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That's if you take the expatriot exemption. Doing so has many implications including not being able to legally contribute to an IRA or SEP account. Even with th
by toastal 5y ago
That's if you take the expatriot exemption. Doing so has many implications including not being able to legally contribute to an IRA or SEP account. Even with the exemption, you still owe taxes on Social Security and Medicare. Social Security checks ship abroad, but the Medicare is not redeemable nor are there any exemptions for it. There's been years of editorials of regular Joe retirees not realizing this til late that they paid Medicare their whole lives to get in a big medical bind in another country.