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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 ...
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 ...
It includes only public figures who completed the process of relinquishment of United States citizenship. [1] This list excludes people who may have indicated their intent to do so but never formally completed the process, as well as immigrants who had their naturalizations canceled after convictions for war crimes or for fraud in the ...
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 ...
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 ...
Citizenship can be lost involuntarily through denaturalization, also known as deprivation or forfeiture. A person might have their citizenship revoked in this way due to: Fraud in the naturalization process, including sham marriages; Failure to renounce another citizenship after having committed to doing so in a naturalization procedure
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 ...