Renouncing US Citizenship

No matter where you are in the world, as a US citizen you cannot escape the reach of IRS and your obligation as a US citizen to file US taxes. The only way to truly leave the US tax system behind is by renouncing your US citizenship. Renunciation may help in relieving you from future filing requirements, but there are also significant tax implications, especially if you are deemed a “covered expatriate.” Of course this is a drastic step, but for some people it may be the best for their particular situation, and for those people, we are here to help.

We have significant experience with this delicate process. Not only can we help you prepare and file the necessary forms, we can also guide you in planning your expatriation and in making the right financial decisions to optimize your tax strategy.

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.

How we can help with renouncing US citizenship:

  • Obtaining a 2nd passport through investments (Dominica, Malta, Grenada)
  • Assisting with the “Renunciation Questionnaire”
  • Completing Form 8854 for renunciation, including asset valuation
  • Planning for tax implications of Section 877A exit tax for covered expats
  • Estimating your tax liability upon renunciation
  • Estimating post-renunciation tax liability and treaty implications
  • Filing forms 1040 & 1040NR for your final year of citizenship

Online Taxman can help navigate the complex and sensitive process of renouncing your US citizenship. Together, we can design and implement the best tax strategy for your expatriation from the United States.

Schedule a free consultation to discuss if renouncing your US citizenship if right for you and how best to go about it.