Relinquishing a Green Card will have no affect on the ownership of a foreign national’s property in the U.S. While he/she will be required to leave the U.S. or obtain a valid nonimmigrant status, any real estate or other property owned by the foreign national remains his/her property. There may, however, be a number of tax issues to consider, and it would be prudent for anyone thinking about relinquishing his/her Green Card to retain a tax attorney.