U.S. EXPAT TAX GUIDE – SAUDI ARABIA
Can I give up my US citizenship from Saudi Arabia?
Yes, you can renounce your US citizenship while living in Saudi Arabia by following specific immigration and tax procedures, paying a fee, and ensuring your US tax returns for the past five years are filed. If your net worth exceeds $2,000,000, you may also face an exit tax.
Table of contents
What are the steps to renounce US citizenship?
- Legal and Immigration Procedures: Begin the process at a US consulate or embassy and pay the $2,350 fee.
- Tax Obligations: Ensure you file US tax returns for the five years preceding your renunciation and a dual-status tax return for the year you renounce your citizenship.
What is the exit tax?
The exit tax is applicable if your net worth exceeds $2,000,000 or if your average annual US tax liability over the past five years is above certain thresholds.
What if I don’t have a Social Security number?
US citizens in Saudi Arabia who do not have a Social Security number can utilize a special relief program to file tax returns when renouncing citizenship, provided they meet specific criteria. Consulting with a tax professional can help you navigate this process efficiently.
Why partner with a specialist Expat accountant?
Living outside of the US can make your tax filing requirements complicated. To ensure you pay the minimum amount of taxes, it’s critical to work with an accountant who understands every aspect and avenue for reducing your tax liability. We have a dedicated team of tax accountants who work exclusively with US expats earning and investing in Germany. Partnering with a specialist expat accountant can help you navigate complex tax regulations and optimize your tax situation.
