Renouncing US citizenship. Process explained.

so while the current office keeps talking about the line people needs to get in to live in the United States the amount of Americans voluntarily renouncing their US passport has been growing growing significantly over the past few years the official numbers is in 2008 it was 300 people and in 2017 it was 5,000 people but this number seemed to be somewhat not accurate as I know quite a few people who announced their US citizenship and their names never made it to the official reports you know my big glitch might be a mistake goodness so why are the Americans give up their extremely powerful passport and leave I mean nothing you just use government being quite controlling a u.s. also has citizenship basic station which means no matter where you live no matter where your income come from you have to file our IRS scribbles which brings the problem of double taxation since um in some cases when your income being taxed in two different jurisdictions so do you have assets outside the US you couldn't afford it when I open an account in the foreign bank well I'm sorry they'd prefer not to deal with the US citizenship because of all the Jews that come and play when the u.s. citizens involved so there are a lot of reasons why while an American might consider renouncing his or her US citizenship so if you decide that renouncing the US passport is something you should go for here's your process you can start the process in the US as well as abroad and the closest US Embassy location you will be asked to fill up two forms the first one is questionnaire II and the second one is relinquishment statement that needs to be signed before the consular officer they will schedule an appointment for you and you also need to prepare your documents such as to prove how you got your citizenship in the first place it might be us birth certificate or naturalization certificate as well as you need to bring your passport and all other prospers that you currently hold and of course you need to bring money in some countries the process is free but in the United States it's 20 times higher than the average which is two thousand three hundred fifty dollars after all the documents were submitted you will have an appointment scheduled for you usually the meeting just consists of going through the same questionnaires that you already filled up as well as the officer will ask you some extra questions such as do you know that you won't be able to serve in the US military anymore or do you know that you won't be able to get tax returns so the process is not all that scary as you can see important to mention make sure your taxes has been filed correctly over the file the last five years besides that I also want to say that I'm not trying to convince anybody a disclaimer right yeah that's pretty much all the information I wanted to give you today reach out to me on social media the information is below subscribe to my channel give me like and thanks for watching [Music]

Channel: Katie Ananina

Views: 5,416

Rating: 4.7802196 out of 5

Keywords: US passport, renouncing us citizenship, us citizenship, usa taxes, double taxation relief, taxes 2020, usa residence, tax, taxes, life in usa, usa immigration, citizenship by investment, citizenship, tax law, taxes in usa

Id: l0mmOdqEszM

Length: 3min 25sec (205 seconds)

Published: Tue May 05 2020