Wealthy Americans Line Up to Forfeit Passports in Zurich – Businessweek
Excellent article from Business Week about all of the US Taxpayers surrendering their US Citizenship.
Our firm has advised or assisted in excess of one hundred Citizens or Green Card holders with the tax requirements of surrendering their US Tax Status over the past few years. It is a two STEP process.
1st step: You must have citizenship in another country, pay the US State Department $450, and fill out forms and go through an exit interview.
2nd STEP requires that you file a final “Dual Status” us tax return, and Form 8854 which gives the IRS information on your worldwide asset value on the date your surrendered your status.