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You're in a position to get US citizenship. Should you actually take it? Could you regret it down the road? Why is US citizenship different than any other citizenship in the world? Is it an amazing gift or a potential burden?
If you're a citizen of any country in the world, and you decide to move abroad you DO NOT HAVE TO report and file taxes in your home country. If you move abroad you're obligated to report to the country where you actually live, not the country you're a citizen of. Well, not if you're an American.
American citizenship is different than any other citizenship in the world.
Even though, American passport grants you visa-free access to 185 countries (basically most of the world) it still has a huge disadvantage. If you have this passport you will need to report and file taxes in the US no matter where in the world you live! If you make over 100k per year you will always have to pay American taxes.
The USA is one of the 2 countries in the world that will tax you based on your citizenship. As long as you have American passport you will need to pay American taxes.
This creates another problem with banks abroad. They are less likely to let you bank there if you're an American because it would mean that they have to deal with the IRS, and they don't like it. That's why many banks will turn you down.
If you have a foreign bank account that you didn't report to Uncle Sam, they can fine you with 50% of whatever is in that bank account!
Even though an American passport can offer so much, it also can take a lot from you. Many Americans contacted me in the last little while because they want to renounce their American citizenship and are looking for another option.
They find a US passport to be more of a liability than an asset in their life.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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