The Pros and Cons of Renouncing US Citizenship

Renouncing citizenship is a serious decision that shouldn't be made emotionally. You need to look at the facts and make your decision objectively.

Renouncing US Citizenship is No Joke

– You will reduce your tax burden drastically – You will significantly reduce your tax filing burden. – You will be done with the US tax system for good. – You won't have to juggle between different taxation systems. – You won't have to take all your assets out of the US (note that you'd have to pay taxes on your US assets).

Benefits of Renouncing US Citizenship

– You will no longer have access to the US job market. – You'll have a much harder time getting into the US unless you're a citizen of a Visa Waiver Program country. – You won't be able to vote in the US elections. – You won't be able to access US consular protection in case of an accident in a foreign country.

Drawbacks of Renouncing US Citizenship

If you're a high-level entrepreneur or investor confident in your direction, then there are some benefits to renouncing. If you're someone with a new or volatile business, renouncing may not make as much sense. Since if things go wrong, you won't have a cushion to fall back on.

Do the Pros Outweigh the Cons?

Renunciation is best for those who no longer rely on the United States for money, i.e., they're not investing there, they're not working there, and they don't plan to do either, going forward.

Renunciation is Best for…

One must only renounce their US citizenship after fully understanding the pros and cons and what they may be giving up. For further details, you can read several articles on the Nomad Capitalist's site about US citizenship and renunciation.

The Bottomline

Apply now

Our experienced team can help you legally reduce your tax rate offshore, protect your assets, invest overseas, obtain a second citizenship, and improve your peace of mind. We’ve helped 2,000+ HNWI entrepreneurs and investors and we can help you, too.

Protect Your Assets and Secure Your Future