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That's not true in practice. You always need to file taxes to the US no matter where you live, but you only pay to the US if you paid less overseas (you pay the
by cookingrobot 13y ago
That's not true in practice. You always need to file taxes to the US no matter where you live, but you only pay to the US if you paid less overseas (you pay the difference, you don't double pay).
Almost any county you'd want to live in (except tax havens) will have higher taxes than the US.
- khuey 13y agoI doubt that. There are plenty of places in Asia or Latin America that you would probably have a lower tax bill in.
- rdouble 13y agoYou have to file taxes for 5-10 years even if you renounce your citizenship.
- jlgreco 13y agoHow the hell does that work? How do they claim to have authority over you once you are no longer a citizen?
- rdouble 13y agoI can't find where I thought read that, so I'm probably wrong.
- mahyarm 13y agoAuthority is the ability to execute on that authority and the USA has plenty of execution ability. In practice, it's how extradition works for non-citizens who never set foot inside the USA, or bank account freezes for people who don't live in the USA.
- anigbrowl 13y agoNot true. Renouncement does substantially restrict your ability to re-enter the US, however. http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax http://www.irs.gov/Individuals/International-Taxpayers/Expat... The rule you are talking about applied only to expatriation between 2004-2008 and then only if you spent more than 30 days per year in the US after relinquishing citizenship.
- flyinRyan 13y agoOnly if they decide you did so for tax reasons (which is just a formula they apply to your earnings and assets. hint: if you're going this route, do it fast as these numbers drop every year).