements and potential consequences of renunciation. His efforts ensure clients can make informed decisions and effectively manage their international tax responsibilities.
Alexander frequently speaks on US renunciation and expatriation at webinars in Canada and globally, establishing himself as a leading voice in this specialized field. He holds a B.S.B.A. in Finance and Marketing from the University of Pittsburgh, a JD from Duquesne University School of Law, and an LLM in Taxation from the University of Florida Levin College 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 (STEP).
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