Americans urged to seek advice before ditching citizenship
US expats seeking to avoid the impact of the Foreign Account Tax Compliance Act (FATCA) should seek specialist financial advice before taking the decision to renounce their citizenship, an expert says.
deVere Group chief executive, Nigel Green, said record numbers of US citizens have cut their ties with America as a result of the burden of FATCA, but said there were other ways to limit the impact of the legislation.
"Don't feel forced by Uncle Sam to give up your citizenship until all the options have been fully explored," he said.
"I would urge anyone who is considering giving up their US passports for financial reasons and without wanting to, to seek specialist advice.
"The US authorities are taking this project very seriously and Americans must ensure that they are FATCA-compliant.
"However, there are several well-established, bona fide, compliant ways that US expats can mitigate the often unbearable burden of FATCA.
"These include an additional overseas pension contract that's specifically designed for US taxpayers with assets in their country of residence."
AUTHOR
Nicholas O'Donoghue
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