Robert W. Wood, tax attorney and expert on cross-border investing, discusses the pros and cons of renouncing U.S. citizenship if you live abroad? How does it affect taxation, Social Security payments, and estate planning, and will you be allowed to visit the United States again?
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Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm specializing in working with Americans living in Israel who have investment accounts in America. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com

2 COMMENTS

  1. The amount of money you save on future taxes is well worth the inconvenience of not having a US passport when traveling. My father recently renounced his and it’s making life a lot easier as we plan for his old age. I was never an American citizen (Canadian); but I hope to make Aliyah one day and don’t think I could ever afford to move to Israel or any other country if I had to pay income taxes to two countries. There wouldn’t be much money left to pay for living expenses.

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