4 ms·

It's extremely hard, expensive and take very long time to give up US citizenship. Reason? Lots of people are doing so. Plus you'd have to pay immediate capital

It's extremely hard, expensive and take very long time to give up US citizenship. Reason? Lots of people are doing so. Plus you'd have to pay immediate capital gains on EVERYTHING accumulated so far - AS IF you sold it. Rules are brutal, irreversible, little known and expensive. Think twice. US citizenship could be very expensive mistake, unless person earns very average salary or sits on a welfare.

pedrosorio 5y ago
> It's extremely hard, expensive and take very long time to give up US citizenship. Reason? Lots of people are doing so. Is that so? "A record 6,705 Americans gave up their citizenship in 2020" [0] "In fiscal year 2019, about 800,000 immigrants applied for naturalization" [1] In a country where 800 thousand people apply for naturalization in a year, I would hardly call "the record" 6000 Americans giving up citizenship in a year (less than 1% of the ones acquiring it, and 0.002% of the population) "lots of people". Also, I would bet the bureaucracy, difficulty and time required to immigrate and naturalize in the first place, far exceed those required when giving up citizenship. [0] https://www.prnewswire.com/news-releases/americans-gave-up-citizenship-in-record-numbers-in-2020-up-triple-from-2019-reports-tax-specialists-americans-overseas-301222817.html https://www.prnewswire.com/news-releases/americans-gave-up-c... [0] https://www.pewresearch.org/fact-tank/2020/08/20/key-findings-about-u-s-immigrants/ https://www.pewresearch.org/fact-tank/2020/08/20/key-finding...