Services
We offer exceptional financial and professional services, where your business’ success is our priority.
Wealth Management
Secure your financial future with our holistic wealth management service.
Find out more →Streamlined Filing Procedures
Simplify your tax compliance with Streamlined Filing Procedures.
Find out more →Renounce Your US Citizenship
Guiding US citizens through the process of renouncing their citizenship to relieve the annual tax obligation.
Find out more →Who we help
Resources
Escape the Tax Trap: Renounce Your US Citizenship with Ease
Are you a US expat burdened by complex tax filings and double taxation?
Our expert team specializes in guiding US citizens through the process of renouncing their citizenship to relieve the annual tax obligations. Discover how you can simplify your financial life and escape the pitfalls of double taxation by renouncing your US citizenship.
Why Renounce Your US Citizenship?
Living abroad should be an exciting adventure, not a financial burden.
As a US citizen living overseas, you are required to file taxes in both your resident country and the US, even if you haven't lived in the States for years. This dual obligation can cost you thousands of dollars in tax preparation fees each year.
By renouncing your US citizenship, you can eliminate these unnecessary costs and complexities, allowing you to enjoy your expat life without the financial strain.
The Pros of Renouncing your US Citizenship
Eliminate Double Taxation: By renouncing your US citizenship, you will no longer be subject to US taxes on your global income. This can significantly reduce your tax burden and simplify your financial affairs.
Simplified Tax Filings: Without the need to file US tax returns, your tax preparation becomes less complex and costly.
Financial Privacy: Enjoy increased financial privacy as you are no longer required to report your foreign bank accounts and assets to the US government.
Global Mobility: Gain the freedom to choose a tax residence that best suits your lifestyle and financial goals, free from the constraints of US tax laws.
The Pros of Renouncing your
US Citizenship
Eliminate Double Taxation: By renouncing your US citizenship, you will no longer be subject to US taxes on your global income. This can significantly reduce your tax burden and simplify your financial affairs.
Simplified Tax Filings: Without the need to file US tax returns, your tax preparation becomes less complex and costly.
Financial Privacy: Enjoy increased financial privacy as you are no longer required to report your foreign bank accounts and assets to the US government.
Global Mobility: Gain the freedom to choose a tax residence that best suits your lifestyle and financial goals, free from the constraints of US tax laws.
The Cons of Renouncing your US Citizenship
Loss of US Citizenship Privileges: Renouncing your citizenship means giving up your right to live and work in the United States and access to consular protection abroad.
Exit Tax: High-net-worth individuals may be subject to an exit tax, which is essentially a tax on the unrealized capital gains of your worldwide assets.
Potential Visa Requirements: Without US citizenship, you may need visas to travel to the US, which can be a significant inconvenience.
Irrevocability: Renunciation is a permanent decision and cannot be easily undone. It's essential to be certain before taking this step.
Why choose Alderstone?
At Alderstone Group we have a deep understanding of the intricacies of US tax law and the renunciation process. Our personalized service ensures that you receive the expert guidance and support you need every step of the way. Let us help you achieve financial freedom and peace of mind.
Contact us today to schedule a consultation and start your journey toward a simpler, tax-free future.
Why choose us?
Your Personal CFO
Save time and money with your
dedicated CFO, your strategic ally for financial success.
Specialised UK & US Tax Services
Leave the tax headaches to us! Our experts specialise in preparing tax returns for US and UK taxpayers, turning tax season into a breeze.
Streamlined Automation
Free your business from manual accounting tasks with our expert automation using software and cloud accounting.
Frequently Asked Questions
Can I still collect my Social Security Pension after I renounce?
Yes, you can still collect your Social Security pension after renouncing your US citizenship, as long as the renunciation is done properly.
Can I still travel to the US after I renounce?
You can still freely travel to the US after renouncing your citizenship, as long as the renunciation is done properly. The key is to ensure the renunciation is handled correctly to avoid any issues with the Reed Amendment, which could otherwise bar you from entering the US.
Will my bank still ask me questions on FATCA?
The general guidance is that even after renouncing, you may still have US tax obligations on certain US-sourced income or assets. Get in touch with us if you would like to know more the specific tax implications of selling a US primary residence post-renunciation.
Book a discovery call
Book your discovery call now to explore custom financial
solutions designed to elevate your business’ success.
Services
Resources
Registered in Scotland No. SC646904 | VAT Registration No. 336 7553 79. Copyright © 2024 Alderstone Accountancy Limited. All rights reserved.