Expatriation Exit Tax Planning

Expatriation Exit Tax Planning


Helping Expats End Their Tax Liability to the United States

U.S. citizens regularly renounce their citizenship, and green card holders give up their status. If you’re an American living abroad, you probably left the U.S. for important reasons. Moving for a job, to be closer to family, or for a change of scenery are just a few reasons why Americans choose to take up long-term residence somewhere beyond the states.

Despite living abroad, however, all Americans worldwide retain tax filing liabilities – even if they don’t intend to come back to the United States. When you live in another country as a citizen or long term resident, you must still report your income to the IRS and file a tax return.

Additionally, you may be subject to exit taxes, which the United States ties to any change in citizenship or visa status. Among other rules, this means the deemed sale of assets are taxed as if they were sold the day before the date of expatriation.

Obviously, this can be problematic for expats who truly wish to renounce their U.S. citizenship and be free of their U. S. tax liabilities. An expatriation exit tax planning attorney from Castro & Co. can help you work toward eliminating your obligation to pay U.S. taxes. Simply renouncing your citizenship may not free you of your tax liability. However, working with our attorneys can help you rest assured that your intended split from the United States is legally secure.

Contact the expatriation exit tax planning attorneys from Castro & Co. to arrange a consultation and learn more about your options.

Expatriation Tax Planning Strategies That Can Work for You

Even if you don’t think your move away from the U.S. will be permanent, it may be an indefinite length of time before you return. It is OK not to know when you will return to the United States, or if you will ever return. However, it’s not OK – at least from the government’s point of view – to shirk your tax responsibilities. You must report your foreign income and file U.S. tax returns.

Our expatriation exit tax planning attorneys can provide legal advice and assistance as we have for many clients in situations like yours. We understand the legal options that can apply to you that may provide the solutions you need. Whether you intend your move to be permanent or not, we can thoroughly assist you.

Critical components of your expat tax plan can include:

  • Voluntary Tax Compliance
  • Foreign Earned Income Exclusion
  • Foreign Grantor Trusts
  • Covered Expatriate vs Non-Covered Expatriate Status

Do you need an international tax lawyer who can help you understand your rights as an expat? If you need to free yourself from legal and tax obligations to the U.S., contact Castro & Co. online for help.

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