U.S. Expat Taxes Drive Americans to Renounce Citizenship

I'm pretty sure they don't just let you renounce your citizenship. I've been reading "Emergency" by Neil Strauss, and he touches on that during his search for dual citizenship. Pretty much, once you're an American, you're out of luck -- and you're going to pay taxes 'til you die, or stay out of the country forever and hope you aren't extradited.

Personally, I hold dual citizenship by birth right, but it isn't recognized by the U.S.; the U.K. recognizes both though. Weird? Yep.

You can renounce your citizenship, as long as you have a citizenship somewhere else. Also, if you renounce your citizenship and have a high networth the US will tax that due as a sort of exit fee.

Don't forget to file your Fubar

http://www.irs.gov/businesses/small/article/0,,id=148849,00....

Err.. ummm... FBAR, something like that....

Repeat: http://news.ycombinator.com/item?id=1282814

Flagged