Why the attitude Straycat? Why do you assume I'm planning on living in America anyway? I'm actually moving to Italy in about a year. I'm also going to live in Costa Rica for a while. I'm simply examing my options. No need to get your panties in a bunch.
He was born here. He has lived here all of his life. He enjoys all of the perks of American Life. Trades the best markets in the World which are located right here in the US, yet he wants to claim Italian citizenship to evade paying US Taxes. Why the hell are you guys helping this bastard?
Again, why do you assume I'm only trading the U.S. markets? I plan on trading FX way more than U.S. equities. Also why do you even assume I'm making a profit? I could be the crappiest trader in the world. Would a guy living in Italy, mainly trading Forex, and losing his money really bother you that much if he didn't pay U.S. taxes? Your anger is misdirected.
I don't go for this dual stuff either, its too cutesy european. You're either in or you're out. Holster your gun, put your cowboy hat on your head, throw your hands in the air and shout - thank God I'm American! IMHO
Thanks for the correction Elvis. I'm not a US citizen, not even a resident. I was just offering a "solution" I came up with on the fly. Stray Cat and Tea, you are right to object. However, man has always attempted to gain whatever advantage he can. Some offer help in this regard for hope that such help may one day be returned.
Never Mind! Elite Trader Forum members Faster Pussycat and J. Commisso,were abruptly turned away from the Dual Citizenship thread today in what can only be called a misunderstanding. It seems the two long time ET members thought the discussion dealt with multiple identities, and not multiple citizenship. Both gentlemen were embarrassed by the gaffe, but quickly logged on again under different names.
Depends on how the citizenship is acquired. If it's via the natualization process (i.e. you were a citizen of another country first), then YES, you do officially surrender your other citizenship when taking the oath or whatever to get the US citizenship. The loophole exists b/c the other country may not treat this surrender as effective until further measures are taken and the US doens't monitor what you do afterwards as they used to, it appears...
Lots of incorrect info on this thread. Please find below some stuff from the INS's website. Yes, you can be a US citizen AND the citizen of another country - no problem. Yes, you can use your non-US passport outside of the USA. The US expects you to use your USA passport when crossing the borders of the USA. Even if you live in Italy (and your are a US citizen) - youy are obligated to pay american taxes. You can take advantage of treaty between the two countries to avoid double taxation though. Again: wherever you live on this globe, as long as you are a US citizen - you have to pay US taxes (unless you are a cheater - with it's potential consequences). Very simple. Good luck! BirguLino "Dual Nationality The concept of dual nationality means that a person is a citizen of two countries at the same time. Each country has its own citizenship laws based on its own policy.Persons may have dual nationality by automatic operation of different laws rather than by choice. For example, a child born in a foreign country to U.S. citizen parents may be both a U.S. citizen and a citizen of the country of birth. A U.S. citizen may acquire foreign citizenship by marriage, or a person naturalized as a U.S. citizen may not lose the citizenship of the country of birth.U.S. law does not mention dual nationality or require a person to choose one citizenship or another. Also, a person who is automatically granted another citizenship does not risk losing U.S. citizenship. However, a person who acquires a foreign citizenship by applying for it may lose U.S. citizenship. In order to lose U.S. citizenship, the law requires that the person must apply for the foreign citizenship voluntarily, by free choice, and with the intention to give up U.S. citizenship. Intent can be shown by the person's statements or conduct.The U.S. Government recognizes that dual nationality exists but does not encourage it as a matter of policy because of the problems it may cause. Claims of other countries on dual national U.S. citizens may conflict with U.S. law, and dual nationality may limit U.S. Government efforts to assist citizens abroad. The country where a dual national is located generally has a stronger claim to that person's allegiance. However, dual nationals owe allegiance to both the United States and the foreign country. They are required to obey the laws of both countries. Either country has the right to enforce its laws, particularly if the person later travels there.Most U.S. citizens, including dual nationals, must use a U.S. passport to enter and leave the United States. Dual nationals may also be required by the foreign country to use its passport to enter and leave that country. Use of the foreign passport does not endanger U.S. citizenship.Most countries permit a person to renounce or otherwise lose citizenship. Information on losing foreign citizenship can be obtained from the foreign country's embassy and consulates in the United States. Americans can renounce U.S. citizenship in the proper form at U.S. embassies and consulates abroad. "