Increased government pursuit of undeclared foreign assets has caused a number of people to renounce their American citizenship. As tax regulations regarding foreign assets become stricter, many tax practitioners believe the number of renunciations will also continue to increase.
Offshore Tax Compliance Partner Kevin Packman says there are a few things taxpayers need to know about U.S. citizenship including the definition of a citizen because it includes people born on U.S. soil as well as people born to U.S. citizens living abroad. He mentions a Canadian client who was born in the U.S. to Canadian parents, but moved to Canada as an infant.
"She had no idea she was a U.S. citizen until she was nearly 50," Mr. Packman said.
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