What is the True Cost of American Citizenship? Should you Renounce?
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You can visit our websites for more information about us: https://offshorecitizen.net & https://www.offshorecapitalist.com
Have you ever thought of the real price of American citizenship? Is US citizenship more liability than an asset in today's world?
We see more and more Americans renouncing their citizenship due to a huge tax burden that follows them for their entire life, no matter where they live in the world. And many of them are afraid that it will only get worse, as the tax burden increases.
Renouncing American Citizenship is a HUGE and serious decision. It is really important to weigh all the pros and cons and not to make any rushed decisions.
As a travel document, an American passport is very powerful. It is not the top citizenship in the world, but it is certainly among the top 10.
What about the American protection abroad, that all the citizens are entitled to? This is a tricky one. Many think that as an American citizen you are protected no matter where you are in the world, and if things go south American government will do everything in its power to protect you. Is this really the case?
Interestingly, I know some Americans who got into trouble abroad and their country did nothing to help them. American government protection is more of a mental idea than anything else, in my opinion.
Let's look at some other things:
Does the US give you free public healthcare? NO.
Does the US provide great educational benefits? NO.
Does it provide a great social safety net? Again NO.
So, what are you getting out of your American citizenship and passport?
You are getting amazing visa-free access. Also, you are getting the huge advantage of being able to live anywhere in the US and take advantage of the opportunities available there.
Historically this was a huge thing! The US was always a great and desirable place to live with a ton of opportunities to live the ''American dream''.
Internet era and online opportunities really changed all that. In this day and age, we are less dependent on the country we live in, as online opportunities became available to almost anyone.
If you are location independent entrepreneur, living in the US will not necessarily bring you more benefits than living somewhere else in the world.
What is the biggest downside of American citizenship? The fact that they tax you on your worldwide income, no matter where you live as long as you keep the citizenship.
In other words, as long as you have a US passport, you will be paying American taxes. Period.
At the same time, they are getting more and more aggressive when it comes to collecting taxes.
GILTI tax that affects your foreign companies will go from 10,5% to 21%.
If you're making a decent amount of money, you will end up paying lots of taxes to Uncle Sam over the course of your lifetime.
When you count all the costs involved it is certainly more effective if you just bought another ''strong'' passport that gives you amazing travel benefits without tax and filing burdens added to it.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
https://www.youtube.com/channel/UCZDToCpuHc4kEHDurkQpVPg?sub_confirmation=1
Видео What is the True Cost of American Citizenship? Should you Renounce? канала Offshore Citizen
You can visit our websites for more information about us: https://offshorecitizen.net & https://www.offshorecapitalist.com
Have you ever thought of the real price of American citizenship? Is US citizenship more liability than an asset in today's world?
We see more and more Americans renouncing their citizenship due to a huge tax burden that follows them for their entire life, no matter where they live in the world. And many of them are afraid that it will only get worse, as the tax burden increases.
Renouncing American Citizenship is a HUGE and serious decision. It is really important to weigh all the pros and cons and not to make any rushed decisions.
As a travel document, an American passport is very powerful. It is not the top citizenship in the world, but it is certainly among the top 10.
What about the American protection abroad, that all the citizens are entitled to? This is a tricky one. Many think that as an American citizen you are protected no matter where you are in the world, and if things go south American government will do everything in its power to protect you. Is this really the case?
Interestingly, I know some Americans who got into trouble abroad and their country did nothing to help them. American government protection is more of a mental idea than anything else, in my opinion.
Let's look at some other things:
Does the US give you free public healthcare? NO.
Does the US provide great educational benefits? NO.
Does it provide a great social safety net? Again NO.
So, what are you getting out of your American citizenship and passport?
You are getting amazing visa-free access. Also, you are getting the huge advantage of being able to live anywhere in the US and take advantage of the opportunities available there.
Historically this was a huge thing! The US was always a great and desirable place to live with a ton of opportunities to live the ''American dream''.
Internet era and online opportunities really changed all that. In this day and age, we are less dependent on the country we live in, as online opportunities became available to almost anyone.
If you are location independent entrepreneur, living in the US will not necessarily bring you more benefits than living somewhere else in the world.
What is the biggest downside of American citizenship? The fact that they tax you on your worldwide income, no matter where you live as long as you keep the citizenship.
In other words, as long as you have a US passport, you will be paying American taxes. Period.
At the same time, they are getting more and more aggressive when it comes to collecting taxes.
GILTI tax that affects your foreign companies will go from 10,5% to 21%.
If you're making a decent amount of money, you will end up paying lots of taxes to Uncle Sam over the course of your lifetime.
When you count all the costs involved it is certainly more effective if you just bought another ''strong'' passport that gives you amazing travel benefits without tax and filing burdens added to it.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
https://www.youtube.com/channel/UCZDToCpuHc4kEHDurkQpVPg?sub_confirmation=1
Видео What is the True Cost of American Citizenship? Should you Renounce? канала Offshore Citizen
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