Thanks for joining us today. I'm Anthony Parent. We have special guests today - John Richardson, Keith Redmond, and Marc from Switzerland. Marc is on the verge of renouncing his US citizenship due to the country's tax laws. Many Americans don't think renouncing citizenship is a big deal until they realize it can happen to them. Marc's story is a perfect example of how a temporary assignment overseas can lead to renouncing citizenship for him and his entire family. Let me tell you a bit about Marc. He was born in Texas, and his wife Ann was born in Oklahoma. They met in Louisiana and got married in 1985. They had a son in 1988. Marc was a star employee and was offered a temporary assignment in Geneva in 1999. However, the company consolidated operations, and Marc's assignment became more permanent. They had a great life in Switzerland. In 2006, Marc realized the US tax laws were terrible to comply with. They thought about going back to the US, but there were no prospects. The economic collapse in 2008 dashed their hopes further. They also realized that their children had only known Switzerland, so moving back to the US wouldn't be easy for them. They were optimistic that President Barack Obama would improve the tax treatment for expatriates, but those hopes were dashed after a Democrats abroad meeting in 2010. There was a proposed law called the Foreign Account Tax Compliance Act (FATCA), which alarmed expats. In 2013, their Swiss bank froze their accounts because they were US persons. In 2014, Marc was offered a relocation to Germany but declined due to taxes and their children's integration in Geneva. In 2015, he tried self-employment but found it challenging as an American. The stress caused intense agony, leading to health issues. In 2016, his...
Award-winning PDF software
Video instructions and help with filling out and completing Can Form 8854 Renounce
