U.S. citizens can legally renounce citizenship without first filing tax returns, but existing U.S. tax obligations remain. Failure to achieve tax compliance before expatriating may result in covered expatriate status, which carries additional long-term consequences.
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Missing the US federal tax filing deadline has different consequences depending on whether a refund is owed or taxes are due. Unpaid federal income tax accrues penalties and interest the longer it remains outstanding, while those owed a refund face fewer immediate consequences.
Argentina's Minister of Economy announced plans to open a new Citizenship by Investment program to applications in the fourth quarter of 2026. The announcement was made in Paris on October 2, 2026.
U.S. citizens working self-employed abroad are still required to report business income on their U.S. tax return. Various deductions and credits may be available to reduce the resulting tax liability.
The IRS Streamlined Filing Compliance Procedures allow eligible U.S. taxpayers to correct non-willful failures to file tax returns, FBARs, or international information forms related to foreign income. The program provides a structured process to come into compliance without the penalties typically associated with late or missed filings.
A managing partner at a citizenship and residency advisory firm discusses reasons why wealthy families pursue dual citizenship, including global mobility and wealth planning considerations.
U.S. taxpayers living abroad who have non-willfully fallen behind on tax returns or FBARs may qualify for the IRS Streamlined Foreign Offshore Procedures, which allow filing of overdue or corrected returns without standard failure-to-file, information-return, or FBAR penalties. Eligibility requires meeting IRS non-residency rules and demonstrating non-willful conduct.
An overview of pitfalls to avoid when relocating to Malta, covering residency program selection, housing, tax considerations, and education planning.
The IRS Streamlined Filing Compliance Procedures allow Americans who non-willfully failed to report foreign income or accounts to catch up on filings with reduced or no offshore penalties. Two variants exist: the Streamlined Foreign Offshore Procedure (SFOP) for those living abroad, and the Streamlined Domestic Offshore Procedure (SDOP) for US residents.
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