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4 Questions to Ask When Renouncing Your Citizenship
August 15, 2017 - Guide
Obtaining a new citizenship is a very exciting process. Being organized through the transition period can help make the process smoother and let you start enjoying the benefits of your new citizenship with no hassles ruining the journey.1
Here are 4 things you should start thinking about when you are considering a change in citizenship or acquiring a second citizenship:
Will I need a visa to enter my home country?
If you have family and business concerns back home, sorting out your ability to freely enter your home country should be a priority. Apply for a long-term visa or look into whether your country offers a program/ special status that allows you to maintain lasting connections with your country of birth e.g. The Overseas Citizen of India status granted to former citizens of India.
Will I pay exit taxes?
Certain countries such as the US levy a tax on exiting or expatriating citizens. Estate taxes and gift taxes paid on transferring your property to non-US citizens can also be higher than transferring them to US citizens. Have your accountant look carefully into the implications of renouncing your citizenship to ensure you do not make any avoidable costly errors in managing the process.
How will I access my money and assets in my home country?
Certain kinds of bank accounts can only be operated by citizens while foreign ownership of specific categories of land (e.g. agricultural land) is regulated via citizenship. Many countries impose laws governing who can own a majority stake in a company. Get professional advice in structuring all your assets to ensure you continue to have the level of access to them you desire.
Can I travel freely with my children across international borders?
Many countries have checks and balances in place to curb the threat of child trafficking. These can include asking for letters of authorization to travel with your minor children when they hold a different nationality from your own. Ensure that you research the exit and entry procedures of any country you plan on traveling to if your children hold a different nationality to ensure you are not caught on the wrong side of the border controls.
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