Some female physicians in the U.S. are considering moving north of the border to practice medicine due to the changing political landscape in their country.
I’m just spitballing here, but why would you pay taxes on your way out? I mean torch the passport, make an afternoon of it by all means. But pay a fee and tax? Just leave right?
Burning a passport doesn’t renounce your citizenship. You still have to pay taxes. If not, they’ll either extridite you or arrest you when you visit the US.
You can get out of it, but you have to pay expatriation fees, including an exit tax on your assets
The US is one of the only countries in the world where citizens are taxed even when they don’t live there (and haven’t for many years). If you don’t pay taxes on your way out but you have to visit for any reason, cops can arrest you when you re-enter.
You have taken all the whimsy and drama of leaving your country of birth. Fucking paper work and taxes!?!? I’m talking long beach cuts, walking defiantly off and never looking back.
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I’m just spitballing here, but why would you pay taxes on your way out? I mean torch the passport, make an afternoon of it by all means. But pay a fee and tax? Just leave right?
Burning a passport doesn’t renounce your citizenship. You still have to pay taxes. If not, they’ll either extridite you or arrest you when you visit the US.
You can get out of it, but you have to pay expatriation fees, including an exit tax on your assets
The US is one of the only countries in the world where citizens are taxed even when they don’t live there (and haven’t for many years). If you don’t pay taxes on your way out but you have to visit for any reason, cops can arrest you when you re-enter.
They also have extradition treaties in most countries, so you’d have to avoid about half of the world.
You have taken all the whimsy and drama of leaving your country of birth. Fucking paper work and taxes!?!? I’m talking long beach cuts, walking defiantly off and never looking back.
How do you cross borders without your passport?
Just say goodbye and never see your family and friends again? Good luck.
Because as long as you’re US citizen, they will persecute you for every penny of income tax even if you work abroad.
Its not every penny. Its excess of $100,000 per year last time I checked. See rules for “Foreign Income Exclusion”
But thats just income. Capital gains limits are much lower.