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> we'd still be on the hook for taxes for (iirc) 15 years This is defintely not true. I did some light Google searches and I cannot anything. There is an exi
by throwaway2037 5mo ago
> we'd still be on the hook for taxes for (iirc) 15 years
This is defintely not true. I did some light Google searches and I cannot anything. There is an exit tax, but only applies if your net worth exceeds 2million USD.
- MSFT_Edging 5mo agoTurns out it's an old law, if you expatriated between 2004 and 2008, and spent 30+ days in the US within 10 years of expatriation. > Further, expatriated individuals will be subject to U.S. tax on their worldwide income for any of the 10 years following expatriation in which they are present in the U.S. for more than 30 days, or 60 days in the case of individuals working in the U.S. for an unrelated employer.
- beagle3 5mo agoIIRC, this law was a result of Ted Arrison giving up his US citizenship very shortly before death, saving a few billions for his heirs. The law was hastily passed to discourage copycats while working on the exit tax law without haste.
- queenkjuul 5mo agoI thought US citizens are taxed on income (but not capital gains) even when outside the US? I had friends who had to file US income tax returns while living overseas
- throwaway2037 5mo agoUS citizens regardless of their residency are responsible to pay taxes on all global income and assets. Thus, if you live in the US, but have a brokerage account in Bermuda or Hongkong (where there are no local capital gains taxes) you are still required to pay US federal taxes on capital gains from your overseas brokerage account. The same would be true if you lived in Bermuda or Hongkong.