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Giving up your US citizenship


Expatriation is the process of voluntarily giving up one’s citizenship. This can be done for a variety of reasons, such as to avoid paying taxes, to pursue citizenship in another country, or to live in a country without the restrictions placed on citizens of that country. In the United States, expatriation can be a complicated and costly process. The decision is irreversible. There are a number of tax implications to consider, as well as the potential for losing certain rights and privileges. Expatriation may be the right choice for some, but it’s important to be fully informed of the consequences before making the decision.

Exit tax & Form 8854

If you renounce your citizenship, you have to settle with the IRS forever by means of a final tax return after your renunciation. In this final Return, you account for your pocessions with a Form 8854. Only after this final settlement, you are no longer required to file a tax return in America.

You may also have to pay an “exit tax” on any unrealized capital gains you have in the year you expatriate. The exit tax is basically a capital gains tax on any assets you own that have gone up in value since you bought them. The expatriation tax can be a complex and confusing topic.

If you are considering expatriation should contact Americans Overseas to ensure you understand all of the US tax implications. You must have filed tax returns for the 5 years before the year of cancellation, plus the final return after you have renounced.

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Americans Overseas wants to make sure your path to compliance is a more simple, direct and cost-efficient one. We do this by providing information on tax matters for Americans living abroad. We connect Americans worldwide to the right tax specialists for their situation.

Can I renounce and never file?

You can renounce your US citizenship but be aware that renunciation may have no effect whatsoever on your US tax obligations. Upon renunciation, you need to fill in a form and declare under oath that you have met all of your tax obligations. If you aren’t compliant you might not be able to renounce.

But the IRS will not let you go until you have filed up a number of years back until the date of renunciation. There are cases of people renouncing and still owing tax. Worst of both worlds. Also (in a limited number of cases) you might have to pay exit tax upon renouncing.

Renouncation services

Americans Overseas can assist with your renouncation procedure and U.S. tax return through their network of trustworthy and skilled CPAs who are carefully assessed for quality and cost-effectiveness. We cater to individuals with various financial situations, from straightforward to complex, including those who have multiple businesses in different countries. Our aim is to provide excellent tax returns at reasonable rates.

Contact us, free of charge and without any obligation and find out the best way to deal with your tax question(s). We are at your service.

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Based on the complexity of your situation, we’ll provide the right information that you need or set you up with a specialized tax advisor that will help you further.

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Get informed. The consultation is free of charge and without any obligation.Contact us
Reach out via emailsupport@americansoverseas.org

Frequently Asked Questions

Understanding the US tax system, the obligations and all the additional terms can be difficult. Especially if one lives outside of America. Is your question not answered? Contact us.