Thursday, November 14, 2013

Tina Turner - By Adopting Foreign Citizenship are you Still Subject to the US Exit Tax?

According to an “activity” report from the U.S. Embassy in Bern, Switzerland, long-time Swiss resident Tina Turner” was in the embassy Oct. 24 to sign her “Statement of Voluntary Relinquishment of U.S. Citizenship under Section 349 (a)(1) of the INA” — the Immigration and Naturalization Act.

She has merely 'relinquished' her US citizenship rather than formally 'renouncing' it, by adopting citizenship of her long-time home Switzerland.

She apparently hopes to avoid the USA's exit tax on all her worldwide property, but she will be disappointed!

Tina is an “expatriate”, and it is safe to guess that she has enough assets so that she “meets the requirements of 26 USC § 877(a)(2)(A)”. Therefore, she meets the two prongs of the test to be a “covered expatriate," who is subject to an Exit Tax!

Need Advice On "Should I Stay or Should I Go"?


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