Quote:
Originally Posted by DirtyWhiteBoy
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. |
Oh, I was under the impression if you expat today, they force you to give up citizenship. Basically trying to make it so people couldn't expat.
So you only have to report it, and you might pay a little, but not the difference in tax? So what rate are you taxed at?
In Canada, I had to pay in Canada, report my income to the States but owed no money on that. But any other income earned, while in Canada, was taxed by the IRS as if I was living in the States.