Are you thinking of giving up your US passport or greencard? Or moving to the US and applying for a greencard? If so there are many things you need to consider. Hi, I’m Patrick Evans, founder of US TAX PRACTICE. I’m a US Certified Public Accountant based in Switzerland servicing US Tax payers here and in the rest of Europe and I am in the business of helping fellow US Tax payers with their tax compliance and tax planning. Deciding to give up your U.S. citizenship or green card is a huge decision and can’t be taken lightly. Giving up U.S. citizenship means giving up U.S. rights as well, which includes restricted travel to the U.S. and no support from U.S. agencies. That’s why it’s important to expatriate correctly so you aren’t subject to large penalties and considered a covered expatriate. A covered expatriate is someone who is wealthy, has paid lots of taxes in the past, or hasn’t been tax compliant in the previous five years. Usually, expatriation requires that you have filed US taxes for the previous 5 years and paid all outstanding tax liabilities before you expatriate. But if you’re considering moving to the
US or have been granted a green card, you need to be aware of when you have to start filing taxes and what options you have if you aren’t planning on moving to the US immediately. This is especially important for the first year you officially enter the US tax system so you aren’t paying taxes unnecessarily. Generally speaking you’re considered a US taxpayer the moment you arrive in the US with a valid greencard. However, it’s possible to take advantage of tax treaty options if you aren’t planning on moving to the US
immediately or aren’t currently living in the US. You can look to us for advice on how to enter and exit the US tax system. We make sure to give you an unbiased view of the pros and cons of each decision. Also, we can build tax forecasts for you so you can evaluate your choices more confidently. You can find more information on Expatriation and Immigration on our website at www.USTax Practice.com But if you have a specific question just leave a comment in the section below or get in touch on country code 41 52 533 45 81. Don’t forget to subscribe to our YouTube
channel for more US Tax updates and tips. You can also find us on Facebook, Google+, Twitter, and LinkedIn. Also, we send out regular newsletters, so make sure to fill out our newsletter form. I’m Patrick Evans with US Tax Practice. Thanks for watching and see you in my next video.