This is a trap. You shouldn’t renounce your citizenship. Even as someone that hates the U.S, for now, a U.S citizenship protects you from near certain abuse of other statuses, like being a greencard holder.
Renouncing your citizenship is nearly exclusively done by people who want citizenship in another country that does not allow dual citizenship. You have to file to renounce your citizenship of countries with dual citizenship bans
I think it can make more sense in some cases for people who are living abroad and already do have dual citizenship. I don’t know the specifics of that though. Are people actually renouncing their citizenship as a political statement?
there are also banking reporting requirements for american citizens to disclose some information to the US government about their personal/non organizational accounts, sometimes making it difficult to get a bank account in another country as an american citizen if the bank lacks the infrastructure for compliance. i could have sworn i read about it somewhere.
This is a trap. You shouldn’t renounce your citizenship. Even as someone that hates the U.S, for now, a U.S citizenship protects you from near certain abuse of other statuses, like being a greencard holder.
Renouncing your citizenship is nearly exclusively done by people who want citizenship in another country that does not allow dual citizenship. You have to file to renounce your citizenship of countries with dual citizenship bans
I think it can make more sense in some cases for people who are living abroad and already do have dual citizenship. I don’t know the specifics of that though. Are people actually renouncing their citizenship as a political statement?
America is like the only country that requires you to pay taxes to them even if you’ve been living and working entirely abroad.
Mandatory filing, even if you don’t owe any additional taxes to the US. It’s obscene.
What if you just don’t pay them?
there are also banking reporting requirements for american citizens to disclose some information to the US government about their personal/non organizational accounts, sometimes making it difficult to get a bank account in another country as an american citizen if the bank lacks the infrastructure for compliance. i could have sworn i read about it somewhere.
I think you are exempt up to like $120k if working abroad
nobody’s intentionally renouncing citizenship without having another passport already
I don’t think it’s for people in America, they’re trying to encourage emigration (genius economy move)