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VOLUNTARY RENOUNCING OR SURRENDERING OF YOUR UNITED STATES CITIZENSHIP - TAX ASPECTS AND REQUIREMENTS |
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By Don D. Nelson, Attorney at Law, C.P.A. There are essentially two aspects of surrendering your U.S. Citizenship. The first part involves the legal and political aspects of surrendering your citizenship which is handled by the U.S. State Department through the United States Embassys or Consuls throughout the world. The second part involves filing the required forms with the Internal Revenue Service and satisfying their requirements. Both parts must be completed in order to successfully renounce your citizenship. The legal or political part requires that you personally sit down with an Embassy or Consul representative to discuss the repercussions of surrendering your citizenship. An example of the forms they may have you fill out can be found here. It is important you have acquired citizenship in another country first or you will run the risk of being a individual without a country and unable to travel or live anywhere in the world. You should also keep in mind that it is rumored that the U.S. makes it very difficult later to try to reacquire its citizenship after you voluntarily renounced it. The tax part requires that you file Form 8854 with the IRS and bring your income tax return filing up to date as of the date you surrender your citizenship. The IRS rules are complex and you may need help successfully navigating your way. We can help you with that form and achieve your goal with the IRS..
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