Not quite, but it’s quite onerous. The US taxes based on citizenship, not residency. That being said, unless you’re making well above average or have lots of property, you don’t have much tax liability. In order to renounce your US citizenship you need to already have another citizenship, make sure your tax returns are bulletproof, and pay over $2000. In any case, you have the annual stress of filing an extra tax declaration, and a lot of non-US banks won’t take you as a client because they would have too much regulatory liability.
Not quite, but it’s quite onerous. The US taxes based on citizenship, not residency. That being said, unless you’re making well above average or have lots of property, you don’t have much tax liability. In order to renounce your US citizenship you need to already have another citizenship, make sure your tax returns are bulletproof, and pay over $2000. In any case, you have the annual stress of filing an extra tax declaration, and a lot of non-US banks won’t take you as a client because they would have too much regulatory liability.
No idea where I got the 20 grand thing from. Maybe a typo when someone said 2. Thanks for the correction