Michael Ben-Jacob EXPATRIATION: THE FACTS AND THE FICTION November 19, 2014.
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Transcript of Michael Ben-Jacob EXPATRIATION: THE FACTS AND THE FICTION November 19, 2014.
Michael Ben-Jacob
EXPATRIATION: THE FACTS AND THE FICTION
November 19, 2014
| Privileged and Confidential 62279123
Fact or Fiction?
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Q. Giving up your citizenship is of questionable legality.
A. As a US citizen you have a constitutional right to give up your citizenship.
Q. Giving up your citizenship will result in inquiry from US governmental agencies (the IRS, SEC, FINRA, etc.).
A. False.
| Privileged and Confidential
Fact or Fiction?
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Q. I will not be able to travel to the US if I give up my citizenship.
A. You can still obtain a tourist or work visa and still travel to the US if you have a passport from a country that is part of the US visa waiver program.
Q. I will be placed on a blacklist and questioned at the border.
A. There is no “blacklist”, although the border officer will know that you previously had citizenship. Provided your visa is in order you will be provided entry (but carry a copy of your “CLN”).
| Privileged and Confidential 62279123
Two Statutory Systems – Immigration and Tax
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I. Immigration
A. Who is a US citizen?
B. What is the process for releasing citizenship?
i. The paperwork
ii. The interview
C. Timing considerations.
| Privileged and Confidential 62279123
TAX – IRC sec. 877A
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II. Covered and non-covered expatriatesA. Non-covered
1. The rule.2. The consequence.
B. Coveredi. The rule.ii. The consequences.iii. The exception.
C. The greencard problem.D. Planning considerations.
| Privileged and Confidential
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Copyright ©2014 by Kaye Scholer LLP, 250 West 55th Street, New York, NY 10019-9710. All rights reserved. This publication is intended as a general guide only. It does not contain a general legal analysis or constitute an opinion of Kaye Scholer LLP or any member of the firm on the legal issues described. It is recommended that readers not rely on this general guide but that professional advice be sought in connection with individual matters. Attorney Advertising: Prior results do not guarantee future outcomes.
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