The US is one of the few countries that impose tax based on citizenship and not residency, so that means that citizens will pay income tax regardless of where they live. Many US citizens faced with US taxation and reporting requirement have considered or are planning to renounce US citizenship. The renunciation process has many […]
With the mounting frustration over US taxes and FATCA, it isn’t hard to understand why many US expats are considering renouncing their US citizenship. And while it may be surprising to some, the US doesn’t ‘punish’ you for renouncing and revoke the privileges you earned during your time as a citizen. You can renounce your […]
If you are an American living abroad who is considering renouncing your US citizenship, you likely have many questions. One of the most common questions we are asked relates to what happens to US investments, specifically 401Ks, when you hand over your passport. We’ll explain if there are any negative consequences when renouncing your citizenship […]
Each quarter, Greenback tracks the number of expats renouncing citizenship. Why? Citizenship renunciation is something that affects Americans living abroad exclusively, and it’s often a decision based primarily on the continued tax reporting requirements all American citizens have. The Federal Register recently released the final count for the end of 2019. Let’s see how this […]
Renouncing US citizenship remains a hot topic for many Americans living abroad. If you’ve considered renouncing, there are many factors you need to consider – one of which is how your 401k will affect your tax for expats if you give up your passport. Get the facts below. What Do I Need to Know About […]
Many expats have a love-hate relationship with their American citizenship. While they may love being American citizens, the ongoing tax-filing requirements can make the burden of remaining a citizen too much to bear. Each quarter the Federal Register publishes the American citizenship renunciation numbers, and the numbers often reflect a number of different trends for […]
Each year, our expat opinion survey shows that citizenship renunciation weighs heavily on the minds of expats everywhere, and the US taxation system is often cited as the reason. Renouncing US citizenship may seem like a good decision – especially if you have dual citizenship or have been living outside the US for several years […]
Americans renounce citizenship for a variety of reasons: taxes, political environment, and more. But typically, one of the top factors is US expat taxes. Let’s take a look at renunciation reasons, consequences, and trends to get a sense of the expat mindset. Why Are Citizenship Renunciation Trends Important? Citizenship renunciation and US expatriate’s tax requirements […]
The fourth quarter 2018 citizenship renunciation numbers have been published by the Office of the Federal Register, and we’re here with your quarterly update on what these numbers mean and how they differ from recent trends. Why Do Expats Care About Citizenship Renunciation? Every quarter, the Federal Register publishes an update of American citizens who […]
Glad you made it for our expat specific news this week! We’re featuring our $5,000 tax prep giveaway, foreign rental property income info, the latest citizenship renunciation data, and more. Greenback’s Giant Giveaway Greenback was listed as one of the fastest-growing private companies in the 2018 Inc. 5000 List (we’re number 2,324, to be precise) […]
