Personal Finance & Money Asked on May 21, 2021
When discussing the indication of renouncing one’s US citizenship or US lawful permanent residency (= green card), I was told that:
There will be an exit tax if you relinquish and you were 1) a US citizen, or 2) a long-term resident, which means a green card for 7 or more years in the 15 year period immediately prior to expatriation. This makes you a “covered expatriate”, but you can plan beforehand to avoid these taxes.
How can one plan ahead to (legally) avoid the taxes stemming from becoming/being a "covered expatriate”?
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