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>If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exc

• texasbigdata 6y ago
  To be clear you pay the delta. So if you make $X00 and in the Bahamas your income tax is $7, but in the USA your tax would have been $100, you remit $93 back to the US government. Even if you didn’t step foot in the US that year and all the income was Bahamas. Roughly. And if you don’t like it, you make a one time payment of (I think) a third of your net worth. Which is not ideal if the only thing you own is a tangible thing like your childhood home, because now you need to sell it. Being an American comes with a ton of benefits, and one of the costs is how mind numbingly expensive it is to leave. Note, the conversation of whether the US should have territorial taxation roars it’s head up every few years. all of the above might change