The State Department has slashed by about 80% the fee for Americans to formally renounce their U.S. citizenship.
After years of legal battles with several groups representing Americans wanting to give up their citizenship, the department on Friday published a final rule in the Federal Register that reduces the cost from $2,350 to $450.
The new fee, which took effect on Friday, had been promised in 2023 but had never been implemented. The cost is now the same as it was when the State Department first started charging Americans to formally renounce their citizenship in 2010.
Depends on treaties. If dual citizenship is allowed and tax liability is reciprocated then it could be a waste of money. But also I’m unsure whether you can ignore tax reporting and travel through the US on a foreign passport after they revoke your US passport.
If you want to go from Europe to south America you’re almost certainly passing through a US hub, at least by air.
Insane you have to pay for the last interaction you have with the US
seems the tax liability is a headache if you have dual citizenship, seems the banks in another country has to report to the US treasurey, IRS. useful for people who isnt planning to come live in the US for a significant amount of time.
If you plan to work short term in the US and are foreign born then just don’t get citizenship, just work on a visa.
If you are a US citizen and need to retain your passport or do business in the US you have to do US taxes based on the treaty between the US and your country of residence/work. Renouncing citizenship relieves you of this duty.
Foreign banks don’t report to the US at all. You are required to submit that independently through an FBAR.
That’s capitalism for you
It’s explicitly not. 🤣 but i agree with the sentiment.