US Global Tax helps US expats living in New Zealand who are ready to renounce their United States citizenship. At US Global Tax, we’ll help you through this life-changing decision, from booking your renunciation appointment at your embassy or consulate for your Certificate of Loss to filing your final tax return. Continue reading below to learn more about the renunciation of US citizenship.
Loss of nationality is one of the most significant decisions a US citizen can make, one with far-reaching implications for your taxes, travel, and future. It’s important that you never renounce your US citizenship unless you are a dual citizen with New Zealand or some other country so that you don’t risk becoming stateless. Some people may choose to embrace citizenship with a foreign state so that they won’t have to pay taxes to two countries simultaneously, and many US citizens in New Zealand have made this choice in recent years due to the added tax burden of FATCA legislation.
Did you know that more than 4,000 people renounced their US citizenship in 2017? Thousands of Americans renounce their US citizenship every year and that figure has been higher in recent years, possibly owing to the expansive impact of FATCA. However, it’s important to understand that a US citizenship renunciation tax may apply if you meet certain criteria.
Renouncing your US citizenship can be a difficult and emotional decision, before even beginning to consider the tax implications. Depending on your level of wealth, an “exit tax” may apply. It is extremely important that your tax professional understands renunciation and its important forms before beginning this irreversible process.
Here at US Global Tax, we have assisted a large number of US citizens who have chosen to relinquish US citizenship rather than manage the tax obligations of dual citizenship. Many of our clients have chosen us for our friendly, helping hand as we guide them through the process, as well as our expert knowledge in ensuring that the renunciation is handled correctly for tax purposes.
© 2020, US Global Tax, All Rights Reserved
Disclaimer: Information on this website is of a general nature and is not intended for use without professional advice.