Stephen C. Fox, CPA
U.S. International Tax
Stephen C. Fox, CPA, CMA
PO Box 880695
Port Saint Lucie,  FL  34988
+1(973) 610-5669
   International Tax      Expatriate Tax      Expatriation
Expatriation

If you are prosperous and give up your U.S. citizenship or green card, you may not like the result.

A citizen who renounces his/her citizenship or green card holder who gives up the green card after having lived in the U.S. for eight years is deemed to sell all of his/her assets and receive all deferred compensation. This deemed taxable event happens on the day before the effective date of termination of citizenship or residence. The deemed sale provision only applies to individuals who either a) had Federal income tax averaging $124,000 for three preceding years preceding termination, or b) had a net worth in excess of $2 million on the effective date of termination.

If this is you, it is imperative that you get competent U.S. tax advice before you terminate your citizenship or residency. Failure to plan properly can have seriously adverse tax consequences. For help, call Steve Fox today, before you make your decision.
It's your business:  get personal.  Call Steve Fox at  1(973) 610-5669  or  email steve @ sfoxcpa .com
Get the best tax reference source, available for your desktop or portable device:   Income Tax in the USA 2016