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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 ...
Tired of what they view as greedy U.S. tax collectors and a meddlesome bureaucracy, they take the most drastic of steps—tearing up their passport and renouncing their U.S. citizenship altogether.
[144] [145] Since 2008, these provisions no longer apply; instead, ex-citizens who meet certain asset or tax liability thresholds pay a capital gains tax on a deemed sale of their U.S. and non-U.S. assets, including retirement accounts, regardless of their reasons for giving up citizenship. [146]
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 ...
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 ...
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