The U.S. citizenship comes with all the arduous requirements and liabilities. More and more people than ever started to question whether the benefits outweigh the costs. It became more complicated and expensive procedure to renounce U.S. citizenship. The fee has quadrupled in recent years and it costs $2,350 USD now! But it can be done and if you have to be tax compliant to start the process. We prepared this easy infographic, where we gathered a few facts about renouncing U.S. citizenship and if you have any questions, feel free to contact us.
Why renounce U.S. citizenship?
- Some people fall into the category of “Accidental Americans” and they have never even considered themselves being Americans! Renouncing U.S. citizenship is the only way to free themselves from the IRS and stop playing their tax game.
- You no longer have ties with the U.S. and don’t want to carry the U.S. tax burden.
- Thought of renouncing a U.S. citizenship may pass through your mind if you are already a dual citizen. You have settled down somewhere else and have no further plans to come back to the U.S.
We agree it is not a decision an individual should take lightly. Besides anything else, it will affect how easily you can return to the United States or how you will be treated in other countries around the world. Remember, if you don’t have another citizenship before you renounce, you will end up stateless! You might find yourself struggling to prove your identity and move freely.
P.S. We also have a blog post here explaining the Difference Between Renouncing and Relinquishing Your US Citizenship.