Wednesday, January 14, 2015

To expat or not to expat?

For any and all of you considering actually officially becoming expats by renouncing your US citizenship, I highly suggest checking out this article.

Looks like the government is taking the increasing number of expatriates seriously...and they aren't looking kindly on it.  Cost of renouncing citizenship has multiplied by 5 and once you renounce, you may not be able to get back in (welcome to the world of immigrant visas, I'll be happy to walk you through it if you want some info...but it's NOT a fun world...which may make you take a look at the border crossing "specialists" instead -- but this topic is for another day and time).  In addition to leaving "for good,"  if you've got a TON of money (I don't so this isn't such an issue for me) your exit tax might be something worth considering.  My guess is, though, that if you have as much money as is required for you to pay an exit tax in the first place, you probably won't give a damn!

To expat, or not to expat...US government trying to make you rethink the question?

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