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A comment on Wealthy people are renouncing American citizenship. Parent comment

Re:Wealthy people are renouncing American citizenship by papito on Thursday August 05, 2021 @09:05AM (#28073141)
They would not be EU citizens. The taxes are even higher. The article is around specifically renouncing American citizenships. Also, dual-citizenship is useless. If you are, say, in Russia, and you have your Russian passport on you, the American consulate won't lift a finger - your ass is wholly Moscow's.
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Re:Wealthy people are renouncing American citizenship by mikelward on Thursday August 05, 2021 @10:23AM (#28074126)
The people in the article aren't the only ones affected.

If I ever move back to Australia, I'll have to file US taxes and other reports such as FBAR for the rest of my life. If you get it wrong, they can and have seized up to 50% of your wealth. Not because it's owed, but just as a penalty.

And many Australian financial institutions won't let me open an account because of the reporting requirements.

This isn't just about the rich avoiding taxes. It's about the US overreaching and creating headaches for lots of people.

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