Out of curiosity, how do they enforce this? What if someone has already moved his/her assets out of the US? If I did, and I gave up my citizenship for another country, I'd send the IRS a big ol' middle finger.
You have to list your assets on the exit interview. Sure you could lie about what you own i suppose,but the IRS can just look up past income tax forms and see what you make and deduce about how much assets you probably have. Anyway...whatever bank you transferred your money from would probably just transfer it back. The only really safe way is to use all cash or store your wealth in liquid saleable investments that can not be easily seized...like physical gold.
Could anyone answer the following questions? 1) If you decide to live abroad, is it easy to obtain permanent residence or citizenship? 2) Dual citizenship is allowed by certain countries. Are you then required to file taxes in both countries even if your principle residence is outside USA? 3) Once you give up your US citizenship, what happens should you decide to change your mind later? Is their a special procedure for these prodigal sons or are they equally treated as "alien"? I've heard that it's a real bitch to get a green card here in the states.
I know... But I was born and raised here. It's tough to cut one's roots and move, though I plan on leaving the state this year. Christie is the best governor we've had in a long time. We finally have someone taking on the public worker unions. Corzine, the former CEO of Goldman Sachs, was WORTHLESS as a governor. And the loser spent over $50 million to win the election and to destroy the state.
1) Depends on where you live 2) Currently, USA is one of only two countries in the world that taxes its citizens/permanent residents, regardless of where they reside. So yes, if you're a US citizen residing abroad, you will be taxed by both the country in which you reside, as well as the US of A. 3) Once you renounce your citizenship, I think you will be treated as any other applicant, should you change your mind and decide you want it back.
Depends on the country, every one has different regulations and procedures. There are some countries that will literally let you buy citizenship. Others such as Israel, will give it to you automatically if you are Jewish and move to Israel. And on and on... Yes, although again there are certain exemptions and other considerations. As an interesting side note, the U.S. and North Korea are the only two major nations that still require their citizens who live abroad to pay income tax (yay freedom! Us and North Korea! ). All other major countries do not collect income tax from their citizens who are living outside their home country, they only have to pay taxes in the country in which they are currently residing. Although the U.S. does exempt approximately the first $150k of income for U.S. citizens living abroad, provided you live abroad for the majority of each calendar year. Once you renounce US citizenship, that's it, you're done. No going back. You will forever more be subject to all the same restrictions and regulations that govern any other foreign citizen visiting the U.S., except unlike them you do not have a path back to U.S. citizenship that I'm aware of.
Wrong on 2 & 3 if you are born in us or your parents born in us you can attain citizenship str8 without going thru greencard to citizenship process that most aliens have to go thru for taxes upto 84k earned in another country is tax free though u must report it even if u don't have to pay taxes on it- over the top of 84k you get tax credit if you pay taxes in another country with which us has a tax treaty ( pretty much Canada aussi uk etc) check and verify all info on IRS site b4 you beleive anything said on these forums