Any US/UK dual citizens

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[FnG]magnolia;30298281 said:
Have a very long think before giving up something which many people would consider a massive, massive benefit.

A lot of those people do not realize the drawbacks of having US citizenship. I wouldn't be surprised if US citizenship is one of most common ones to be renounced. Since if you move abroad and have no intentions of coming back any time soon its just very expensive toy to up-keep due to taxes.
 
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[FnG]magnolia;30298281 said:
Have a very long think before giving up something which many people would consider a massive, massive benefit.

I would think of it as more of a liability these days.
 
Caporegime
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A lot of those people do not realize the drawbacks of having US citizenship. I wouldn't be surprised if US citizenship is one of most common ones to be renounced. Since if you move abroad and have no intentions of coming back any time soon its just very expensive toy to up-keep due to taxes.

Indeed it us pretty normal for non-americans to give up their US citizenship when living abroad.

It's not like you can't get it again either, e.g. if you gained citizenship after living in the US for 10 years with a green card from employement then likely you can do that again in the fute. And the benefits of being a citizen over a resident are pretty slim.
 
Soldato
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Indeed it us pretty normal for non-americans to give up their US citizenship when living abroad.

It's not like you can't get it again either, e.g. if you gained citizenship after living in the US for 10 years with a green card from employement then likely you can do that again in the fute. And the benefits of being a citizen over a resident are pretty slim.

Unless you move to the Cayman Islands or the UAE where there's no income tax does it really matter?

Don't forget there is an expatriation tax on certain gains if you give up your permanent residence and leave after being here for 8 years or more too.

You make getting a green card sound easy - it's not something you really want to go through twice and the rules might change in the future. I'll be naturalizing as soon as I'm eligible!
 
Soldato
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I'm not an expert on this but the US is a special case. It's way more harsh about claiming tax from overseas citizens.

Correct. US citizens have to pay tax on their overseas income even if they are resident abroad.

I don't know the details, but I know a lot of American expats that moaned about it. I think you have to pay up US taxation levels....so for instance in Hong Kong which has around a 10% income tax rate, US expats there have to pay the difference between the local taxation and the US rate back to the US....probably why there were hardly any Americans there :p
 
Soldato
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How easy is it to give up US citizenship? I guess it doesn't make a difference if you are a Royal ;)

If i remember correctly it cost you about $1700 to drop the US citizenship.
The main reason i haven't got dual nationality yet is if i ever return to the UK it would be a pain in the ass being a dual. My daughter is a british born dual national, so she has the option of what to do when she's older. My wife is eligible for british citizenship if we ever return to the UK, she qualified just before we came over here. So i guess we will have to see where we end up in a few years.
 
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If i remember correctly it cost you about $1700 to drop the US citizenship.
The main reason i haven't got dual nationality yet is if i ever return to the UK it would be a pain in the ass being a dual. My daughter is a british born dual national, so she has the option of what to do when she's older. My wife is eligible for british citizenship if we ever return to the UK, she qualified just before we came over here. So i guess we will have to see where we end up in a few years.

More like $2.5k it seems. Not sure if it's going to drop to encourage non-American's living abroad to drop US citizenship.
 
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