Search results
Results from the WOW.Com Content Network
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]
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.
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 ...
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 ...
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 ...
Her two United States-born children elected to remain in the U.S. [215] July 2010: Pelaez indicated she would return to her native Peru. Her two United States-born children elected to remain in the U.S. According to one of her lawyers, Peláez's United States citizenship was "revoked", but did not specify if she had been denaturalized. [215]
This action was in the larger context of widespread media attention to the issue of wealthy individuals who gave up citizenship to avoid United States taxes. As a result, several legislators proposed bills or amendments to end the confidentiality surrounding loss of citizenship, and to publish the names of ex-citizens. [ 6 ]