Renunciation of Citizenship
Tax and other family/business considerations may mean that you are comtemplating renouncing your citizenship in your home country. Expatriating is always a complex decision involving life changing issues. At Lesperance & Associates we have over three decades experience in guiding clients through this multi-step process to ensure it satisfies the needs of the renouncing individual while also taking due care of the needs of their family members.
A Complex Decision
Many issues may stand in your way to taking the final step in renouncing your citizenship. These might include:
loyalty to your home country,
concerns about being able to visit your former home in the future, and
overcoming the life inertia necessary to moving you and your family to a new country.
How to Decide If Renunciation of Citizenship Is Right for You.
We work through a four-step process of practical considerations to discover whether or not renunciation of citizenship is the right choice:
Obtain an approximation of future tax savings
Determine the one-time cost of tax liability through renunciation
Compare the cost of expatriation to the future tax saving
Compare the tax savings to the benefits of citizenship (i.e. living full-time, voting, passing citizenship onto children, etc.)
Read more about all of these steps here.
Renunciation of Citizenship as part of your Back Up Plan
Many clients decide that, whilst renunciation of citizenship isn’t the right step for the here and now, they wish to prepare for the process as part of their Back Up Plan. A Back Up Plan is a comprehensive citizenship, residence and domicile solution that “plans for the worst…and hopes for best”. It addresses potential economic, political, societal and environmental changes that could impact your future quality of life and plans how to preserve your wealth and security should your situation change.