Why some female physicians are eyeing a move to Canada from the U.S.
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.
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Don't forget to renounce your US citizenship. It costs just $2300 + income tax on everything you have
This is why you wait until the wars start and it's free.
Aaaand your USD is worthless
There are a few countries in the world where you can hold US dual citizenship. Canada is one if them. You can become a Canadian citizen without renouncing your US citizenship
But isn't it true that you still have to pay some sort of annual tax to the USA even if you no longer live there?
Americans have to submit tax forms to the IRS every year, even if they are no longer living there or earning income there.
No. It is not true.
I lived outside the US for many years and never even filed my taxes because my income was less than $100,000 per year.
If you earn a bit more than that, or you have income from capital gains, then may have to report it and pay taxes, yes.
See IRS rules for "Foreign Income Exclusion"
Could you explain this? I don't know the context.
A post (that now appears to be deleted) of a American that moved to Singapore and renounced their citizenship after obtaining Singaporean citizenship. Apparently the OP there was charged $2300 to do it and the post was a digital receipt for that.
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?
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.
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
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.