Is There A way to cancel a citizenship ?
Find answers to your legal question.
Is There A way to cancel a citizenship ?
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i am currently a US citizen but plan on moving to australia and becoming a citizen there is there a way to cancel my US citizenship so i dont have to pay two taxes
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kittysue2000
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You cannot get rid of US citizenship to avoid taxes. No matter where you live or earn money, you still have to file US tax returns every year. But if you are earning less than US$85K/year, then you won't owe any taxes anyway. |
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Eden G
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You don't have to pay taxes twice!
If you live and pay taxes in Australia and dont have any income in US you don't have to pay US taxes.
But if you do have any type of income from US (rent, royalty, dividends, etc) you will have to pay taxes on this income even if you not a citizen. |
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Sidwell
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NO
Under US law it is ILLEGAL to renounce your US citizenship, JUST to avoid paying taxes.
And you have to renounce your US citizenship at a US embassy OUTSIDE the USA.
Loss of Nationality and Taxation
In general, any person who lost U.S. citizenship within 10 years immediately preceding the close of the taxable year, whose principle purpose in losing citizenship was to avoid taxation, will be subject to continued taxation. [CONTINUED TAXATION]
For the purposes of this statute, persons are presumed to have a principle purpose of avoiding taxation if 1) their average annual net income tax for a five-year period before the date of loss of citizenship is greater than $100,000, or 2) their net worth on the date of the loss of U.S. nationality is $500,000 or more (subject to cost-of-living adjustments). The effective date of the law is retroactive to February 6, 1995.
(see link below) |
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verne k
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Go the US embassy in Australia and renounce your citizenship. |
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growing inside
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Yes, contact the US embassy after you become an Australian citizen and they will give you the forms. There is an exit tax for cancelling citizenship if you have assets of over a million or so. This exit tax law passed last year replaces the rules that Sidwell mentioned |
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JSmith
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Please dont go to Australia. |
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Jack
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simply don't pay the tax, that is one way.
the other is to renounce ur citizenship as he says. |
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siderman
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I dont beleive you. Austraila isnt taking people who post here to ask questions like yours so I know your lieing. |
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ram
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I am us citizen and I want to become my Indian citizen |
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