Exit Tax for US Expatriates – Second passport and citizenship program

Interesting post written from a 2009 perspective.

How to obtain a second passport and citizenship

If you have taken the far-reaching and irrevocable decision of giving up your US citizenship to permanently disconnect from your US tax obligation, you still have to settle your exit with the IRS. On June 17, 2008 the new law came into force that made it relatively easier comparing to the previously existing regulations. Though now, if you are wealthy enough, giving up your US citizenship proves to be a rather expensive step.

Covered Expatriates and Exit Tax Threshold

The law applies to US citizens who expatriate, as well as long-term US permanent residents who give up their green cards, which they have held for 8 of the last 15 years. Both categories are subject to immediate “exit tax” on unrealized gains on all their assets in the US and worldwide, including grantor trusts, as well as on any future gifts or bequests to US citizens and residents, if any.

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