Comment on What are some of the things someone permanently relocating away from the US should be aware of?
merc@sh.itjust.works 1 day agoThe US is one of only 2 (?) countries in the world that does citizenship-based taxation.
Comment on What are some of the things someone permanently relocating away from the US should be aware of?
merc@sh.itjust.works 1 day agoThe US is one of only 2 (?) countries in the world that does citizenship-based taxation.
iii@mander.xyz 1 day ago
Is there an exit tax when you leave the US? France for example has that, and the new Belgian government wants to introduce it as well.
tychosmoose@lemm.ee 1 day ago
Not when you change residency, but if you relinquish your citizenship: en.wikipedia.org/wiki/Expatriation_tax#United_Sta… or your residency has been revoked.
So if you remain a US citizen you owe normal annual tax (minus a credit for foreign taxes paid).
untorquer@lemmy.world 14 hours ago
Seems like it only matters if your taxable income is over ~$130k? So with foreign income exclusion that would mean you’d have to make over ~$250k/year for the 5 previous years.
At that point you can just pay your problems away…
merc@sh.itjust.works 1 day ago
I think there is, but it doesn’t apply universally. I think it was one of those things designed to catch the ultra-rich who were renouncing their citizenship to get lower taxes elsewhere, but it ends up catching a lot of people who are middle class.
lath@lemmy.world 1 day ago
I believe someone complained recently that there is one.