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One of the complicated parts about this for US citizens is taxes. If you are a US citizen you have to file taxes with the IRS for your worldwide income, even if
by lucaspiller 9y ago
One of the complicated parts about this for US citizens is taxes. If you are a US citizen you have to file taxes with the IRS for your worldwide income, even if you are living and paying taxes in another country. I assume most EU countries have a tax-treaty with the US, so you wouldn't have to pay taxes twice, but it definitely makes it more complicated.
- koliber 9y agoYes. The process of filing taxes in the US for citizens living abroad is complicated enough that it warrants hiring an accountant. This is a few hundred bucks whether you end up owing tax or not. Additionally, there is a mandatory filing of foreign bank accounts called FBAR. This is a real pain in the butt as the process is cumbersome. All in all, I waste one day of productivity per year because of the IRS and FBAR filing requirements. I don't have to pay any tax.
- zinckiwi 9y agoCurious, as this will start to affect my family soon: is TurboTax and its ilk not up to this task yet? (That is, a net nil return on foreign income given a double-taxation treaty.)
- BeetleB 9y agoOnly if your income exceeds something like $90K. If they could get that kind of a job anywhere in the world, they don't need to leave the US.