What is required in order for a
U.S. citizen to expatriate:

CITIZENSHIP

You have to have another citizenship

5 YEARS

You have to have filed last 5 years of filed U.S. tax returns

FORM 8854

Until you file form 8854 (with your final return), you will remain a US tax resident.

Scenario analysis

The length of the project and scope of documents required depend on the pre-existing level of U.S. tax compliance.

Preparation of 3 years of tax returns + 6 years of FBAR for the Streamlined Offshore Procedure.

Up to 2 months depending on complexity.

Starting from $1,300 for the Core Package & up to 5 non-US bank accounts. Additional bank accounts, presence of self-employment income or foreign corporation, foreign trusts or assets level that require additional filing are subject to additional fees.

Preparation of 2 older years of tax returns.

Up to 3 weeks depending on complexity.

Starting from $800 for the Core Package. Additional fees same as in Step 1. Dual status return (1040 & 1040NR) starting from $650. Additional fees same as in Step 1.

up to 1 month depending on complexity.

Dual status return (1040 & 1040NR) starting from $650. Additional fees same as in Step 1. Cost of form 8854 - $400 for non-covered expatriates (net worth below $2M). Cost of form 8854 for covered expatriates is contingent upon the complexity of foreign assets.

— estimated project completion time — cost

Preparation of 3 years of tax returns + 6 years of FBAR for the Streamlined Offshore Procedure.

Up to 2 months depending on complexity.

Preparation of 2 older years of tax returns.

Up to 3 weeks depending on complexity.

Starting from $800 for the Core Package. Additional fees same as in Step 1. Dual status return (1040 & 1040NR) starting from $650. Additional fees same as in Step 1.

up to 1 month depending on complexity.

Preparation of the delinquent FBAR returns in terms of the Streamlined Offshore Procedure.

Up to 2 months depending on complexity.

Starting from $500 for up to 5 foreign bank accounts. Additional bank accounts are charged $10 per account per year.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Up to 1 month depending on complexity.

The minimal total cost of the entire project $1,550.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Up to 1 month depending on complexity.

The minimal total cost of the entire project $1,050.

As a GC holder, the above 3 situations are almost exactly the same except for those who are not Long Term GC holders (8 or more years). They are less onerous for those that have not held a GC for that long (count from date GC was received until the date form i-407 was filed).

If you are not a Long Term GC holder (8 or more years), then you do not need to file form 8854. However, until you file form I-407 you will remain a US person for tax purposes and inch closer to that 8 year threshold.
If you are not a Long Term GC holder, you only need to file 3 years of Tax returns to give up your Green Card (instead of 5 for US citizens seeking to renounce as outlined in the other situations).

Up to 1 month depending on complexity.

Starting from $960 for the Core Package. If you have FBAR requirements and have not filed, we may recommend to file the Streamlined Procedure to shield yourself from FBAR penalties. FBARs are $75 per year (up to 5 accounts). Additional bank accounts, presence of self-employment income or foreign corporation, foreign trusts or assets level that require additional filing are subject to additional fees.

Unlike citizens relinquishing their citizenship, those giving up their GC have the ability to skip filing a dual status return, and choose to file a resident return for the full year. This carries less fees and may be more beneficial for the taxpayer. During our review of your documents we will determine what is the best method for you.

— estimated project completion time — cost

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IRS reminds retirees to take required minimum distributions by December 31, 2024

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TFX Mobile app

Phone

Contacts

Expatriation services

What is required in order for a
U.S. citizen to expatriate:

CITIZENSHIP

5 YEARS

FORM 8854

Scenario analysis

Situation 1

Situation 2

Situation 3

Situation 4

Preparation of 3 years of tax returns + 6 years of FBAR for the Streamlined Offshore Procedure.

Preparation of 2 older years of tax returns.

Preparation of the delinquent FBAR returns in terms of the Streamlined Offshore Procedure.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

As a GC holder, the above 3 situations are almost exactly the same except for those who are not Long Term GC holders (8 or more years). They are less onerous for those that have not held a GC for that long (count from date GC was received until the date form i-407 was filed).

Situation 1

Preparation of 3 years of tax returns + 6 years of FBAR for the Streamlined Offshore Procedure.

Preparation of 2 older years of tax returns.

Situation 2

Preparation of the delinquent FBAR returns in terms of the Streamlined Offshore Procedure.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Situation 3

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Situation 4

As a GC holder, the above 3 situations are almost exactly the same except for those who are not Long Term GC holders (8 or more years). They are less onerous for those that have not held a GC for that long (count from date GC was received until the date form i-407 was filed).

IRS reminds retirees to take required minimum distributions by December 31, 2024

Get ready for 2025 tax filing: Essential IRS updates and tips

Minimum income to file taxes in 2025: Who needs to file and why you might want to anyway

IRS reminds retirees to take required minimum distributions by December 31, 2024

Get ready for 2025 tax filing: Essential IRS updates and tips

Minimum income to file taxes in 2025: Who needs to file and why you might want to anyway

TFX Mobile app

Phone

Contacts

Expatriation services

What is required in order for a U.S. citizen to expatriate:

CITIZENSHIP

5 YEARS

FORM 8854

Scenario analysis

Situation 1

Situation 2

Situation 3

Situation 4

Preparation of 3 years of tax returns + 6 years of FBAR for the Streamlined Offshore Procedure.

Preparation of 2 older years of tax returns.

Preparation of the delinquent FBAR returns in terms of the Streamlined Offshore Procedure.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

As a GC holder, the above 3 situations are almost exactly the same except for those who are not Long Term GC holders (8 or more years). They are less onerous for those that have not held a GC for that long (count from date GC was received until the date form i-407 was filed).

Situation 1

Preparation of 3 years of tax returns + 6 years of FBAR for the Streamlined Offshore Procedure.

Preparation of 2 older years of tax returns.

Situation 2

Preparation of the delinquent FBAR returns in terms of the Streamlined Offshore Procedure.

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Situation 3

Preparation of form 8854 and preparation of final dual status return for the year of expatriation.

Situation 4

As a GC holder, the above 3 situations are almost exactly the same except for those who are not Long Term GC holders (8 or more years). They are less onerous for those that have not held a GC for that long (count from date GC was received until the date form i-407 was filed).

What is required in order for a
U.S. citizen to expatriate: