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"Worst part is that we have to pay US taxes as well local taxes even if we don't live or make any money in the US." You can resign your citizenship. I remembe
by niggler 14y ago
"Worst part is that we have to pay US taxes as well local taxes even if we don't live or make any money in the US."
You can resign your citizenship. I remember hearing reports of people doing this last year (going to Singapore)
- ValentineC 14y agoEduardo Saverin's a good example. Of course, he did have the benefit of dual citizenship (Brazil).
- aqme28 14y agoThat's not exactly an easy or consequence-free thing to do.
- KMag 14y agoBe careful there. It's explicitly illegal to resign one's U.S. citizenship for the purpose of reducing one's tax bill. For instance, Saverin nominally gave up his U.S. citizenship in order to make doing business in S.E. Asia easier.
- jmadsen 14y agoThis is not entirely accurate. Read further: http://en.wikipedia.org/wiki/Renunciation_of_citizenship#Taxation http://en.wikipedia.org/wiki/Renunciation_of_citizenship#Tax...
- delackner 14y agoIn most cases, paying a tax-preparer to do the annoyance for you is far less hassle than dealing with both trying to get rid of citizenship, and trying to attain citizenship in another country where you would like living. Perhaps some European country would like to start offering citizenship to anyone that renounces US citizenship, as a way to encourage immigration of skilled and high net worth individuals.