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Tax filing is not a legal prerequisite to giving up U.S. citizenship, although there are various negative tax consequences if one fails to file U.S. taxes before giving up citizenship, or fails to file tax forms specific to ex-citizens in the year following relinquishment. [34]
People giving up US citizenship may be subject to an expatriation tax. Originally, under the Foreign Investors Tax Act of 1966, people determined to be giving up citizenship for the purpose of avoiding US taxation were subject to 10 years of continued taxation on their US-source income, to prevent ex-citizens from taking advantage of special ...
He moved to Armenia in 1989, and applied for citizenship there in 1991, which would require him to give up all foreign citizenships upon approval. However, the processing of his application was delayed for nearly a decade; in 2001, Hovannisyan forced the issue by renouncing his U.S. citizenship even without his Armenian citizenship approved ...
Still, renouncing citizenship is very rare; the ultrawealthy are more likely to acquire second citizenships or residencies in places like Portugal or Malta than give up their American passports ...
The lawsuit follows a State Department proposal to lower the required fee for renouncing U.S. citizenship. Ex-US citizens say they paid ‘astronomical fee’ to give up citizenship. They’re suing
Americans who live overseas have been renouncing their US citizenship in record numbers over the past several years. In 2014, nearly 3,500 people bid a permanent adieu to the states, and the year ...
For example, under the Heroes Earnings Assistance and Relief Tax (HEART) Act of 2008, United States citizens in general are subject to an expatriation tax if they give up United States citizenship, but there are exceptions (specifically ) for those who are either under age 18 + 1 ⁄ 2 upon giving up United States citizenship and have lived in ...
Getty Images More Americans are deciding that they'd rather give up their citizenship than pay more taxes. The Wall Street Journal reports that 2013 has already set a new record for "expatriations ...