Dumping Uncle Sam for tax reasons not so easy

| 02/02/2012

(CNS Business): US law bars people who relinquished their US citizenship for tax purposes from entering the country or obtaining a visa. They are also subject to an exit tax on everything they own as if they had sold it all, tax experts said at a seminar yesterday on US immigration and expatriation tax rules. Tax wouldeven have to be paid on property owned outside the US, although the first US$600,000 of gain was exempt. If an individual has filed their tax returns for seven years they can proceed with relinquishing their US citizenship, but the process involves lengthy form filling, an interview at the US embassy, reflection time for the individual to seriously consider the implications of their actions and then a decision process by the US authorities. Read more on CNS Business

Category: Business

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