Renouncing American Citizenship Hits All-Time Record | Episode 198
The Growing Trend of Giving Up the World’s Most Coveted Passport
Are you living abroad and considering the unexpected move of renouncing your US citizenship? You might be surprised to learn that the cost and process are more complex than you think. But what if I told you there’s a strategic way to navigate the tax implications and make an informed decision? Dive into this compelling conversation with Alexander, an expert in cross-border tax law and expatriation, as he reveals the surprising reasons behind the surge in renunciations and the impact of FATCA on American expats. Curious about the unexpected insights that could shape your expat journey? Stay tuned for the eye-opening revelations that could redefine your path to financial freedom abroad.
About Alexander Marino
Alexander Marino is a seasoned professional in cross-border tax law, estate planning, and U.S. expatriation law. Leading the U.S. tax practice group at Moody’s Tax Law, Alexander guides a substantial number of clients worldwide through the intricate process of renouncing their U.S. citizenship or terminating their U.S. green card status each year. His expertise in strategic tax planning and renunciation decisions is particularly beneficial for expatriates and green card holders living abroad, providing essential insights into the complexities of the renunciation process, tax implications, and the underlying reasons for the increasing number of American renunciations. Alexander’s wealth of experience makes him an invaluable guest, offering a comprehensive understanding of the challenges and considerations involved in renouncing U.S. citizenship.
“We’re going to spend 25 grand to solve this problem. I’m sure a common concern that people would ask is, would they save more than they spend? Assuming emotion is outside of this decision, and it is a business decision, we’re going to spend 25 grand to get compliant and renounce or half of that if you’re already compliant and just want to renounce and then we’re not going to have to file for the next 50 years.” – Alexander Marino
In this episode, you will be able to:
- Understand the step-by-step process and costs involved in renouncing US citizenship for informed decision-making.
- Discover the tax implications associated with giving up US citizenship and how to strategically plan for them.
- Explore the reasons behind the increasing trend of American renunciations and its potential impact on expatriates.
- Learn about the significance of FATCA and how it affects American expats living abroad.
- Uncover the complexities of dual citizenship and the related tax obligations for expatriates and green card holders.
Discover the Tax Implications
Living as an American citizen or green card holder abroad can involve complicated tax regulations and financial implications, according to Alexander Marino. Due to the US being one of the only two countries globally that tax based on citizenship, individuals are subject to US taxation on their worldwide income, regardless of their place of residence. Alexander illustrates the disastrous financial consequences of failing to navigate these complex laws using real examples such as the case of former UK Prime Minister, Boris Johnson.
The resources mentioned in this episode are:
- Moody’s Tax Law – For assistance with cross border tax law, estate planning, corporate tax, and U.S. expatriation law, visit Moody’s Tax Law for expert guidance and representation in properly giving up U.S. citizenship or terminating U.S. green card status.
- Greenback Expat Tax Services – For expats living in 121 countries, Greenback Expat Tax Services offers valuable insights and resources for navigating tax challenges and considerations. Visit their website for more information and support.
- Foreign Account Tax Compliance Act (FATCA) – Learn more about FATCA and its implications for U.S. citizens living abroad. Understanding FATCA can help individuals make informed decisions about their financial and tax obligations.
- U.S. Citizenship and Immigration Services (USCIS) – For individuals considering renouncing U.S. citizenship or terminating green card status, it’s important to engage with USCIS to understand the legal and procedural aspects of the process.
- Consultation with Alexander Marino – For personalized guidance on renouncing U.S. citizenship, navigating expatriation law, and addressing tax considerations, consider scheduling a consultation with Alexander Marino to explore your options and make informed decisions.