Renouncing US citizenship makes you pay taxes as if you sold everything you owned on that day and then died (or something close to that) - it doesn’t help you w

Renouncing US citizenship makes you pay taxes as if you sold everything you owned on that day and then died (or something close to that) - it doesn’t help you with any past profits (n fact, likely to harm) though it might help with future profits if you moved to a lower/different tax jurisdiction. It used to be possible. Ted Arison renounced his US citizenship when the end of his life was visible, thus avoiding estate taxes. This prompted an immediate change (you are a US tax payer for 10 more years after renouncing) and later redone with the current “you are dead to us” treatment. Eduardo Saverin took a bet with FB: he renounced, which set his tax obligation at X. Then FB went down, which meant he had to pay a larger percentage of his wealth. But then FB shot up significantly, so he ended up saving much on taxes (as to whether he did this to avoid taxation is not settled - he naturalized in Singapore which does not allow dual passports. Arison moved to Israel which does, so it was clearly a taxation avoidance plan)