Is Dual Citizenship in Jeopardy?
A bill has been introduced in the Senate that will require all dual citizens to choose one country and renounce their US citizenship if they choose other than the US.
For tax purposes this is an interesting path. Currently, only the US and Eritrea tax their citizens REGARDLESS of where they live. Canadian government leaders have floated this, but there is no real movement. Because the US taxes on a citizenship level, US citizens are still required to file returns and disclose foreign assets regardless of where they live. Many individuals, because they were born to a US citizen abroad but never lived in the US, discover later in life that they were supposed to be filing each year. The penalties for not filing are huge. Every year, we help these individuals become up to date on all their filing obligations.
Many US expats have renounced their citizenship to avoid this. We can assist on the tax side of this as well.
Learn more about how we serve expats and international clients here.
A link to the text of the bill is below. The Senator introducing the bill speaks from experience as a Colombian immigrant who renounced his Colombian citizenship upon become a US citizen.
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