With the huge tax hikes introduced by the US over the last 5 years has brought more and more US citizens living abroad deciding to get rid of their American citizenship once and for all.
Can you renounce your US citizenship?
So you think you want to renounce your US citizenship? A person wishing to renounce his or her U.S. citizenship must voluntarily and with intent to relinquish U.S. citizenship:
1. Appear in person before a U.S. consular or diplomatic officer
2. In a foreign country at a U.S. Embassy or Consulate; and
3. Sign an oath of renunciation
If you do not comply with these steps your renunciation will not be recognized as legal and therefore have no legal effect. Under the provisions of Section 349(a)(5), U.S. citizens can only renounce their citizenship in person, and therefore cannot do so by mail, electronically or through agents.
Renouncing your rights and privileges as a US citizen
When you renounce your U.S. citizenship you are also renouncing all the rights and privileges associated with that citizenship. This includes the rights such as the right to live in the US.
Other considerations you should make when considering whether or not to renounce your citizenship include the matter of statelessness. If you are intending to renounce your U.S. citizenship you should be aware that, unless you already possess a foreign nationality, you may be rendered stateless and therefore lack the protection of any government. Statelessness can hinder your ability to rent or own property, work, marry, receive medical help and attend school.
How can we help?
As a US citizen wishing to pursue US citizenship renunciation, there are a number of tax steps you are required to take. Firstly you must file the last 5 years of your tax returns and 6 years of your FBARS, followed by other relevant tax documents.
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