IS IT RIGHT FOR YOU

While there are a number of reasons to renounce your US citizenship, the process can be overwhelming. If not done properly, the consequences could include the imposition of the US Exit Tax, being barred from entering the US, and burdening your heirs with the US inheritance tax at your death.

Pros and Cons to Renunciation

Has your bank asked you to confirm whether you are a US citizen? Are you emotionally and financially drained after the process of becoming (and staying) US tax compliant, and continually planning for cross-border US estate and gift tax issues? If the high costs, non-compliance penalties, and the arrival of the Foreign Account Tax Compliance Act (FATCA) have you thinking about renouncing, take a look at some of the pros and cons:

PROS

Elimination of:

US citizen-based taxation, reporting, and filing obligations.

The US citizen-based gift tax regime during life and estate tax regime at death.

Potential double taxation in life, as you will no longer be taxed as a US citizen on your worldwide income.

CONS

Potential restrictions on travel to the US if you do not renounce properly.

Loss of US Consular Services.

Publication of your name in the Federal Registrar as an individual who has lost their US citizenship.

Loss of privileges US citizens are afforded, such as protection abroad if traveling to unstable areas, the ability to vote in US elections and, in some situations, access to the US job market.

At Moodys Gartner Tax Law, we’ll help you weigh the pros and cons to make an informed decision. Connect with us anytime regarding renunciation by contacting Alex Marino at amarino@moodysgartner.com or 1.403.693.5114.

Essential Reading

Meeting your US filing obligations – infographic (PDF)

Renouncing your US citizenship: Is divorcing Uncle Sam right for you? (PDF)

Renouncing your US citizenship: Failed amendment may signal that now is the time to get out! (PDF)

 

Alexander Marino JD, LLM (US TAX) US Tax Lawyer

Alex leads our expatriation group at Moodys Gartner Tax Law, and has assisted hundreds of clients on five continents in renouncing their U.S. citizenship. He represents approximately 9% of all worldwide renouncers annually. Alex educates potential renouncers on the pros and cons specific to their unique situation, to help determine if renunciation is the right decision for them. If so, he is there through each step of the process. He regularly speaks on the topic of US renunciation and expatriation in Canada and around the world.
 

OUR APPROACH

Moodys Gartner Tax Law has represented hundreds of US Citizens in renouncing their US Citizenship not only in Canada, but on five continents and in countless different countries. Our approach involves a unique combination of Domestic and US tax law, Domestic and US Immigration Law, and US Tax Compliance. Our team of US and domestic lawyers and accountants will help you evaluate if renouncing your US citizenship is right for you, and the consequences of doing so.

Our experience extends not only into the tax issues associated with renunciation, but also into the immigration, social security, State Department, and Homeland Security issues and procedures that must be addressed when renouncing US citizenship.

If you decide to renounce, we will work with you to do it the right way. We will guide you through every step of the process with the goal of avoiding the pitfalls along the way. We’re here to help.

   

Alexander Marino JD, LLM (US TAX) US Tax Lawyer

Alex leads our expatriation group at Moodys Gartner Tax Law, and has assisted hundreds of clients on five continents in renouncing their U.S. citizenship. He represents approximately 9% of all worldwide renouncers annually. Alex educates potential renouncers on the pros and cons specific to their unique situation, to help determine if renunciation is the right decision for them. If so, he is there through each step of the process. He regularly speaks on the topic of US renunciation and expatriation in Canada and around the world.
   

Roy A Berg JD, LLM (US TAX), TEP, US Tax Lawyer, Canadian Tax Lawyer

Roy is the partner in charge of all US tax matters at Moodys Gartner Tax Law. He has more than 22 years of experience in international tax matters and is called to the bar in both Canada and the US. Roy’s experience includes: The Foreign Account Tax Compliance Act (FATCA); Renouncing US Citizenship; Canada-US estate planning; IRS Litigation; Foreign reporting obligation on US forms 5471, 5472, 926, 8865, 8621, 3520, 3520-A, 706-NA, 1040-NR.
   

INTERNATIONAL REACH

Our expertise in US taxation allows us to offer US tax advice to anyone with ties or activities in the United States, regardless of where they live in the world. Whether you’re an American expat who resides in the UK, Australia, Canada, Singapore, Israel, or any other country worldwide, we understand how frustrating and complex US taxation can be for you.

At Moodys Gartner Tax Law, our US tax lawyers and Certified Public Accountants know the intricacies of the US legal and tax systems inside and out. We are also aware of legal circumstances unique to specific countries, such as US taxation of Australian Superannuation Funds. We work with you to navigate the complexities and help you understand your opportunities and obligations when it comes to renunciation – no matter where you reside.

If you’re unsure whether you are considered a US citizen for tax purposes, or would like to speak to Alex Marino, US Tax Lawyer, please call 1.403.693.5114 or email amarino@moodysgartner.com.

If you are a U.S. citizen living in Australia, please visit our US-Australia Tax Considerations microsite for more detailed information.

 
   

Alexander Marino JD, LLM (US TAX) US Tax Lawyer

Alex leads our expatriation group at Moodys Gartner Tax Law, and has assisted hundreds of clients on five continents in renouncing their U.S. citizenship. He represents approximately 9% of all worldwide renouncers annually. Alex educates potential renouncers on the pros and cons specific to their unique situation, to help determine if renunciation is the right decision for them. If so, he is there through each step of the process. He regularly speaks on the topic of US renunciation and expatriation in Canada and around the world.
 

RENUNCIATION NEWS

Publications

  • The “Super” reason Australians are renouncing their US citizenship (PDF)
  • Renouncing Your U.S. Citizenship: Is Divorcing Uncle Sam Right For You? (PDF)
  • Renunciation of US Citizenship – Failed Amendment May Signal That Now Is The Time To Get Out! (PDF)

Media Coverage

  • Alexander Marino talks to Tasha Kheiriddin about the real reason an increased number of US citizens are leaving the country on a segment entitled “What’s driving Americans to move to Canada? Hint: It’s not politics”, October 12, 2017, 640AM News Radio
  • Alex Marino and Kevin Kirkpatrick discuss giving up your US citizenship if you’re an American living in the UK in this article entitled, “Renouncing US citizenship or giving up a green card: why and how to consider it”, June 13, 2017, Expat Info Desk
  • Alex Marino speaks to 640 AM News Radio Toronto regarding why record numbers of US citizens are renouncing their US citizenship, June 1, 2017
  • Alexander Marino discusses American expatriates renouncing their US citizenship in an article entitled, “Why are American expatriates renouncing their citizenship? It’s not because of Trump”, April 29, 2017, The Calgary Herald
  • Alexander Marino speaks to the Edmonton Sun about US citizenship renunciation in an article entitled, “Escaping the tax man accounts for Americans renouncing citizenship”, April 29, 2017, The Edmonton Sun
  • Alexander Marino is quoted in an article entitled, “Why are American expatriates renouncing their citizenship? It’s not because of Trump”, April 29, 2017, Edmonton Journal
  • Alexander Marino speaks to the Lethbridge Herald about an upcoming renunciation seminar in an article entitled, “U.S. tax lawyer to discuss renouncing U.S. citizenship”, April 27, 2017, Lethbridge Herald
  • Alexander Marino speaks to the Red Deer Advocate about why an increasing number of US citizens in Canada are renouncing their US citizenship in an article entitled, “Tax laws push more Americans to renounce citizenship”, April 13, 2017, Red Deer Advocate
  • Alexander Marino is quoted in the Kelowna Daily Courier in about why increasing numbers of US citizens are choosing to renounce their citizenship in an article entitled, “Giving up U.S. citizenship subject of seminar Friday”, April 3, 2017, The Daily Courier
  • Alex Marino and Kevin Kirkpatrick discuss why a dual Israeli-US citizen may consider giving up their US citizenship, “Renouncing US citizenship or giving up a green card: why and how to consider it”, March 24, 2017, Jewish Business News
  • Moodys Gartner Tax Law is mentioned in an article entitled, “US citizens renouncing because of tax laws affecting Australian superannuation”, September 11, 2016, Sydney Morning Herald
  • Alexander Marino is quoted in an article entitled, “Americans flocking to renounce their citizenship”, August 13, 2016, Lethbridge Herald
  • Alexander Marino is interviewed by 630 CHED in Edmonton in regards to the high volume of US citizens renouncing their US citizenship and the Moodys Gartner US renunciation seminar in Edmonton on August 6, July 29, 2016, 630 CHED
  • Roy Berg is quoted in an article entitled “Canada/US Tax”, June 2, 2016, Lexpert US/Canada Cross-Border Guide – Corporate
  • Roy Berg is quoted in an article entitled, “Tax Law Has Americans Switching Sides,” May 30, 2016, Baystreet.ca
  • Roy Berg is quoted in an article entitled, “FATCA has Americans renouncing citizenship, tax lawyer says,” May 27, 2016, CBC News
  • Alexander Marino is quoted in an article entitled “Seminar helps people to renounce American citizenship,” May 27, 2016, 660 NEWS
  • Alexander Marino speaks to CBC radio Vancouver about US citizenship renunciation and Moodys Gartner’s renunciation seminar in Richmond, May 27, 2016, CBC Radio Vancouver (51:20 – 100:00)
  • Alexander Marino is interviewed by CBC Radio Vancouver in regards to the rise of US citizens living in Canada renouncing their US citizenship, and the Moodys Gartner US renunciation seminar in Vancouver, May 25, CBC Radio Vancouver
  • Roy Berg is interviewed by AM 770 Radio in regards to the high volumes of US citizens in Canada renouncing their US citizenship, and the Moodys Gartner US renunciation seminar in Calgary, May 21, 2016, AM 770 Radio Calgary
  • Roy Berg and Alexander Marino discuss the pros and cons of renouncing US citizenship, March 12, 2016, Experts Hour AM640
  • Roy Berg is quoted in an article entitled “American expats in Canada renouncing U.S. citizenship to avoid punitive taxation,” January 15, 2016, Yahoo News
  • Roy Berg interviewed by Audrey Whelan about US citizenship renunciation, November 6, 2015, 660 News
  • Roy Berg is quoted in Yahoo News Canada regarding renouncing your US citizenship in Canada, September 18, 2015
  • CBC Radio interviews Alexander Marino about the causes behind the increase of American or dual citizens residing in Canada who wish to renounce their US citizenship – April 23, 2014, CBC Radio Calgary
  • The Lawyers Weekly published an article by Roy Berg and Alexander Marino that offers a high-level overview of US citizenship renunciation in regards to FATCA legislation – March 21, 2014, The Lawyers Weekly
  • Roy Berg explains the reasons why so many Americans are now choosing to “jump ship” where US citizenship is concerned – August 26, 2013, AccountingWEB
  • Roy Berg interviewed by Global News regarding a spike in the number of American expats renouncing their citizenships – August 15, 2013, Global News