Jump to content
  • Sign Up
  • Create New...

Here’s why some American expats want to renounce U.S. citizenship

Pelican Press

Recommended Posts

Here’s why some ********* expats want to renounce U.S. citizenship

Martin-dm | E+ | Getty Images

Millions of Americans are scrambling to file returns as the federal tax deadline approaches. But U.S. expatriates have extra filing rules — and the burden is making some expats question their ********* citizenship.

Nearly one-third of U.S. expats have plans to renounce their ********* citizenship or are “seriously considering it,” according to a

This is the hidden content, please
from Greenback Expat Tax Services.

Over the past year, there was a “big jump” in that number, noted Mike Wallace, CEO at Greenback Expat Tax Services. From 2023 to 2024, the percentage rose from 20% to 30%. The latest figure is based on a poll of roughly 1,000 ********* expats in February.

More from Personal Finance:
How the Federal Reserve’s next move may affect your money
Biden wants to make student loan forgiveness tax-free permanently
How to avoid the ‘survivor’s penalty’ before a spouse passes

The burden of managing and filing U.S. taxes is the top reason why ********* expats are considering renouncing their citizenship. About 1 in 5 haven’t felt comfortable filing taxes abroad, according to the survey.

********* expats must pay U.S. income taxes on worldwide earnings, which include wages, business profits, investment income and more. While you can avoid double taxation with a

This is the hidden content, please
This is the hidden content, please
, expats may spend more money and time to file taxes in two countries every year.

Expats also may need to report foreign bank accounts by filing the Report of Foreign Bank and Financial Accounts, or FBAR, if your combined account value exceeds $10,000 any time during the year — and failing to report can trigger a hefty penalty. 

Some 17% U.S. expats were unfamiliar with FBAR rules, according to the Greenback Expat Tax Services survey.

“There’s, of course, taxes. That’s consistent year over year,” Wallace said. “But we also saw a big jump this year in terms of dissatisfaction with the direction of the US government.”

Nearly 75% of ********* expats haven’t felt “fairly represented” by the U.S. government, the survey found.

Seek guidance to ‘streamline’ taxes

While dumping U.S. citizenship to forgo the “tax and reporting headache” may be tempting for some expats, it generally

This is the hidden content, please

The decision can be difficult to reverse and it could add unexpected estate tax issues, depending on your situation, he said.

With the right tax guidance, you can “streamline things and be forward-planning enough to avoid major landmines,” said Boudreaux, who is also a member of CNBC’s Financial Advisor Council.

“I think it’s much more practical for most people to navigate that than to fully surrender their ******* States citizenship,” he said.

This is the hidden content, please

Internal Revenue Service,Wealth,Personal saving,Tax planning,Government taxation and revenue,Investment strategy,Breaking News: Investing,Personal finance,Jude Boudreaux, CFP,business news
#Heres #********* #expats #renounce #U.S #citizenship

This is the hidden content, please

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    • No registered users viewing this page.

Important Information

Privacy Notice: We utilize cookies to optimize your browsing experience and analyze website traffic. By consenting, you acknowledge and agree to our Cookie Policy, ensuring your privacy preferences are respected.