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Uhm acquiring another citizenship to give up American can totally be a tax dodge. The key is giving up the American one.
by hawk_ 6y ago
Uhm acquiring another citizenship to give up American can totally be a tax dodge. The key is giving up the American one.
- Kranar 6y agoSort of. Giving up U.S. citizenship comes with an expatriation tax [0] on all assets including foreign assets. The purpose of this tax is to deter people from renouncing citizenship and then selling off assets while avoiding paying capital gains on them. So expatriation can protect you from paying taxes on capital gains from future assets, but it doesn't do much to protect you from capital gains on assets you currently own. [0] https://www.irs.gov/individuals/international-taxpayers/expatriation-tax https://www.irs.gov/individuals/international-taxpayers/expa...