RENOUNCING US CITIZENSHIP FOR TAX PURPOSES

It is an understatement that US citizens living abroad are subject to a myriad of reporting requirements, such as Treasury Form TDF 90-22.1 (FBAR), IRS Form 8939 (FATCA), and IRS Form 3520 (foreign trusts).  Worse yet, the severe penalties for failure to comply are almost beyond belief.  For example, a US citizen living in Canada who fails to file Form TDF 90-22.1 can be fined $10,000 per unreported account per year — even if he or she owes no US income tax.
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