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It seems part of the problem is that: > You have a great passport and can come back to a country that has a wealth of opportunities that are not available in m

by timoth 11y ago

It seems part of the problem is that: > You have a great passport and can come back to a country that has a wealth of opportunities that are not available in most other places and in some cases no where else. could be said about many other countries which don't tax non-residents on their financial affairs in the country in which they've chosen to live. So I think some find it hard to see how the US can justify it.

bruceb 11y ago
Except the passport obviously not all of it as I said. If you are paying that much tax then paying $2k to not be American isn't that high.
- timoth 11y ago
  Naturally it isn't. But those other countries maintain their roads, schools etc. etc. without taxing non-residents on their financial affairs in other countries. The main point is the difference between how the US handles the tax issue vs. almost all other countries. Now you mention it, renouncing citizenship seems relatively costly compared to e.g. the UK, though I have no idea what the average cost is for renunciation. Perhaps the UK is abnormally cheap! (EDIT: Should probably have pointed out that it's currently £144, or about $215.) It would seem a shame if people felt they needed to renounce citizenship to avoid hassle/tax. Of course, some may argue that if they want to renounce at all, then perhaps they're not committed enough anyway, but I wouldn't argue that.
- klunger 11y ago
  It actually costs a great deal more than that. You have to pay 5 years of expected future taxes upfront, in addition to the processing fees. This can be an enormous sum, depending on your income sources. If you just have a regular job and no investments, it is easily more than a whole year's salary. It is insane. In Norway, you generally have to renounce your prior citizenship to get Norwegian citizenship, but they consider it such a financial burden here to renounce US citizenship that they sometimes let you keep it (varies by individual situation).
- raverbashing 11y ago
  Not all of it what? Canadians are not taxed abroad and they have better healthcare than the US. Same with Germany No question that the USA has a lot of opportunities, but one thing they are #1 is sense of self-importance.

by timoth 11y ago

bruceb 11y ago

Except the passport obviously not all of it as I said. If you are paying that much tax then paying $2k to not be American isn't that high.

timoth 11y ago
Naturally it isn't. But those other countries maintain their roads, schools etc. etc. without taxing non-residents on their financial affairs in other countries. The main point is the difference between how the US handles the tax issue vs. almost all other countries. Now you mention it, renouncing citizenship seems relatively costly compared to e.g. the UK, though I have no idea what the average cost is for renunciation. Perhaps the UK is abnormally cheap! (EDIT: Should probably have pointed out that it's currently £144, or about $215.) It would seem a shame if people felt they needed to renounce citizenship to avoid hassle/tax. Of course, some may argue that if they want to renounce at all, then perhaps they're not committed enough anyway, but I wouldn't argue that.
klunger 11y ago
It actually costs a great deal more than that. You have to pay 5 years of expected future taxes upfront, in addition to the processing fees. This can be an enormous sum, depending on your income sources. If you just have a regular job and no investments, it is easily more than a whole year's salary. It is insane. In Norway, you generally have to renounce your prior citizenship to get Norwegian citizenship, but they consider it such a financial burden here to renounce US citizenship that they sometimes let you keep it (varies by individual situation).
raverbashing 11y ago
Not all of it what? Canadians are not taxed abroad and they have better healthcare than the US. Same with Germany No question that the USA has a lot of opportunities, but one thing they are #1 is sense of self-importance.