Friday 17 August 2018

I don't want to renounce my US citizenship, but the tax situation... It was always punitively complicated and it's gotten worse than I imagined. I literally don't know what to do. I've always paid taxes in the country I lived and worked in, but according to draconian US law, that's not enough.

I don't want to renounce my US citizenship, but the tax situation... It was always punitively complicated and it's gotten worse than I imagined. I literally don't know what to do. I've always paid taxes in the country I lived and worked in, but according to draconian US law, that's not enough.

“Renouncing U.S. Citizenship Is Extremely Tricky Business” @thecurioushuman https://medium.com/s/greatescape/renouncing-u-s-citizenship-is-extremely-tricky-business-4dbe16cbf20a
https://medium.com/s/greatescape/renouncing-u-s-citizenship-is-extremely-tricky-business-4dbe16cbf20a
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16 comments:

  1. Paul Ferguson17 August 2018 at 19:01

    And I am in the process of considering a move to Ecuador. I love that area of the Andes around Quito, there is also a large ex-patriot American community.

    moneywise.com - 10 Countries Where You Can Retire for $200K

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  2. Lordy17 August 2018 at 19:25

    What a screwed up country..

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  3. Paul Ferguson17 August 2018 at 19:29

    Lordy Which country? :-)

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  4. Lordy17 August 2018 at 19:35

    America.. of course :D

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  5. Paul Ferguson17 August 2018 at 19:40

    I could not agree more. Lordy

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  6. Cass Morrison17 August 2018 at 20:47

    Paul Ferguson If you want to renounce your US citizenship you better have at least $300K put aside because any retirement funds are converted to income taxable at 40%

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  7. Paul Ferguson17 August 2018 at 20:58

    Cass Morrison I know, I've done a bit of research on that over the course of the past couple of years. I've put money into non-retirement liquid sources, but also if I need to convert retirement (IRA, 401k), I can take the tax penalty locally beforehand, which is cheaper.

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  8. Renaud “和彦” Lepage17 August 2018 at 21:12

    This is why I'm not even considering citizenship here.

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  9. Lieonte Munoz17 August 2018 at 21:56

    It's only complicated if one is trying to leave with vast quantities of monies in US institutions...otherwise it's blatantly simplistic.

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  10. Lieonte Munoz17 August 2018 at 21:58

    I suggest liquefied assets and or tangibles that can be converted into cash.

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  11. Lieonte Munoz17 August 2018 at 22:02

    America is bucolic, it government is the 7th circle of Dantes inferno.

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  12. Gregg Taylor17 August 2018 at 22:53

    Paul Ferguson I hear it is a good place to go
    Portugal also being recommended. Never thought that conversations with friends would go to "desirable places to live outside US". Of course I drew a high draft lottery number so that makes a difference.

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  13. Lieonte Munoz17 August 2018 at 23:43

    If I could migrate to any country I wished, my short lit would be 1. New Zealand 2. Canada.

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  14. Lordy18 August 2018 at 00:12

    If I could migrate to any country..
    I wouldn't..
    I'm happy here in Australia.

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  15. Cass Morrison18 August 2018 at 06:34

    me too, in spite of the cold weather.

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  16. Murray Lindsay18 August 2018 at 22:38

    Cass Morrison I'd take a good blizzard in exchange for this smothering blanket of smoke.

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