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David Lesperance Attorney

Immigration Attorney David Lesperance Explains the Truth About Renouncing U.S. Citizenship

The United States’ immigration policy, along with stories and statistics about immigrants, consistently make headlines. But much less is said about the United States citizens who opt to leave their home country for distant shores. David Lesperance, immigration lawyer at Lesperance & Associates, has spent over 30 years helping high net worth individuals and families successfully relocate to preserve their assets and secure a financially stable future while maintaining a high standard of living. According to him, renouncing U.S. citizenship, while no easy task, can be a favorable option for people seeking to escape the United States’ uniquely archaic tax system.

In 2016, a State Department* survey estimated approximately 9 million United States citizens live abroad. However, the number is hotly contested. The United States is the only developed nation in the world that does not officially track the number of its citizens who live outside the country. However, there is a record of those who have officially renounced citizenship. In 2016, that number was 5,411, a record high, according to the U.S. Treasury. While it has declined (3,981 in 2018), the rate is still a historic high.

In addition to seeking citizenship in countries which do not offer dual citizenship (ex. Germany), some United States citizens renounce their citizenship to escape the tax burden. As attorney David Lesperance explained in an interview with Mises Institute, the United States is unique in that citizenship is the basis for taxation, rather than physical presence, residence, or close connections. People who live outside the U.S. are still “U.S. persons for tax purposes” and have the same tax obligations as those residing in the states. Some U.S. expats, David Lesperance continued, may be eligible for the Foreign Earned Income Exclusion* and/or Foreign Tax Credit*, but this does not apply to everyone.

David Lesperance added that in addition to the United States’ unusual tax rules, recent discussion of wealth tax has prompted high net worth individuals to look for a way out. The wealth tax proposals of Democratic Presidential candidates Elizabeth Warren and Bernie Sanders, although different, have essentially the same basis: to implement higher taxes for high net-worth individuals.

“Ever since the Democratic POTUS candidates changed their rhetoric from “Getting money to spend on good things” to ‘Taking money from bad people’, wealthy Americans have been equipping themselves with BackUp Plans which will give them the option to ‘Vote with their Feet’ should the increasingly possible outcome of a Democratic political grand slam* happen in November 2020,” David Leserpance said in his talk with Mises Institute. “If this occurs, those people with a quality BackUp Plan can then decide whether or not to trigger their departure long before something like Senator Warren and Sander’s proposed 40% exit tax could become law.”

David Lesperance adds that the process of expatriation and renouncing U.S. citizenship is one you should only undertake in coordination with a skilled immigration attorney. Deciding if this is the right move for you will depend on several factors, including your financial situation, lifestyle and priorities, and goals for the future.

A published author, David Lesperance also shares his knowledge and expertise in The Flight of the Golden Geese which he co-authored with London School of Economics Professor Emeritus Ian Angell. David Lesperance immigration lawyer has also written or been featured in numerous media outlets, including The New York Times, Wall Street Journal, Bloomberg, The Economist, Financial Times, Mother Jones, CNBC, BBC, and major Asian journals such as the South China Morning Post and The Asia Times. A top contributor on Quora, you can find his input on finances and immigration/expatriation here* as well.

State Department* – https://web.archive.org/web/20160616233331/https://travel.state.gov/content/dam/travel/CA_By_the_Numbers.pdf

Foreign Earned Income Exclusion* – https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion

Foreign Tax Credit* – https://www.irs.gov/individuals/international-taxpayers/foreign-tax-credit

Democratic political grand slam* – https://www.youtube.com/watch?v=f3mYcYJ20Ao

here* – https://www.quora.com/profile/David-S-Lesperance

David Lesperance Lawyer Advises Brits to Seek Financial and Immigration Advice Amidst Looming Brexit & Changing Tax Rules

 Prime Minister Boris Johnson’s Conservative Party victory in the December election marks the latest turn of events in one of the United Kingdom’s most tumultuous political periods in recent history. One of Johnson’s primary political platforms is the push for Brexit, and his election indicates Britain will more than likely leave the European Union in early 2020. While Brexit will undoubtedly impact the majority of Brits in one way or another, it may affect some more than others. David Lesperance, an attorney, says the future is uncertain for many, including high net worth Brits.

Accounting firm Moore Stephens in November 2018 conducted a survey that revealed a quarter of non-doms living in the UK were considering leaving the country in the coming year. In part, this was due to the changing tax regime and stricter rules regarding non-dom income. But also, respondents expressed concern over the uncertain future of Britain in the midst of the Brexit debate.

Non-doms, David Lesperance, attorney, explained, are those who are usually resident in the UK but domiciled overseas. Under the previous tax rules, non-doms did not pay tax on overseas income until they brought it into the UK.

With the new tax rules, there is a £60,000 annual charge for non-doms who pay tax on a remittance basis and have been UK residents for more than 12 of the past 14 years. Those non-doms who have been residents of the UK for 15 or fewer of the past 20 years now also have to pay UK income tax on all income, regardless of where it was earned.

How does Brexit factor into this? If Brexit occurs, among other effects, it may be more challenging for Brits to move freely throughout Europe. As a part of the European Union, citizens can move to and from various countries with relative ease. However, people who wish to immigrate to an EU nation from outside have to meet various criteria.

“There’s a lot of uncertainty for Brits,” David Lesperance attorney said.

An immigration lawyer with decades of experience helping high net worth individuals secure a back-up plan and stable future for themselves and their families, David Lesperance said it is difficult to “game out” what will become of Brits who have already established businesses and/or residences in other countries. Likewise, the future of the British economy post-Brexit is not certain either.

David Lesperance encourages high net-worth Brits who are concerned about their future to consult with an immigration attorney or financial advisor to establish a backup plan sooner than later.

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Now based in Sopot, Poland, David Lesperance attorney hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskewatchen before working as a Canadian border official. In this position, he gained a unique perspective on U.S. and Canadian emigration and immigration policies and practices, as well as the motivation for wealthy individuals seeking entry or exit from these countries. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenship, with a particular focus on assisting high net worth clients

In addition to his law and tax practice, David Lesperance immigration lawyer co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. He is also a Top Writer on Quora, where he offers his advice and input to those seeking reliable answers to tax and immigration queries.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

Immigration Attorney David Lesperance Explains 3 Reasons Why Americans Renounce Citizenship

Depending on who you ask, the “American Dream” may be a fire burning bright or a dwindling spark on the horizon. While thousands of people still seek and obtain U.S. citizenship every year, thousands of others renounce it. David Lesperance, an immigration lawyer, tax consultant, and managing partner at Lesperance & Associates says the reasons people emigrate from the U.S. are myriad, with every individual having a unique story. However, one of the most common threads is finances. Here, attorney David Lesperance explains three of the most often-cited motivations for individuals to hand over their U.S. passport.


3 Financial Reasons to Renounce U.S. Citizenship

1) Citizenship-based taxes.
Although most other countries have long since abandoned the concept of citizenship-based taxation, the U.S. still requires that its citizens shall be taxed, regardless of where they live or how much or little time they spend on American soil, solely based on their U.S. citizenship. This may present significant problems for citizens living abroad who may end up paying several thousand dollars in taxes to the U.S. government despite living and contributing to the economy in a foreign nation. Although foreign income tax credits can offset some of the burdens, attorney David Lesperance says double-taxation is still a problem for many, particularly high-income earners and business owners. Giving up citizenship is the only legal way to fully free yourself from the U.S. tax burden.

2) Transition tax.
The Trump America First Tax reform, signed into law in 2017, includes a “transition tax.” The transition tax dictates that U.S. emigrants who have lived in other countries since the last tax reform in 1986 must now pay a transition tax amounting to about 15% of their retained earnings from the past 30 years, attorney David Lesperance explained. The retroactive nature of the tax, particularly for people living in high-tax countries like Australia and the U.K., is a significant blow, especially to business people and high net worth individuals. Renunciation of U.S. citizenship is, again, the only way to avoid this.

3) FATCA
David Lesperance immigration and tax lawyer says FATCA, the Foreign Account Tax
Compliance Act dictates Americans are not only required to report, pay, and file all of their taxes regardless of residency but must also report and pay on foreign bank accounts, brokerage accounts and other accounts. “FACTA has made it more difficult for Americans living abroad as well as people who do business with them,” he said. In fact, some see it as a liability given America’s complex and archaic taxation system, which could hinder business dealings abroad. It can even make it more difficult for Americans to open accounts or work with financial institutions overseas.

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David Lesperance, Immigration and International Tax Consultant and Managing Partner at Lesperance & Associates, assists high net worth individuals in securing a financially stable future and a better quality of life. Now based in Sopot, Poland, David Lesperance attorney hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskatchewan before working as a Canadian border official.

While working as a border official, he gained a unique perspective on U.S. and Canadian emigration and immigration policies and practices, as well as the motivation for wealthy individuals to emigrate from the U.S. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenship, or renounce citizenship, with a particular focus on assisting high net worth clients in the U.S., Europe, and Asia.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

David Lesperance Attorney Explains Lineage Citizenship

When it comes to U.S. immigration and emigration, you’re most likely to hear data and stories about people coming into the States from abroad, most often from developing nations or those in a state of conflict. Less is said, however, about American-born individuals and families who leave the U.S. In fact, the U.S. State Department does not officially track such numbers. But according to Gallup, the number of people emigrating from the U.S. or wanting to leave has been increasing for years with many seeking lineage citizenship. David Lesperance, a well-respected immigration attorney who specializes in dual citizenship, second passports and renouncing U.S. citizenship, explains lineage citizenship, or citizenship-by-ancestry, is one of the easiest ways to acquire a second passport or dual citizenship for those who qualify.

David Lesperance attorney explained that lineage citizenship is offered by several countries around the globe. It essentially encourages people with documented roots in that nation to return to their ancestral homeland to contribute to the culture and economy of their people. Some countries that offer citizenship-by-ancestry include Ireland, Poland, the Philippines, India, Israel, Italy, France, Australia, Hungary, the United Kingdom, Argentina, Turkey, and South Africa. Although each of these countries has its own rules and eligibility requirements, generally speaking, one must have a parent who was born in the country to qualify for dual citizenship or citizenship-by-ancestry. However, as David Lesperance the attorney noted, some countries, including Ireland, allow for citizenship-by-ancestry if a grandparent was born in the nation.

Now based in Sopot, Poland, David Lesperance was born and raised in Canada. He graduated from the University of Windsor and the University of Saskatchewan Law School (while working as a Canadian border official). This position provided him with a unique perspective on U.S. and Canadian emigration and immigration policies and practices and inspired him to pursue a legal career specializing in international tax law and immigration.

A member of the Ontario Bar from 1989 to 2017 and current Managing Partner at Lesperance & Associates, he has spent the last three decades traveling the world helping numerous individuals and families obtain second passports and dual citizenship, with a particular focus on assisting American-based and international high net worth clients in Europe and Asia. David Lesperance also co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell.

“I did my first US expatriation in 1990 and since then have helped hundreds of high net worth entrepreneurs and executives plan and organize their citizenships, residency, and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle,” David Lesperance attorney said via Quora regarding his work as an expert in second citizenship and renouncing American citizenship.

Find more information about David Lesperance attorney and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance.

International Tax & Immigration Expert David Lesperance Discusses Golden Visas

Whether in search of a better quality of life, to preserve assets, increase income via investments, or all of the above, every year thousands of people leave their homeland to invest in a new life abroad. David Lesperance, Managing Partner at Lesperance & Associates, has helped countless high net worth individuals obtain second passports and dual citizenships via emigration/immigration avenues such as the “golden visa”. The golden visa, he says, is one of the most recognized “residence-leading-to-citizenship-by-investment” program-types offered by several desirable destinations around the world.

“I have helped hundreds of High Net Worth entrepreneurs and executives plan and organize their citizenships, residency, and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle – what I call Back-up Plans,” David Lesperance, international tax and immigration expert, said.

The golden visa is designed to attract foreign capital and high net worth individuals who will contribute to the local economy. This means immigrants may purchase property or invest in a development fund and, in return, have the right to residency leading to citizenship, e.g., citizenship by investment. A Canadian currently based in Europe, David Lesperance Lawyer has himself relocated his family twice, giving him firsthand experience of the process and benefits.

While the specifics of golden visa programs vary from one nation to another, criteria often include purchasing real estate or an investment fund, creating jobs and non-refundable contributions to particular industries, all of which ensure substantial economic contribution, David Lesperance Lawyer explained. Most programs also have an annual cap on the number of applicants permitted.

David Lesperance, also a top contributor on immigration and tax topics on Quora, suggests you ask the following questions in order to determine if you should pursue a golden visa:

For what purpose(s) are you seeking an alternative residence or citizenship? As part of you Backup Plan or do you want to immediately relocate? Do you want to expand the education or future living opportunities for your children? Tax planning? Escape from something?

Are you interested in actually residing in that country (or other countries that may be part of a regional agreement such as the EU)? If yes, what is your timeline? Language ability? Budget? Tax situation?

You should also consider which taxes are you most concerned about? Are you aware that many G20 countries can result in lower taxes either through tax planning (e.g. Canada, New Zealand, Australia, Portugal) or existing tax regimes designed to attract wealth foreigners (eg. Ireland, UK, Switzerland, Italy)?

Are you alone or do you have a family (and their needs) to consider? What are your personal and business lifestyle needs? Preferences?

In addition to his immigration and tax practice, David Lesperance Lawyer co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. Find more information about David Lesperance Lawyer and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora for answers regarding immigration, second passports, citizenship by investment, and more: https://www.quora.com/profile/David-S-Lesperance

Tax and Immigration Expert David Lesperance Helps Wealthy Tech Founders & Their Families Secure Financially Stable Futures

For centuries, California, along with the rest of the U.S. Pacific Coast, was known as the Wild West, an almost-mythical territory unknown to most East Coast inhabitants, including the throngs of European immigrants who had relatively recently made America home. Just as the promise of a new, free world enticed the Pilgrims and thousands after, the Wild West beckoned to those seeking a better and more fortunate future. In the mid-1800s, word got out the land was loaded with precious metal, and the race was on.

Although the currency of choice has changed from gold to USD with bitcoin in the wings, the California dream of wealth and prosperity remains steadfast. Nowhere is that more apparent than in Silicon Valley, home to some of the nation’s wealthiest individuals and most profitable companies. David Lesperance is an Immigration and International Tax Consultant and Managing Partner at Lesperance & Associates who assists high net worth techies – both going to and departing from Silicon Valley – in securing a financially stable future and a better quality of life through tax-efficient immigration planning.

Now based in Europe, David Lesperance hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and University of Saskatchewan …while also working as a Canadian border official. In this position, he gained unique perspectives on U.S. and Canadian emigration and immigration policies and practices, as well as the motivations of wealthy individuals seeking entry or exit from these countries. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenships, with a particular focus on assisting high net worth clients including wealthy tech founders from Silicon Valley and beyond.

David Lesperance explained that Silicon Valley and the U.S. generally are still attractive destinations for many including engineers, tech founders, and other successful businesspeople from nations such as China and India. While these nations have bountiful business and tech industries, obtaining and maintaining a high quality of life can be challenging. Unfortunately, immigration to the U.S. has become more difficult in recent years, making Canada a more viable option for many. Following a three-year naturalization period, David Lesperance explained, families can apply for Canadian citizenship. After obtaining this citizenship, they may be able to move to the U.S. under a non-immigrant NAFTA Professional (TN) Visa, which provides endless renewals. David Lesperance also mentioned Australia, New Zealand, Ireland, UK, and Germany are solid options as these nations have an increasing demand for tech professionals.

But it isn’t just individuals from Asia looking to relocate to Silicon Valley. David Lesperance also assists individuals move from the U.S. in order to pay less tax and preserve assets. Again, nations ranging from Canada to the United Kingdom and New Zealand can be excellent alternatives, providing a high quality of life without the financial burden.

“I have helped hundreds of High Net Worth entrepreneurs and executives plan and organize their citizenships, residency and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle – what I call Back-up Plans,” David Lesperance said via Quora, regarding his work as an expert in second citizenship and renouncing American citizenship. “Simply stated, I create and execute bespoke tax and immigration plans that deliver peace of mind.”

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

Immigration Law & International Tax Consultant David Lesperance Helps High Net Worth Clients Obtain Second Citizenships

For as long as humans have inhabited the earth, individuals and groups have ventured forth from their homelands and communities in search of something more. Initially, these journeys were most often inspired by the need to escape hardship, such as food scarcity, natural disasters, or violence. As humans evolved, however, so did their needs. The desire to pursue a better self, a better life, became more intense with humankind’s awareness of their potential and the immensity of the universe. In the modern world, individuals have more reasons than ever to move and more means by which to do so. However, emigrating to a new place, particularly out of one’s home country, is not always easy. Fortunately, professionals like David Lesperance are here to help.

Currently based in Europe, David Lesperance has traveled extensively helping clients around the world. The Immigration & International Tax Consultant and Managing Partner at Lesperance & Associates was reared and educated in Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskewatchen. While in college, he worked as a border official, in which position he gained a unique perspective of U.S. and Canadian immigration and emigration policies and practices. After graduating, he began his law career, specializing in tax and immigration issues as a member of the Ontario Bar from 1990 to 2017. Since 1990, he has helped countless individuals obtain second citizenships and dual citizenships for Canada, the U.S., and beyond, with a particular focus on American-based and international High Net Worth clients in Europe and Asia.

“I have helped hundreds of High Net Worth entrepreneurs and executives plan and organize their citizenships, residency and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle – what I call Back-up Plans,” David Lesperance said via Quora, regarding his work as an expert in second citizenship and renouncing American citizenship. “Simply stated, I create and execute bespoke tax & immigration plans that deliver peace of mind.”

More than financial security, David Lesperance’s guidance in renunciation of American citizenship and obtaining dual citizenship or second citizenship equips his clients with invaluable peace of mind. Not only do they have the means to deal with any potential negative events or emergencies, but they can also be confident in their sound legal standing in their previous country of residence as well as their present location.

In addition to his law and tax practice, David Lesperance co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. He is also a Top Writer on Quora, where he offers his advice and input to those seeking reliable answers to tax and immigration queries.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance