Wednesday 9th January 2013

French actor Gerard Depardieu’s decision to renounce his citizenship in order to avoid paying taxes might be tempting to those moving into ever high brackets. But experts warn that making such an exit is often a complex and costly process.

"Before renouncing citizenship, those with a net worth greater than $2 million may also need to pay an exit tax. U.S.-based assets get taxed as if they were being sold at the fair market value the day before expatriation, says George Eves, co-founder and CEO of, an online resource for expatriates."

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