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Prospective U.S. legislation could result in former U.S. citizens and long-term residents being subject to additional taxes. Expatriation of certain former U.S. citizens and long-term residents would be taxed on net unrealized gain as if property were sold for fair market value on the day before expatriation or residency termination. Also, the U.S. proposed budget includes regulations that all expatriates subject to the 10-year rule will be subject to U.S. tax on worldwide income if physically present in the U.S. for more than 30 days in a calendar year.

Currently an expatriate would incur tax liability only if the principal purpose of expatriation was tax avoidance, as determined by the IRS.

This is just to inform you of possible changes to the tax law relating to expatriates. If you have further questions, please feel free to call us at (360) 734-8715.