Renouncing US Citizenship

US citizens still have an obligation to file US taxes, even when living abroad. In addition, FATCA can complicate international banking for Americans. To simplify their tax filing and banking situiation, many expats therefore consider renouncing their US citizenship. Renunciation may help in relieving you from future US tax filing requirements. However, it can also have significant tax implications, especially if the IRS considers you a “covered expatriate”.

Covered Expats and Exit Tax

A 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.

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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.

Schedule Your Consultation

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How We Can Help With Renouncing US Citizenship

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Tax analysis

Analyze your tax situation and potential exit tax exposure, estimate your tax liability upon renunciation.

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Exit tax planning

Plan for tax implications of Section 877A exit tax for covered expats. Devise strategies to minimize exit tax.

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Post-renunciation tax planning

Estimate post-renunciation tax liability and tax treaty implications.

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Second passport

Advise on obtaining a 2nd passport through investments (Dominica, Malta, Grenada).

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Questionnaire assistance

Assist with the “Renunciation Questionnaire”.

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Form 8854

Complete Form 8854 for renunciation, including asset valuation.

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Final tax filing

File forms 1040 & 1040NR for your final year of citizenship.

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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.

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Client Experiences

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.

Assaf, Israel