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3 Comments

  1. Phil,
    If I had a 401K and Pension Plan and rolled them to IRA accounts and I am just an Expatriate, these are excluded from the Mark-to-Market rule, correct. However, if in addition to these IRAs, I had shares of stocks, are these covered by the MtoM rule?
    If the above were my only assets, does the $668K exclusion come into play to determine if I would be a Covered or Non-covered expat in terms of the $2M rule? Where and when?
    Thank you.

  2. @Fred,

    Thank you for the comment.

    You are so right — there are collateral issues to be considered. Giving up citizenship is not a purely tax-driven event.

    We live. We die. (To loosely paraphrase the old All Black haka). Use the time well.

  3. Sorry, this should be posted in the giving up your citizinship thread, but there was no provision for submiting a comment there so Ill post it here.

    I have known of several people who gave up their U.S. citizenship. and latter regretted it. They renounced in a country where everything wasnt as it seems. They felt the alienation (it does hit you hard) and wanted to go back. According to a consulate officer I knew, you have a 1 years grace period to change your mind, after that its over. He advised to get the PR status, never renounce as you will regret it latter. Also, for retired US military, once you renounce you are no longer elligible for retirement pay from the US military. Actually, its not retirement pay, its retainer pay, since you can be recalled in the event of war. Once you renounce, you are no longer able to support and defend, thus your pay is terminated.

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Tax laws change over time, and the information in this post above may be less accurate today than it was at the time of the last revision. This post is not tax advice for your specific situation. Please contact an international tax professional to get personalized advice for your situation.