Global Citizenship - Freedom from US and Other Bindings

By pjain      Published May 19, 2021, 6:41 p.m. in blog Fin-Plan-Strategy   

Global Citizenships

Review of Countries to Retire

US Citizenship and Taxation 101

Should I give it up?

Filing US Taxes from abroad

American expats pay annual U.S. income taxes on worldwide earnings, such as salaries, interest, rental income, business profits and more. U.S. citizens and resident aliens must file taxes and cover what they owe, regardless of where they live. These rules mean expats may have to file and pay taxes in two places.

How difficult is it to file US Taxes as an Expat

Nearly 1 in 4 American expatriates say they are “seriously considering” or “planning” to ditch their U.S. citizenship .. More than 4 in 10 who would renounce citizenship say it’s due to the burden of filing U.S. taxes .. “It can get very complicated very quickly,” .. and 69% don’t feel they should have to file U.S. taxes while living abroad - CNBC reporting on Greenback Expat Tax Services

More than 4 in 10 who would renounce citizenship say it’s due to the burden of filing U.S. taxes

US Taxation of Foreign Income

The IRS has measures to avoid double taxation, including a foreign income exclusion

Dual Taxation Income Exclusions

The IRS has  a tax credit

Dual taxation Credits

Reporting of Foreign Balances is Required

Once balances across foreign accounts pass $10,000, expats must file the Report of Foreign Bank and Financial Accounts, known as FBAR, with the Treasury Department.

Some expats may also have to disclose foreign financial accounts, such as savings and investments.

For example, let’s say someone has $5,000 in savings and $4,975 in investments. If their investments grow to $5,025 at any point during the year, they will have to report their accounts

Foreign Tax Credits in US Taxes

9 million U.S. citizens are living abroad

Interaction with Global Countries

Dual Tax Treaties with USA

Major US States and Global Income

CA

NY

FL

TX


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