Re:On Receiving my Certificate of Loss of Nationality
by chadd on Thursday October 14, 2021 @02:33PM
(#28868107)
it's extremely easy to file the FBAR forms. and the rest are standard tax forms, and you even get to file later. I lived abroad and ran a US and Argentine company and had 2 accountants and a bookkeeper, so it can get complex when you have a lot of employees, but for the first few years abroad, when it was just me doing remote consulting, i just did it myself and it's not difficult.
Re:On Receiving my Certificate of Loss of Nationality
by 001Diana on Thursday October 14, 2021 @07:28PM
(#28871610)
It isn’t complicated to file FBAR, but why should we have to give all our bank account details to the US when citizens living there would only have to under criminal investigation? Also if the US decides you are owing taxes/fines and you live in a country that assists the IRS with collection, they have all your account details.
With that said, $1k annually is a small price to pay to maintain your US citizenship through annual tax filings. The benefits (imho) outweigh the cost (employment access, residency, repatriation).
Tangentially, this sounds like a startup opportunity.