Can Form 8854 Certify 2023-2024

Hi everyone, it's Aaron Day here from Sao Paulo, Brazil, with another episode of Offshore Maven. Today, we're going to talk about how to renounce your citizenship. Thanks to National Geographic, we have some brand new research to share with you. They did a report, which was possibly spurred by Senator Ted Cruz. He has dual citizenship as he was born in Calgary, Alberta, Canada, and both of his parents were American. They were on holiday there. Apparently, there is a whole ruckus about whether he is eligible to be present. He has never lived in Canada, but again, it's all in the details. Anyway, National Geographic provided some really good research on how to renounce your citizenship. They covered five countries: United States, Canada, Russia, France, and Japan. Japan is a no-brainer. As soon as you receive a second citizenship from any country, you automatically renounce Japanese citizenship and lose it. Now, the process for renouncing citizenship in Canada is quite interesting. It costs $100 and takes a couple of months, maybe 90 days. However, only 192 people in 2012 went through the trouble of renouncing their citizenship. This is probably due to the fact that Canada does not tax income derived from outside the country. Although we have to report it, we don't have to pay taxes on it. On the other hand, the United States is on the uptick. In the first quarter of this year alone, 1,130 citizens renounced their citizenship. Apparently, this number is increasing even faster. But remember, don't get your cart before the horse. It's important to have your strategy in place first. Many people from different countries are reaching out to me for help in moving to New Zealand. It seems to be a very streamlined process and receives our highest recommendation. New Zealand has the...