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TaxRobin
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Experience:  International tax
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I am travelling to the USA on Thursday to finalise my divorce

Customer Question

I am travelling to the USA on Thursday to finalise my divorce ( proceeeding have taen 8 years) to a US citizen and have let my US passport laps since 2013 and now see I need a US ESTA ... I have been wondering about renounce my US citizenship in any case as it seems that for Tax purposes it may be better for me ... so wondering whether I can simply fillout the form for a ESTA saying I was a citizen ??? can you adivse me whether it really is better to renounce it should I be bring money out of the marriage back to this country for purchase of a house for my self over here. Best wishes, Fiona
Submitted: 6 months ago.
Category: Tax
Expert:  TaxRobin replied 6 months ago.
HelloRenouncers of US citizenship must certify that they have been tax-compliant for the last five years—and sometimes produce the returns to prove it.The US exit tax applies to renouncers whose net assets are greater than $2 million or whose average annual income tax has been greater than about $160,000 for the last five years. If you met that income level you would have to pay tax on all your assets as if you had sold them on the day you give up your US citizenship.Bringing money to the UK that represents a division of property in the US would not be taxable to you in the UK.You should check your income and past 5 years tax filing for the US before you seek to renounce your citizenship.
Expert:  TaxRobin replied 6 months ago.
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