When you choose to renounce your U.S. citizenship, it’s not almost mailing in your passport and stating you’re done. There’s an entire process you need to go with – and a fee you are needed to pay. And, according to the Wall Street Journal, that charge is about to enhance by more than five times.
What does it expense to renounce your U.S. citizenship?
Prior to September 12, 2014, it costs $450 to renounce your U.S. citizenship. For many people, that’s a fairly small cost to pay. Nevertheless, after September 12, the charge for renunciation will jump to $2,350. That’s quite the huge leap.
The Wall Street Journal article explains that last year saw a record variety of renunciations, and this year is on track to even beat that. The article reports that the State Department explains that there is a lot included when it pertains to renunciation. Not just is there paperwork, but those wishing to renounce citizenship or permit status also need to go through at least 2 meetings also.
The entire procedure is time-consuming and requires a large amount of effort. You need to actually want to renounce your citizenship to complete the process and – when the fee increases – want to pay the fee.
One of the oft-cited reasons for renunciation, according to the Wall Street Journal, is to do with taxes. Enforcement of Foreign Account Tax Compliance Act is angering lots of, and some expats, who aren’t attempting to dodge taxes, however just do not realize that they owe, are upset that they are being hounded by the Internal Revenue Service.
What do you think? What would make you renounce your citizenship?