Re:Show HN: Nomad Visa – Working remotely? Explore your visa...
by junar on Friday August 13, 2021 @04:59PM
(#28174438)
Not zero for self-employed folks. Self-employment tax (Social Security and Medicare) is unaffected by the Foreign Tax Credit or the Foreign Earned Income Exclusion. Unless you're paying into a foreign social security plan in a treaty country, you'll owe that 15.3% tax.
https://brighttax.com/blog/expats-self-employment-tax-foreig...
Another thing to know is that the US imposes worldwide reporting requirements on banking institutions for their US citizen customers. This problem is far less severe than it initially was, but depending where you go some banks/institutions may deny or restrict your access to financial products because they don't want to deal with the reporting requirements attached to you. Again, it's probably fine anywhere in Europe (nowadays anyway), but elsewhere in the world it may be extremely difficult to do something as simple as get a simple checking account.