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

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