Pros and cons of dropping U.S. citizenship

Increasingly onerous U.S. income tax filing and reporting obligations, combined with scrutiny of foreign accounts under FATCA, has led many American citizens living in Canada to consider renouncing their U.S. citizenship.

Read: FATCA spurs U.S. expats to consider dropping citizenship

That decision will involve some serious trade-offs, notes ‎Susannah Roth, an associate at O’Sullivan Estate Lawyers. There are benefits and drawbacks on the tax side, as well as potential travel restrictions to consider.

Read Roth’s analysis here.

Also read:

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Don’t fall for FATCA scams, warns IRS

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.