581–590 of 876 posts
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And then you slip up, the IRS finds out, and on a connecting flight on your way to another country you get arrested for tax evasion.
Not that I think it's good advice but it is very rare for connecting flights to go through the US, since it requires everybody to go through immigration even if they're not staying in the US.
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That’s a hassle but it seems hyperbolic to call it absurdly cruel and the other things people here are saying.
If you are not allowed to open financial accounts for investments in the country you are living in because they do not want to have information sent to the IRS, you'll think differently. I know at least one country that will not let you even open a bank account if you have a green card or US citizenship. Actually, even if you're a foreigner living in the US (student, H-1, etc), that country will not let you open a ba…
Sounds like we need to start taxing based on residency.
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Wikipedia says [1]: > U.S. law also states that a child born outside of the U.S to a U.S. citizen parent who previously spent sufficient time in the U.S. is a U.S. citizen at birth, regardless of whether the child also has the citizenship of the country of birth or another citizenship. U.S. citizens married to fellow U.S. citizens can transmit U.S. citizenship to their children if either parent has ever had a residen…
I'm a US expat living in Canada, and a parent of Canadian children. They are eligible for US citizenship, but don't become US citizens unless I go through a procedure to register them as such.
Also, at least from a tax perspective, if you plan on remaining a US citizen, you might benefit from getting SSNs for your kids so you can claim the child tax credit and stimulus payments for 2021.
And if they don't want to be citizens, renouncing citizenship in the 6 months immediately after they turn 18 can avoid tax complications.
It's so irritating to be an American that has moved overseas. Basically the only country in the world that charges taxes on money you make and spend somewhere else, just because of where you were born. Thanks to IRS regulations, 90% of investment firms will just reject me outright rather than deal with the paperwork. Getting someone to help file my inordinately complex taxes costs thousands of dollars more than I act…
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Legally? You'd be breaking the law in North Korea, so technically yes, but that's not really the point here. Does North Korea have the ability to realistically threaten my assets, livelihood or freedoms? If so, then the proper legal advice here would be to pay it. We are not discussing ethics here, we're discussing whether or not following the "just ignore it" advice is a good idea or not. In the case of the US, they…
If ethics are not a concern then the right move is whatever you can get away with. As other posters pointed out, if you don't disclose your US citizenship to foreign banks then that information is not going to make its way back to the IRS. Canada is probably the only country where you wouldn't want to try this.
> if you don't disclose your US citizenship to foreign banks then that information is not going to make its way back to the IRS
I would not assume this to be true. Certainly not without researching into any specific case more.
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Many Americans seem to believe that, but it doesn't actually seem to be the case. For instance, when Yemen was falling apart, countries like China, India, Pakistan, Russia, and Indonesia all worked hard to evacuate their citizens, many using their military to do so[1]. The U.S. response was to tell American citizens they were on their own[2]. The U.S. embassy even recommended that Americans seek assistance from India…
As a US citizen, you are less likely to be tortured in a foreign prison. This book is a good read: https://en.m.wikipedia.org/wiki/Operation_Acid_Gambit
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Is it possible to operate using a business account in other countries? It's pretty cheap and easy to do in the USA.
Unfortunately if you have equity in the business, you'll get taxed. However, if you are only an employee, you get an exemption on something like $150,000 of income, housing, and other expenses. So as a US citizen, you can avoid taxes only by living outside the US, and being an employee of a non-US company. If anyone knows otherwise, please correct me as I'd greatly benefit!
[0] https://en.wikipedia.org/wiki/Foreign_earned_income_exclusio...
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And by most here, you mean every single country in the world apart from the US, Eritrea, Myanmar and Hungary.
Hungary does not tax it's citizens living abroad.