Steven Flynn quoted in The Globe and Mail on Renunciation of U.S. Citizenship for Tax Purposes
An increasing number of Americans are looking to give up their U.S. citizenship, the decision isn’t just about national identity but also to reduce complexity of personal financial affairs and costs of complying with U.S. tax law. There are immigration and significant tax issues that should be considered, and plans that may need to be put in place before you act.
Steven Flynn explains that while an Americans who renounces their citizenship will no longer have to pay U.S. taxes on their worldwide income, they could be forced to pay other taxes like expatriation tax, also known as an exit tax, upon departure, depending on their net worth and other rules the Internal Revenue Service (IRS) has laid out.
Andersen in Canada has also explained this issue further is an informative webinar, than can be found on our YouTube channel. Here’s the link: https://youtu.be/2C3EM6Mywdo