A news story—about renouncing U.S. citizenship—caught my eye recently. And no, it’s not because I’m thinking of moving my loved ones and every asset to some island nation.
The reason this story intrigued me is that we covered the same topic recently in Arizona Attorney Magazine. But our take was a bit different.
The Yahoo story made quite a bit about the tax savings that could be achieved by renouncing your citizenship and expatriating. It mentioned—with scant evidence—that renunciations are on the increase due to higher taxes. A close look at the article shows that the answer is: Maybe. Maybe not.
Our article in the December issue didn’t seek to suggest anyone should beat a hasty retreat. But it did describe the process required, as well as a few reasons clients have given for their significant decision.
You can read “Adiós, Uncle Sam: Renouncing U.S. Citizenship” (by attorneys Susan Willis McFadden and Kay Kavanagh) here.
And now, because it’s Change of Venue Friday, you really should enjoy a brief video from a hilarious Tulsa newscast that touches on the expatriate subject. Following the 2012 presidential election (as in every election), quite a few people loudly declaimed that they would move to Canada if their candidate lost.
Taking them at their word, this Oklahoma traffic reporter added a unique twist to what is typically very local coverage.
Enjoy your weekend; I hope you beat the traffic.Follow @azatty