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How so? You can retire comfortably today in SEA countries with $2 million in bank account.
by immigrantheart 4y ago
How so? You can retire comfortably today in SEA countries with $2 million in bank account.
- sgjohnson 4y agoWhy renounce the US citizenship, if you’re retiring? There’s only one benefit from renouncing the US citizenship. You’re no longer a tax resident. There’s also a $112k+inflation/year exemption for foreign earned income for non-residents. https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion https://www.irs.gov/individuals/international-taxpayers/fore... So if you’re renouncing your citizenship for tax reasons, it’s very unlikely that it’s going to be worth it, if you’ve got under $2m in assets. Not to mention that if you decide to return to the US, not only have to go through the US immigation system, but you also won’t clear a background check, because people who renounce their US citizenship are entered into the NICS system.
- nullc 4y agoBut what would the LTCG be on those assets? At most $2m * 15% = 300k (assuming you were able to realize it over several years and avoid the 20% LTCG bracket and 3.8% NIIT), cheaper to pay the taxes than buy a passport and you would preserve your ability to return to the US if you found it in your interest.