Has anyone on this website ever renounced US citizenship?
Posted: April 26th, 2019, 8:46 am
Has anyone on this website ever renounced US citizenship?
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104. Afghanistan, Iraq (30)
There are 2 big problems with US citizenship. 1) You must pay US income tax on worldwide income and report all foreign financial accounts to the US government. Foreign financial accounts raise suspicions, resulting in more tax audits, which are very inconvenient if living outside the US. 2) Most non-US banks refuse US citizens as clients because the US requires the bank to report all sorts of things to the US government, which is a paperwork burden on the bank, and the US has the clout to enforce this requirement in banks in most countries (banks in Russia and China would be exceptions). Lack of ability to have local bank account is another big inconvenience to US citizens living outside the USA.Yohan wrote: ↑April 27th, 2019, 9:20 amThis is a good question - but why should somebody renounce US citizenship, out of what reason? Apply for a new citizenship of which country?
To leave USA and settle down somewhere else is a good idea, to aquire a second citizenship or permanent resident status of another country if you live there for a very long time is a good thing to do, but renounce US citizenship? US citizenship is not bad in general.
This is about the same what I hear from friends who are US-citizens living here in Japan who are, like myself, permanent Japanese residents and are receiving their income from Japan or from elsewhere but NOT from USA.
About foreign banking accounts, I do not know about any US-citizen living in Japan permanently who does not have a Japanese banking account.retiredfrank:
Most non-US banks refuse US citizens as clients because the US requires the bank to report all sorts of things to the US government, which is a paperwork burden on the bank, and the US has the clout to enforce this requirement in banks in most countries.....
Lack of ability to have local bank account is another big inconvenience to US citizens living outside the USA.
You said it right here, the socialist have made all these promises they cannot keep long term, big gov destroyed America along with the stupidity of it's citizenery allowing them to build this house of cards. They made all these promises so they could build the world wide police state so they could take the world over and then blame capitalism for what the socialist engineered with an accounting gimmick enforced at gun point......Contrarian Expatriate wrote: ↑April 27th, 2019, 10:54 amIt is a great idea to avoid taxes that are earned abroad. I personally pay many thousands of dollars a years in foreign earnings to the US government. It is insane because that money never touches the USA.
The only reason I do not renounce is because I would forfeit an almost 6 figure pension so for me it is worth it to just pay the taxes, file the yearly documentation and bear it.