How To Renounce US Citizenship

Michael MicheliniImmigration, Lifestyle, Podcast3 Comments


Welcome everyone, I have been enjoying talking to a few more listeners lately, always enjoy it – one cool chat I had was with Claire Chen over in London! She’s been working with East Meets West club and bridging Chinese and British business people, some similar things Global From Asia is doing so we had a great connection there.

And I’m working closely with the team on on big Cross Border Summit event, already in the works for mid-April 2017 – so if you’re coming for the Spring trade show season to south China, would love to see you there – it’s crossbordersummit.com

If you happen to be on this side of the world in a couple weeks – we still have a few spots for our HK ecommerce trip on Friday Nov 18 – check it out at globalfromasia.com/hktrip

So now for this week’s show – today is USA election day, and there has been talk of friends saying how will America change after this one. It’s always awkward being in the midst of political debate for me, especially when living in China.

Therefore, I thought it would be a time to bring up a show I’ve been meaning to have on for quite some time – renouncing your US citizenship. Olivier Wagner comes on to discuss it, and during the interview I get a little emotional…. I’ll explain after the interview – also this is episode 148, so you can get the show notes at globalfromasia.com/episode148

Topics Covered in this Episode

  • Intro Olivier Wagner

    Tell me about yourself and how your business relates with renunciations?

  • What is a Covered Expatriate?

    How bad is it?

  • Consequences of being a Covered Expatriate

  • What is FATCA

  • Renunciations, Surrendering or Relinquishing Citizenship

    So, what is the difference between renunciations, surrendering and relinquishing US citizenship?

  • Renunciation

    Can I renounce without having any other citizenship?

  • Figures

    How many people do that every year?

  • Cost

    How much does it cost?

  • Tax compliance and Tax liability

    So the real cost of tax compliance exceeds the tax liability? What are the situations which cause people to have to file more forms and pay more in tax preparation fees?

  • Contact

    How can people contact you?

People / Companies / Resources Mentioned in this Episode

Episode Length 37:04

Thanks Olivier. He’s a professional at this and will answer all your questions. It is a scary process it seems, and you want to make sure you do it right.

(I cut out the show notes of my talk about why I got emotional on the US passport renouncement, listen to the end of the show to hear my reasoning)

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You might want to interview an expert on obtaining alternate citizenship. Renouncing is the easy and cheap part. Getting a replacement citizenship is the tricky part. There are numerous citizenship via investment programs around the world. As well as citizenship based on ancestry. The U.S. government has made it a huge pain to to do business globally as an American. Forgetting to report a bank account can make you a criminal with penalties equal to 50% of the balance for each year it was not reported. Americans are often turned away from banks and brokerage houses because of the U.S.… Read more »

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[…] a hot topic with the heated political debates – Olivier Wagner comes on to teach Americans how to renounce their US Passports. I get a bit emotional on this […]