Quote:
Originally Posted by TheDoc
Damn, you gave up your citizenship to not pay taxes or are the taxes in your area higher?
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No, I still have my citizenship. As much as I enjoy being an expat, there is no reason to give up my citizenship. It's not like you can easily get another one somewhere. Though, it would be damn nice to have another passport from St Kitts or Panama, but that costs some cheese, and while I do OK, I'm not anywhere near "baller" status.
Working abroad allows you to play by a different set of tax rules. However, I find it incredibly stupid that expats have to deal with the IRS in any manner, considering we use nothing from the US system. Only a few countries in the entire world tax their citizens abroad, and the USA is one of them.
We still have to file, but generally do not end up having to pay anything, or if so, it's very little. When I hear of guys back in the US paying 40%, it makes me want to puke. I don't see the point.