Should I renounce my U.S. citizenship?

yeah but by renouncing american citizienship you're literally not american anymore, so what the fuck would USA gov do to you? And if he has canadian citizienship he can stay there and never come back to USA. I agree that once you renounce US citizienship then in the future you shouldn't be able to reobtain, but if someone wants to start anew, new life, new country whatever, he should be able to do it

>land of the free
wtf

No. One day you will want to work in America like I do and it will save you filling out a bunch of paperwork.

Freedoms are free, but you still have pay the price of freedom.

I think he can do that, but if he visits USA, they will jail him for tax avoidance

ok, so what if a one has dual citizienship, has a job on the second country but taxation from USA is too high and can't even affort to pay the "no more american" fee?

>one literally has to pay in order to not be american anymore

can't make this shit up

Does this mean I can live in a different country but keep my US citizenship without paying US taxes as long as I make less then $100K? Is this true even if I am working remotely (coding) for and being paid by a US company while living in another country?

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Someone should shop Mr Burns' face into a mutt face.

There's no way your company would know you're not working from home if you use a VPN. The only problem I can foresee is transfering funds from your american bank account to a bank account in whatever country you're doing it from. For Canada it's probably a problem, but I'd imagine you don't want to live in fucking Canada lol.

You don't want RESP's, TFSA's or holding most mutual funds as they are considered PFIC's by the government and holding them long term would result in 100% taxation.
Fun eh?
The only point in holding US citizenship is the ability to move and work in the US.
You can't renounce for tax purposes, so make sure you don't tell them that. Say you have no ties etc... before you can however, you need to file 5 years of tax returns. Shop around, lots of places will rip you off but you can get a CPA do it for about $500/yr.

You file a tax return. If you owe money, they will charge interest. Failure to file can result in penalties of 100% of the tax owing plus interest. The IRS has the ability in theory to have your home taken and sold in order to cover this debt.
It's $2800 now to renounce and it could become possible to bar you entry to the US if you do in the future.

For Canadians anyway and I assume all other nationalities your first $90k is tax exempt BUT depending how you derive your income you may still owe tax. For instance, dividend income, mutual funds or TFSA gains.
Basically, there needs to be a tax treaty in place or the US considers it something else. RRSP's are fine in Canada but again mutual funds and TFSA's or eligible dividends are not.

You'd still have to file tax returns, you just wouldn't have to pay.

wow you really are slaves

I should mention, there's the streamlined program if its still going on that allows you to only file the last 3 years taxes. Used to be the offshore voluntary program but the streamlined method is the newest?? Anyway, still need 5 years returns to renounce + $2800 and you can't renounce for tax purposes like I said. Also, if your net worth is over $2 million, there's an exit tax.

you can take the america out of the mutt but you can never take the mutt out of the american

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and you're still a citizen until you get an official certificate of loss plus I think you may still have to file tax returns for the next 10 years anyway.
The hardest part is the mutual funds/tfsa's for most. Otherwise, it's a pain but not that bad.

>You can't renounce for tax purposes, so make sure you don't tell them that.
Sure you can. You just won't ever be allowed on US soil ever again

>Expatriation tax
Can't tell if you're joking or not

Its not a valid reason to renounce

you also have to file FBAR's every yea. Foreign Banking and Reporting.
Basically you tell the IRS all your bank and investment accounts and the maximum balance in each for every year.
Failure to file can result in $10000 fines per account per year plus tax penalties and interest.

Nope, it's real.

What the fuck.

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What's a valid reason?

Not because you don't want to pay US taxes.

This is only if you make more than 100K though?

Once a mutt, always a mutt. Come home, you'll never be anything else.

THE LAND OF THE FREE

Kek, land of the free sounds like some hyper-taxating, hyper-bureaucratic socialist shithole. I guess you have to pay the 21 trillion debt somehow.

Traitor.

Friendly reminder that if you support the US Government in any way, shape, or form you are actively undermining everything the founding fathers wanted and should feel ashamed.

thats why usa bullies countries like us, we have chill taxes for everyone. enjoy your cucktax, fagit

Rothschilds bow to the IRS.

I’ve been worried about this for awhile, I’ll be working in Russia when I graduate in December and really don’t want to be double taxed when I’m already not making a lot

You're a slave, you are branded at birth and you will be treated like one. Want to get out of your chains? Be prepared to prove to your masters that you have enough money to pay your way out of bondage.

>when I’m already not making a lot
Well then I've got good news for you poorfag:
en.wikipedia.org/wiki/Foreign_earned_income_exclusion