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<blockquote data-quote="Babagounj" data-source="post: 1396920" data-attributes="member: 12952"><p><span style="font-size: 22px"><strong>U.S. Hikes Fee To Renounce Citizenship By 422%</strong></span></p><p><span style="font-size: 22px"><strong>The State Department interim rule just <a href="https://www.federalregister.gov/articles/2014/08/28/2014-20516/schedule-of-fees-for-consular-services-department-of-state-and-overseas-embassies-and#p-amd-2" target="_blank">raised the fee</a> for renunciation of U.S. citizenship to $2,350 from $450. Critics note that it’s more than <a href="http://isaacbrocksociety.ca/2014/08/22/comparison-of-fees-and-procedures-for-renouncing-citizenship-in-various-countries/comment-page-1/" target="_blank">twenty times the average level in other high-income countries</a>.</strong></span></p><p><span style="font-size: 22px"><strong>Apparently, dual citizens in Canada trying to shed their U.S. citizenship have <em><a href="http://globalnews.ca/news/1519628/want-to-shed-u-s-citizenship-get-in-line/" target="_blank">created a backlog</a> </em>at the U.S. consulate in Toronto that stretches into the third week of January 2015.</strong></span></p><p><span style="font-size: 22px"><strong>To leave America, you generally must prove 5 years of U.S. tax compliance. </strong></span></p><p><span style="font-size: 22px"><strong>If you have a net worth greater than $2 million or average annual net income tax for the 5 previous years of $157,000 or more for 2014 (that’s tax, not income), you pay an <a href="http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax" target="_blank">exit tax</a>.</strong></span></p><p><span style="font-size: 22px"><strong> It is a capital gain tax as if you sold your property when you left. At least there’s an exemption of $680,000 for 2014.</strong></span></p><p><span style="font-size: 22px"><strong> Long-term residents giving up a Green Card can be required to pay the tax too.</strong></span></p></blockquote><p></p>
[QUOTE="Babagounj, post: 1396920, member: 12952"] [SIZE=6][B]U.S. Hikes Fee To Renounce Citizenship By 422%[/B] [B]The State Department interim rule just [URL='https://www.federalregister.gov/articles/2014/08/28/2014-20516/schedule-of-fees-for-consular-services-department-of-state-and-overseas-embassies-and#p-amd-2']raised the fee[/URL] for renunciation of U.S. citizenship to $2,350 from $450. Critics note that it’s more than [URL='http://isaacbrocksociety.ca/2014/08/22/comparison-of-fees-and-procedures-for-renouncing-citizenship-in-various-countries/comment-page-1/']twenty times the average level in other high-income countries[/URL].[/B] [B]Apparently, dual citizens in Canada trying to shed their U.S. citizenship have [I][URL='http://globalnews.ca/news/1519628/want-to-shed-u-s-citizenship-get-in-line/']created a backlog[/URL] [/I]at the U.S. consulate in Toronto that stretches into the third week of January 2015.[/B] [B]To leave America, you generally must prove 5 years of U.S. tax compliance. [/B] [B]If you have a net worth greater than $2 million or average annual net income tax for the 5 previous years of $157,000 or more for 2014 (that’s tax, not income), you pay an [URL='http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax']exit tax[/URL].[/B] [B] It is a capital gain tax as if you sold your property when you left. At least there’s an exemption of $680,000 for 2014.[/B] [B] Long-term residents giving up a Green Card can be required to pay the tax too.[/B][/SIZE] [/QUOTE]
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