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.
“I have known and worked with David for over two decades, initially when I was Chair of the Global Private Client practice as DLA Piper (then the world’s largest law firm) and more recently as founding partner of my own specialized tax law firm focused predominantly on international clientele. David’s deep and broad knowledge of tax and immigration law across the globe is unparalleled and certainly well-appreciated. In each case, he brings his many years of experience to bear and addresses the most complex of issues, always integrating practical solutions to resolve multi-jurisdictional, multi-generational problems for clients.”
Legamaro Banipal LLP
Get in Touch
If you are a high or ultra high net worth individual or family interested in building a Passport Portfolio please contact us for a private no-obligations first consultation at: