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Re: What's the Point of Citizenship?
This is a very real question for me. I haven't lived in the USA since 1990, but I still must file and pay taxes to the IRS every year, and I have to tell the IRS all about my foreign bank accounts, my foreign pension plan, and more. And what benefits do I derive?
For those thinking it's easy to escape the burdens of US citizenship, think again. Even if you get dual citizenship with another country, this does not excuse you from US taxes, nor does living overseas. The USA is essentially alone in the world in taxing its expatriate citizens' income; other countries base their income taxes on residence, not citizenship.
This status seems preposterously unfair, but it's gone on for decades, and virtually no politicians, on either side of the aisle, have any interest in rectifying it. And since many expats have no US residences, no congressional reps or senators stand for us, meaning we are quite literally in a state of taxation without representation.
Oh, and if you do indeed obtain a foreign passport and try to renounce your US citizenship, there can be additional heavy costs.
So good luck, all!