#philippines #america #passport #citizenship

Considerations before obtaining a US Passport:

1. FATCA Compliance: US citizens abroad must annually report all foreign bank accounts to the IRS. This can be a complex process, so it's important to be aware of the requirements.

2. Banking Difficulties: Some banks may have additional procedures for US customers due to FATCA. This can make it more difficult to open certain accounts.

3. Renunciation Challenges: Renouncing US citizenship is a complex and expensive legal process. It's important to seek legal advice before making this decision.

4. Taxation of Spouses: Even non-US citizen spouses may be subject to US tax filing requirements if they file jointly with a US citizen.

5. Expatriate Taxation: US citizens living abroad are generally still required to file US tax returns, even if they pay taxes in their country of residence.

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