Expatriation

Are you considering renouncing Green Card status or applying for such with the possibility of renunciation at some point in the future?

Citizenship and permanent residence in the U.S. come with both benefits
and responsibilities, including being subject to worldwide taxation based
upon such status. In recent years, there have been many developments
in the law in response to taxpayers renouncing such status (and who
qualify as “expatriators" under certain tests) including:

• Denial of domestic tax and tax treaty concessions available to other nonresidents
• Continued filing requirements in the U.S. for ten years
• Extended exposure to income and estates taxes as a result of return visits, and
• Significant penalties flowing failure to disclose full details of one's financial profile.

We have experience in advising on this area and can also assist in the preparation of required filings, working closely with your immigration counsel if needed.

Call us today at 914-214-5579 or contact us online to discuss your options.