What is it about the American tax system that’s compelling people to renounce their U.S. citizenship? Is there a better option for your clients and their money?
In this episode, WealthManagement.com senior editor David Lenok, is joined by David Lesperance, a tax and immigration lawyer who has been helping people save their wealth from the taxman for over 30 years. Together, they explore the case of Yul Brynner, an award-winning film and stage actor who renounced his U.S. citizenship in 1965 for tax reasons. Since then, the number of wealthy Americans who've been using renunciation as a method of severing their U.S. tax liability has been increasing dramatically. Listen in to find out why and how people are resorting to this drastic option.
In this episode, you will learn:
- Four reasons why there aren’t even more people renouncing their U.S. citizenship;
- What benefits expatriation can bring your clients in addition to tax savings;
- What a backup plan involves and what triggers people to use it;
- What is meant by “citizenship by investment”;
- And more!
Tune in now to discover what is involved in renunciation and why this move has gained popularity amongst Americans.