I want to add that renouncing your citizenship also isn’t a valid option for many.
One of the hard requirements for renouncing your citizenship is having citizenship in another country, and that is easier said than done in many countries. Like for example, Canada, you have to be a perm resident in the country for four years and also have lived there for the past six, Mexico requires 5 years. most of the EU has 5-10 years as their resident requirement.
And that’s also ignoring the cost that they require of a citizen to renounce their Citizenship. It’s 2300+ USD to do if you manage to get it first try, and that can be denied still.
thespcicifcocean@lemmy.world 3 weeks ago
i don’t have a second citizenship to fall back on, so i’d be stateless. also, i can’t afford to since you have to pay all the taxes on potential income for the next 10 years or something
teft@piefed.social 3 weeks ago
Only people who make more than 200k/year or have more than 2 million in unrealized taxable assets have to pay an expatriation tax.
There is no paying future taxes as that’d be asinine.
thespcicifcocean@lemmy.world 3 weeks ago
TIL, i thought i read that 10 year tax thing somewhere. probably just bs i saw online and didn’t look into it
njm1314@lemmy.world 3 weeks ago
I would absolutely talk to an embassy or at least an international tax professional before making decisions and not rely on Lemmy.
diablomnky666@lemmy.wtf 2 weeks ago
You only have to pay taxes for 10 years after expatriation if you set foot on US soil for more than 30 days during that period.