Divorcing Uncle Sam: Tax law firm to host London seminar on renouncing US citizenship
Contributed by Moodys Gartner
31 May, 2017
In 2014, the US's Foreign Account Tax Compliance Act (FATCA) went into effect, requiring foreign financial institutions to report on foreign assets held by US account holders. As a result, the number of Americans abroad renouncing their US citizenships has since increased by 60%. In response to the growing number, Moodys Gartner Tax Law will be hosting a complimentary informative renunciation seminar for US citizens living in London on June 17th from 10 am - 12 pm BST at the Royal Horseguards Hotel.
While nearly all countries tax people based on residency, the US, however, taxes people based on citizenship. "The law hasn't changed in that US citizens are taxed on their worldwide income no matter where they go. It's that now the US can find the individual living abroad and make them pay up," says seminar presenter, Alexander Marino JD, LLM, "Now that you can be found, you have to file returns every year, which is very expensive."
All evidence suggests that now may be the time to consider renouncing, however, the process can be complex and daunting. If not done correctly, you may be subject to the US Exit Tax or barred from ever entering the US again. The two-hour seminar will provide detailed information on the pros and cons of renouncing US citizenship and how to do it properly to avoid any negative consequences.
Date: 17 June 2017
Time: 10 am - 12 pm BST
The Royal Horseguards Hotel
2 Whitehall Court
To register, visit Moodysgartner.com
About Moodys Gartner Tax Law LLP
Moodys Gartner Tax Law is a North American law firm that continually seeks to be a leader in its field. The company's focus on cross-border taxes means its team of US tax lawyers and accountants thrive on providing customized strategic solutions for complex tax issues that impact their clients' bottom line. Moodys Gartner's roots are in Canada, where they built their reputation advising individuals and business entities that engage in everyday business transactions on both sides of the Canada/US border. However, their expertise in US taxation allows them to offer US tax advice to anyone with ties or activities in the United States, regardless of where they live in the world.
« Go Back to Press Releases