I renounced my US citizenship two years ago (I still have a German one, living in Germany) because of the restrictions on opening bank accounts, the uncertainty on taxes on capital gains as well around inheritance taxes as well as the yearly cost of paying and additional CPA for the US return. The process was pretty straight forward (going to the consulate, paying the exit fee) and at that time they told me at the consulate that many people were doing this.I’ve since then travelled to the US once and wasn’t questioned at the border.
Not having the option to work in the US is a significant downside so I wouldn’t take the decision lightly. However once you start having more assets outside the US (especially if you start investing in companies) the risks and tax requirements can be significant.
If you can manage to open a bank account in the US it might be easier to invest there but usually you need a permanent address.
I short I think it’s worthwhile to invest some time (and perhaps money in advisors) in further researching the options you have before making a decision that either reduces your work options or exposes you to unknown financial risks.
I renounced my US citizenship two years ago (I still have a German one, living in Germany) because of the restrictions on opening bank accounts, the uncertainty on taxes on capital gains as well around inheritance taxes as well as the yearly cost of paying and additional CPA for the US return. The process was pretty straight forward (going to the consulate, paying the exit fee) and at that time they told me at the consulate that many people were doing this.I’ve since then travelled to the US once and wasn’t questioned at the border.
Not having the option to work in the US is a significant downside so I wouldn’t take the decision lightly. However once you start having more assets outside the US (especially if you start investing in companies) the risks and tax requirements can be significant.
If you can manage to open a bank account in the US it might be easier to invest there but usually you need a permanent address.
I short I think it’s worthwhile to invest some time (and perhaps money in advisors) in further researching the options you have before making a decision that either reduces your work options or exposes you to unknown financial risks.