I would love to hear these answers as well. I would guess that you would not be taxed if you were not working in HU. I would think you would establish a residence and then get health insurance locally? not really sure... who has actually done this?

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US Soc. Sec. will be paid for American retirees living in HU without any restrictions.

The SSA will direct deposit your proceeds in a HU bank. You'll have to obtain the participating banks' names at the US Embassy and then open an account for the purpose.

US Medicare will NOT cover you in any shape or form outside of the US.

If you have a HU passport and proof-of-residency card (lakokartya) then you can get medical coverage (TAJ) for about 7000HUF/month (approx $30) - but only IF you are a RETIREE - without earned income. If you work, or have a business in HU, the rates are different.

You'll have to cancel your US Medicare 'Plan B', otherwise they deduct $104/mo (currently) for plan B coverage (Use form CMS-1763).

I see no disadvantages of dual citizenship. HU citizenship gives you the option (and right) to live in any EU country without any special residency permits.

Your outside-of-HU income i.e: SSec., IRA/401K proceeds/distributions, and private pension (if any) are not taxable in HU.
You MUST file a US tax return every year though, whether you owe any or not. If you don't file, the penalty alone is $10K.

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