If social security stops, why not leave the country, obtain citizenship elsewhere and renounce citizenship? Why pay taxes at all?
Replies
If you renounce US citizenship you have to pay a big tax penalty for it and still have to file US tax returns for 10 years after
jul 20, 2025, 11:38 am • 4 0 • view
The rules have changed, but yes, you may encounter a large tax bill at exit, but filling for ten years has been changed. The previous 10-year rule has been replaced by the exit tax rules for covered expatriates. ($2 million in assets or more.)
jul 20, 2025, 12:17 pm • 0 0 • view
If one owns a flat in London and has pension plans it’s not hard to hit that threshold
jul 20, 2025, 4:50 pm • 3 0 • view
Understood. I'll drop this here anyone thinking about it.
jul 20, 2025, 5:59 pm • 0 0 • view