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Renouncing US Citizenship and The Exit Tax That Comes With It

What happens when you renounce your US Citizenship? Have you considered giving up your US citizenship? Our video will go in-depth about what happens when you renounce citizenship, but quickly. when you renounce your U.S. citizenship, it becomes an immigration process with a tax impact. If you qualify for covered expatriate status, you may be subject to paying an exit tax. This is on top of the $2,350 fee the U.S. government charges to relinquish your citizenship and become an expat. These fees and taxes affect thousands of people. In this episode of Taking shelter, Peter Palsen is joined by John Richardson to discuss the U.S. Exit Tax. Renouncing US Citizenship and the Tax Burden That Comes With It Check out John’s website at: http://www.CitizenshipSolutions.ca Get more information about the topics that affect you! 🌎Website - https://askfrost.com 💼LinkedIn -   / frost-&-associates   📘Facebook -   / frosttaxlaw   🐤Twitter -   / irstaxissues   Resources: Nomad Capitalist -    • “Can I Get US Citizenship Back?”   IRS Relief for Former Certain Citizens - https://www.irsvideos.gov/Individual/... About Frost Law: Frost Law is comprised of skilled tax attorneys, business attorneys, litigation attorneys, estates attorneys, Certified Public Accountants, Certified Financial Planners, and other tax professionals. We have been serving clients across the country and abroad. We have office locations on the East Coast in Maryland, Virginia, Washington, D.C., Pennsylvania, and Florida and serve clients internationally. DISCLAIMER: This video is not legal, tax, or financial advice. Talk with a professional about your situation before making any legal or financial decisions. #FrostLaw #Expatriate #Taxes