We do a lot of expatriations — people giving up U.S. citizenship or permanent resident status.  There are a thousand little tax problems to solve, and a few big ones. But leave aside the tax stuff for the moment.  If you are thinking about canceling your U.S. passport in order to live abroad, there are [...]

I bring you the definition of an “item of deferred compensation” from the exit tax rules.  Section 877A(d)(4) says: (4) Deferred compensation item. For purposes of this subsection, the term “deferred compensation item” means— (A) any interest in a plan or arrangement described in section 219(g)(5), (B) any interest in a foreign pension plan or [...]

The list of former citizens and long term residents is here. The total is 460 for the first quarter of 2012. The list is discussed on the Isaac Brock site, including some omissions. I think the explanation for the omissions is in the careful wording at the top of the list: This notice is provided [...]

I blog a lot about expatriation.  We help a lot of people terminate their U.S. citizenship and deal with the tax consequences of that decision.  Just in case you get the impression that the United States is a hellhole and you should get out as fast as you can, please read Yasmine Mustafa’s story about [...]

Atossa Araxia Abrahimian, writing for Reuters, has a good story up about U.S. citizens who give up their citizenship.  The article points directly at some of the important tax reasons for expatriation:  the paperwork burden is ridiculous and there is a high probability for innocent mistakes that trigger massive penalties.  Noncitizen spouses see no reason [...]