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Looking to make 2024 your last filing year for US taxes? Here’s what you need to do.
In a recent survey, one in five US expats (20%) is considering or planning to renounce their US citizenship. What’s the main reason? The headaches associated with filing US taxes, the complexities of US tax laws, and owing US tax. So far, in 2023, we have seen a big jump in the number of people going through the official process of renouncing. As of May 15, 2023, a total of 5,315 US citizens have renounced their citizenship, a sharp increase from the 2,390 who renounced in 2022.
If you find yourself among the 20%, now is the time to put the wheels in motion to ensure that 2024 becomes your last filing year. With the US federal election looming large in November, US expats should take notice. Regardless of which party takes power, significant tax changes are likely coming. January 1, 2026, is another day to circle on the calendar. That’s when the Trump-era tax policies (some of the lowest in US history) will expire, paving the way for increased tax exposure in life and in death.
And if there was ever a sign from above to get started on your renunciation, the US State Department recently announced they were considering lowering the administration fee to renounce from $2,350 to $450 USD. We will see if they actually do it.
Make your New Year’s resolution to renounce for 2024. The faster you begin the process with us, the faster you can:
- be free from double taxation, like on the sale of your principal residence;
- explore more investment options without the worry of US tax complexities and liability;
- live hassle-free from FATCA legislation on your bank activity;
- avoid the stress of the annual compliance costs;
- avoid dealing with the US estate tax regime in death and
- travel to and from the US stress-free, and still collect US Social Security (should you be eligible under the program).
Depending upon where you are in the world, your wait time could be as low as three months or as high as two years to get an interview at a Consulate/Embassy to renounce. Our renunciation team closely monitors the waiting lists at all the US embassies and consulates across the globe and can help you choose the location with the shortest wait times that work best for you. You may be able to renounce much faster if you are willing to travel.
Our team of US lawyers represents between 600 and 900 US citizens and green card holders who decide to renounce their US status correctly every year on six continents – more than any other firm in the world. We’ve helped thousands of US expats and green card holders successfully terminate their citizenship status – but, again, it MUST be done properly.
If you or a family member is a US citizen or green card holder considering renunciation, we invite you to visit our dedicated webpage for more information. This page contains links to register for our upcoming renunciation webinars. You can find one tailored to your geographic location in our events listings.
These webinars thoroughly review everything you need to know about the US citizenship renunciation process and available options should you decide to take the next steps.
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