Expatriation with Offshore Disclosure


Expatriation refers to wanting to “permanently” give up your U.S. status. either as a U.S. citizen or as a U.S. Permanent resident. However, some U.S. Citizens and Permanent Residents who want to expatriate may become subject to what is called a U.S. exit Tax before they are allowed to renounce to their U.S. status.

Not all expatriates are covered expatriates, and not all covered expatriates will owe any exit tax at expatriation. Only a Covered Expatriate is subject to exit tax. So, who is a Covered Expatriate:

There are 3 main ways a person meets the covered expatriate test:

  1. Average Tax Liability Test: Your average annual net income tax liability for the 5 tax years ending before the date of expatriation is more than $168,000 for 2019
  2. Net Worth Test: Your net worth was $2 million or more on the date of your expatriation
  3. 5-Year Tax Compliance: You fail to certify on Form 8854 that you have complied with all federal tax obligations for the 5 tax years preceding the date of your expatriation

When a person seeks to both: get into offshore compliance and expatriate, many different avenues must be explored.

Not following the right procedures, and not counting with expert and cautious explanation and guidance can cause serious you tax consequences – and many of these tax consequences are irreversible.

If you are considering expatriation, and you’re either a US citizen or a U.S. Permanent Resident, then it is important to understand the exit tax implications.

At Sabalier Law, you can get a Legal Consultation to CONFIDENTLY discuss your case and circumstances protected by the Attorney- Client Privilege. After our initial consultation, I will be able to provide you the legal guidance you need, correctly file your final tax returns and sort out your U.S. taxes to ensure a successful expatriation process.

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