[ Offshore Tax ] How do I give up my US citizenship or Green Card? Video

[ Offshore Tax ] How do I give up my US citizenship or Green Card?

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The tax consequences associated with expatriating changed significantly with the enactment of the Heroes Earnings Assistance and Relief Tax Act of 2008 (P.L. 110-245, 6/17/08; the “HEART legislation”). U.S. citizens seeking to terminate their citizenship and long-term residents desiring to return their green card (collectively known as “ex-pats”) are no longer subject to an alternate U.S. income tax regime for ten years following the expatriation date. Instead, section 301 of the HEART legislation added two new sections to the Code: a new income tax provision, Section 877A, that subjects certain ex-pats to an exit tax; and a new transfer tax provision, Section 2801, under which U.S. recipients of gifts and bequests from certain ex-pats could be subjected to gift or estate tax. In addition, other Code provisions were revised to be consistent with the new approach.

TIMESTAMPS:
0:00 INTRO
0:15 How do I give up my US citizenship?
0:50 Things you need to do before giving up US citizenship
2:45 Tax perspective must be clear for the last five years
3:50 Processing US status return in US embassy
5:00 OUTRO

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DERREN JOSEPH:
Somebody is okay, Yeah, you've been traveling for a while. I can see you've been traveling for a few years and you're thinking of giving up your US Citizenship. So it's a particularly US question. Now and again, we each did our taxes. If you go to follow slash events, we do live streams every week. And there are live streams mainly dealing with US expos clients and just like we have live streams that particularly focus on Indonesia or Australia or Portugal, Spain, or whatever. So this is something we probably get into in the US one, but just generally speaking, you can give up your US passport or green card. If you are a green card holder, you can give up your US tax status, right? First of all, you'd need to have another, assuming you're a citizen, right? You need to have another Citizenship lined up and you'd need to make sure that the last five years of your tax returns are in order. So, you know, I know you've been traveling already, so you know, make sure all your worldwide income has been properly reported, the companies that you've been working with or through or have been reported as well, the far and back accounts, any, any other structures that you may have full disclosure because with the US it seems counterintuitive. You may think, hey, tax offices just want their money. The new goal isn't necessarily money. The new goal is information as you're probably aware. So a lot of the tax reporting, particularly to the US, is geared around getting as much information as possible on, on you as a taxpayer. So, and, and we know this is super important because the penalties for not reporting certain investments or financial holdings are way more than the penalties for not paying some tax, right? It's, it's disproportional civil and criminal penalties thrown in.


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