Renouncing U.S. Citizenship - Back in the Spotlight
Eileen Gu is an American-born athlete who lives in California and is competing for China in this year’s winter Olympics. She recently won a gold medal but that’s not the only reason she’s in the spotlight.
Apparently, China law doesn’t permit dual-citizenship and that has led to questions about the current status of her U.S. citizenship.
Renouncing one’s U.S. citizenship has substantial non-financial repercussions. It can also trigger big tax costs, especially for high-net-worth individuals. So, careful consideration and advanced planning with a specialized tax advisor is critical to avoid costly missteps.
This article by Jay Busbee of Yahoo! Sports highlights some of the key implications of renouncing U.S. citizenship.
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