August 19, 2011. IRS OVDI Offers Penalty Relief For Dual Citizens (Forbes). IRS Offshore Voluntary Disclosure Initiative Program Offers Substantial Penalty Relief for Dual Citizens – But Taxpayers Must Apply Before August 31, 2011. Background. For a variety of reasons, many people travel to the Untied States, USVI or Puerto Rico for medical procedures, and in particular, to give birth. As a result, a surprisingly high number of people were born in the US or a US territory and therefore are dual citizens of their home country and the US. While there are many benefits of US citizenship, once an individual is subject to the US tax regime, the individual is taxed on his worldwide income. Though this is shocking to some at first, it is not as onerous as it sounds because a credit is allowed to offset the amount of non-US tax that has been paid…
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