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How To Renounce US Citizenship, The Costs And Implications

Reports consistently point to the increasing numbers of Americans considering renouncing their US citizenship with the burden of citizenship-based taxation as the major driver. Up until 2009 there were less than 750 people renouncing their US citizenship annually. This increased to 1,500 in 2010 and continued to grow peaking in 2016 at 5,409 with a...

Don’t Renounce Your US Citizenship Yet

While filing US taxes can be confusing, cumbersome and downright frustrating, renouncing your citizenship isn’t always the answer. Before you race down to your local US embassy, take a look at five reasons you may not want to hand over your passport. 1. Renouncing isn’t free In years past, the State Department charged a...

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.