Citizenship in certain forms today in many cases is just like slavery.
You are taxed on anything you make and do regardless of where you go. Giving up your citizenship too costs something like $10,000 now, where they may just take the money and not complete the process.
If you don't report earnings to Fincen they'll go after you as they did with that one person, who was technically a US citizen but had no living memory of the US and was only born there, but was raised in France. He found out when he turned 15 or 18 or some such.
Its quite the racket.
Update: its actually $2350 which is non-refundable, and if you have assets above a certain amount there are additional compliance taxes, and if they can demonstrate non-compliance in some detail you have to start over.
Citizenship in certain forms today in many cases is just like slavery.
You are taxed on anything you make and do regardless of where you go. Giving up your citizenship too costs something like $10,000 now, where they may just take the money and not complete the process.
If you don't report earnings to Fincen they'll go after you as they did with that one person, who was technically a US citizen but had no living memory of the US and was only born there, but was raised in France. He found out when he turned 15 or 18 or some such.
Its quite the racket.
Update: its actually $2350 which is non-refundable, and if you have assets above a certain amount there are additional compliance taxes, and if they can demonstrate non-compliance in some detail you have to start over.
https://brighttax.com/blog/cost-to-renounce-us-citizenship/