I’m just spitballing here, but why would you pay taxes on your way out? I mean torch the passport, make an afternoon of it by all means. But pay a fee and tax? Just leave right?
Burning a passport doesn’t renounce your citizenship. You still have to pay taxes. If not, they’ll either extridite you or arrest you when you visit the US.
You can get out of it, but you have to pay expatriation fees, including an exit tax on your assets
You have taken all the whimsy and drama of leaving your country of birth. Fucking paper work and taxes!?!? I’m talking long beach cuts, walking defiantly off and never looking back.
I’m just spitballing here, but why would you pay taxes on your way out? I mean torch the passport, make an afternoon of it by all means. But pay a fee and tax? Just leave right?
Burning a passport doesn’t renounce your citizenship. You still have to pay taxes. If not, they’ll either extridite you or arrest you when you visit the US.
You can get out of it, but you have to pay expatriation fees, including an exit tax on your assets
The US is one of the only countries in the world where citizens are taxed even when they don’t live there (and haven’t for many years).
They also have extraction treaties in most countries, so you’d have to avoid about half of the world.
You have taken all the whimsy and drama of leaving your country of birth. Fucking paper work and taxes!?!? I’m talking long beach cuts, walking defiantly off and never looking back.
Because as long as you’re US citizen, they will persecute you for every penny of income tax even if you work abroad.
Its not every penny. Its excess of $100,000 per year last time I checked. See rules for “Foreign Income Exclusion”
But thats just income. Capital gains limits are much lower.