|
Renounciation
Has anyone renounced their US citizenship?
what was your process like and the cost. Thanks |
Re: Renounciation
Originally Posted by Clangers
(Post 13322626)
Has anyone renounced their US citizenship?
what was your process like and the cost. Thanks Cost is $2,350. https://uk.usembassy.gov/loss-of-u-s...-expatriation/ More useful info here. https://1040abroad.com/faq/renouncing-u-s-citizenship/ I considered it, but decided that it would be an emotional decision rather than a sensible one, so I'm still dual for now. |
Re: Renounciation
Originally Posted by Lion in Winter
(Post 13322652)
I considered it, but decided that it would be an emotional decision rather than a sensible one, so I'm still dual for now. |
Re: Renounciation
Originally Posted by durham_lad
(Post 13322719)
o I’d rather do that as a USC than a non-resident alien.
|
Re: Renounciation
Originally Posted by Lion in Winter
(Post 13322728)
With the tax treaty, is there any effective difference? Isn't it all just taxable in the UK anyway? At least for social security. Don't know about the other things.
If we were not US citizens then there is I believe mandatory withholding by the companies paying the income to foreigners. In which case we would still have to file US taxes returns to claim back those withholdings. Perhaps I could get the brokerages and pension scheme providers to not do withholdings by invoking the tax treaty. https://www.irs.gov/individuals/inte...pecific-income This section discusses the specific types of income that are subject to NRA withholding. The income codes contained in this section correspond to the income codes used on Form 1042-S. You must withhold tax at the statutory rates shown below unless a reduced rate or exemption under a tax treaty applies. For U.S. source gross income that is not effectively connected with a U.S. trade or business, the rate is usually 30%. Generally, you must withhold the tax at the time you pay the income to the foreign person. |
Re: Renounciation
Originally Posted by durham_lad
(Post 13322731)
SS is only taxed in the UK but is still declared on our US tax return. All other US income we receive including US private pensions, US dividends and capital gains is taxed first in the UK and we use foreign tax credits to zero out the US taxes.
If we were not US citizens then there is I believe mandatory withholding by the companies paying the income to foreigners. In which case we would still have to file US taxes returns to claim back those withholdings. Perhaps I could get the brokerages and pension scheme providers to not do withholdings by invoking the tax treaty. https://www.irs.gov/individuals/inte...pecific-income So the husband is the non-citizen. The only income he will get from the US is his SS so presumably will not be taxed in the US. He is a green card holder, which he has not formally turned in, but having not gone to the US in three years that has presumably lapsed. I suppose in future we will have to file US taxes separately? |
Re: Renounciation
Originally Posted by Lion in Winter
(Post 13322740)
So the husband is the non-citizen. The only income he will get from the US is his SS so presumably will not be taxed in the US. He is a green card holder, which he has not formally turned in, but having not gone to the US in three years that has presumably lapsed.
I suppose in future we will have to file US taxes separately? Before making any decision to either renounce citizenship or formally give up GC, check whether either of you could fall into a bucket that makes you liable for US Exit Tax |
Re: Renounciation
Originally Posted by EHM
(Post 13322746)
Remember that just because Green Card may have lapsed for immigration purposes doesn't remove tax filing requirements....
Before making any decision to either renounce citizenship or formally give up GC, check whether either of you could fall into a bucket that makes you liable for US Exit Tax Thanks, but we were/are nowhere near exit tax requirements and we file our taxes in both countries. |
| All times are GMT -12. The time now is 6:48 pm. |
Powered by vBulletin: ©2000 - 2026, Jelsoft Enterprises Ltd.
Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.