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Country: United States
In recent years, there has been a spike in the number of people giving up their US citizenship. If you are planning to renounce your US citizenship in favor of an Indian citizenship, you have come to the right place for information. Here, you will be taken through all the relevant information to you like the renounce US citizenship consequences, how long does it take to renounce US citizenship, what is the renounce US citizenship fee etc. In addition, you should also find information on the renounce US citizenship form as well as renounce US citizenship taxes you might be required to pay. If you have been confused regarding the procedure on how to renounce US citizenship, we are here to help you out. Here are nine simple steps that will help you renounce your US citizenship.
The first thing you should get clarity about are the exact consequences of renouncing your US citizenship. Some of the disadvantages of giving up your US citizenship could include, but is not limited to:
As soon as you have decided to renounce your US citizenship, make sure you begin the procedure to obtain citizenship of another country of your choice. This process could take many months or years to be completed. You could obtain dual citizenship as well, before you decide to completely renounce your US citizenship.
Renouncing your citizenship means that you will still have to clear the taxes that are due to you before leaving the country. Fleeing the country will not stop US officials from arresting you if you have unpaid taxes.
You should know that you cannot renounce your US citizenship from within the USA. Hence, you must move to the country of your residence and do this procedure.
There has been a large number of Americans renouncing their citizenship. Thus, the government has increased the renunciation fee recently. It is currently at US$ 2,350. Make sure you have the money before completing the procedure.
You will need to find the US embassy nearest to you, in your new country. You can fix an appointment in advance.
You will have to appear in person before a diplomatic officer. You will have to verbally state your decision to leave US citizenship before a diplomatic officer.
You will be given a written oath of renunciation. Make sure you read it carefully Once you sign it, it is permanent and cannot be taken back.
Once you sign the oath, you will have to give in your US passport to the embassy as you will no longer be allowed to use it. Once this is done, you are no longer a US citizen and the renunciation is complete.
Now that you have a clear idea on how to renounce US citizenship, you should be able to fill out the renounce US citizenship form, as well as pay the renounce US citizenship fee. In addition, you will also have a clear understanding now about how long does it take to renounce US citizenship. You must be aware of your renounce US citizenship taxes, and have a clear idea about renounce US citizenship consequences. Once you are sure of all the consequences and expenses, you are well on your way already to renouncing your US citizenship. This process should be a little simpler for you, now that you have a clear understanding about what to do, when to do it and where to do it. We hope that this article has made your transition from being a US citizen to becoming an Indian citizen far, far easier.
Q: i am not sure if i have approached you.
My father purchased 1200sq ft land in 1984 for RS70,00
I am not aware of today's value (I presume it would be RS 30 lakhs.
My share presumably is RS 7 LAKHS 50 THOUSAND
Of this how much can i r..?
A: To know information about taxes for NRI you can follow the link https://www.videshi.com/nri-information/capital-gains-tax-on-sale-of-inherited-property
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