I currently live in the US… so it’s not directly come up for me. But it’s something I’ve been looking into here and there because I am interested in buying property and working in my other country. Part of that is driven by my desire to interact with the majority of my family more.
My understanding is that there are firms that do it. It’s the same process as most other taxes though except you can claim a couple other forms and need to declare a few additional items. I tend to do my own taxes now and get by just fine, a couple extra forms I’d likely just hire a firm to do them 1 or 2 times and use that as reference for the future personally. Taxes in general is pretty easy for most people as long as you have a reference/guide and don’t do weird stuff IMO.
For renouncement I think you only have to show that you’ve filed taxes for the past 5 years… and as long as you’re not some uber wealthy person there isn’t an expat cost (I think it’s like 800k on all assets? or something like that). The fee was something like $2k as well. It’s not a crazy hard process to my understanding, but I could be missing a part.
Don’t forget that if you renounce they publish your name on a list of people who have renounced citizenship.
Absolutely ridiculous that we are even required to file, only the US and Eritrea run a system like this.
Add onto that the US requires forms even for people resident and working in the US (rather than the tax system of most developed nations where a majority of taxpayers have their taxes deducted from their wages and everything is calculated by that country’s tax authority), and you’ve got yourself a double shitshow.
Sure it might not be the most difficult thing to do but damn it is stupid.
I currently live in the US… so it’s not directly come up for me. But it’s something I’ve been looking into here and there because I am interested in buying property and working in my other country. Part of that is driven by my desire to interact with the majority of my family more.
My understanding is that there are firms that do it. It’s the same process as most other taxes though except you can claim a couple other forms and need to declare a few additional items. I tend to do my own taxes now and get by just fine, a couple extra forms I’d likely just hire a firm to do them 1 or 2 times and use that as reference for the future personally. Taxes in general is pretty easy for most people as long as you have a reference/guide and don’t do weird stuff IMO.
For renouncement I think you only have to show that you’ve filed taxes for the past 5 years… and as long as you’re not some uber wealthy person there isn’t an expat cost (I think it’s like 800k on all assets? or something like that). The fee was something like $2k as well. It’s not a crazy hard process to my understanding, but I could be missing a part.
Don’t forget that if you renounce they publish your name on a list of people who have renounced citizenship.
Absolutely ridiculous that we are even required to file, only the US and Eritrea run a system like this.
Add onto that the US requires forms even for people resident and working in the US (rather than the tax system of most developed nations where a majority of taxpayers have their taxes deducted from their wages and everything is calculated by that country’s tax authority), and you’ve got yourself a double shitshow.
Sure it might not be the most difficult thing to do but damn it is stupid.