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ARTICLE · 05 FEBRUARY 2018

Renouncing Your US Citizenship: Is Divorcing Uncle Sam Right For You? - 2 February, 2018

Moodys Private Client Law
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The billionaire co-founder of Facebook, the only American member of Monty Python, a civil rights leader with a PhD from Harvard, the founder of Carnival Cruise Lines and owner of the Miami Heat NBA franchise...

CanadaTax
Alexander Marino
Alexander Marino
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INTRODUCTION

The billionaire co-founder of Facebook, the only American member of Monty Python, a civil rights leader with a PhD from Harvard, the founder of Carnival Cruise Lines and owner of the Miami Heat NBA franchise, and arguably the best chess mind to ever live have more in common than you might think. So what do Eduardo Saverin, Terry Gilliam,1 W.E.B. Du Bois, Ted Arison, Bobby Fischer have in common? The answer is that all five have renounced their U.S. citizenship. These individuals are not alone! Record numbers of U.S. citizens living in Canada and across the world are in the process of renouncing. Why would a country like the United States, with a seven to ten year wait list to acquire citizenship have so many citizens headed for the exit? The reason is that three-letter word no one likes to hear: TAX.

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