How To Move From The USA And Abandon The Green Card Safely Without Triggering The U.S. 877A Exit Tax Regime

This AI generated podcast is from a John Richardson presentation about “Green Card Abandonment”. The presentation - “Understanding The Green Card (if you can)” - took place on May 1, 2024 on the IRS Medic Podcast.

The AI description of the presentation was:

The Green Card: Navigating US Tax Residency and Expatriation

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This document provides an overview of the U.S. Green Card, focusing on its significant tax implications for holders. It clarifies that possessing a Green Card automatically confers U.S. tax residency since 1984, leading to worldwide taxation regardless of where one lives. The text outlines the "life cycle" of a Green Card, discussing pre-immigration planning, tax considerations while living in America, and the complexities of "leaving America" while either maintaining or abandoning the Green Card. A major point of emphasis is the distinction between "long-term residents" and others, detailing the severe consequences, including the "Exit Tax", for "covered expatriates" who are long-term residents abandoning their Green Card. The document repeatedly stresses the complexity of these tax laws and strongly advises seeking professional guidance.