You’d also have to pay exit taxes on any assets you’re bringing with you when you go, I think. I think financially the costs of renouncing far outweigh the benefits, most people who emigrate to live in other countries never renounce their citizenship.
all your assets. not just the ones you take with you
The US Exit Tax, or Expatriation Tax, is levied on individuals renouncing their US citizenship or green card. Governed by IRC Section 877A, this tax is specifically designed for high-net-worth individuals. It ensures that their worldwide income and assets are taxed prior to exiting the US tax system.
EDIT: the statute is at https://www.law.cornell.edu/uscode/text/26/877A
What a weird way to run things. I renounced my Japanese citizenship because the Japanese Foreign Ministry was harrassing my mum about it, and we did have to go to the consulate and fill out a frankly miniscule amount of paperwork and pay no money.
You’d also have to pay exit taxes on any assets you’re bringing with you when you go, I think. I think financially the costs of renouncing far outweigh the benefits, most people who emigrate to live in other countries never renounce their citizenship.
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all your assets. not just the ones you take with you
EDIT: the statute is at https://www.law.cornell.edu/uscode/text/26/877A
What a weird way to run things. I renounced my Japanese citizenship because the Japanese Foreign Ministry was harrassing my mum about it, and we did have to go to the consulate and fill out a frankly miniscule amount of paperwork and pay no money.
US citizens are required to pay taxes to the US even if they don't live in the country anymore. That's why they do it like this.