Be aware of the intricacies of renouncing your US citizenship.
While renouncing citizenship has become a popular thing to do, you should know it doesn't automatically help you avoid US taxes. In order to renounce, you must prove that you've been compliant on the last five years of US taxes. Also, depending on your income and net worth, you may be subject to an 'exit tax' when you renounce.
Submitted on Sep 26, 2016 - Category: Expat Finance
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