[quote=briansd1]There also could be a penalty to being American.
You have to pay income taxes on your wordwide income, so it’s not so easy to give up American citizenship. There is a process to renounce it.
As far as income taxes, I think that it’s only fair to pay proportional to the share of wealth you get from society.[/quote]
If you meet the rules for being an ex-patriot you can exclude a huge chunk of income earned overseas. But that’s because your probably paying taxes where the money is earned. There are rules of how many days you can be in the U.S. per year or lose your expat status. My sister was an expat several years ago and I’m considering an overseas retirement. I do not plan to renounce my citizenship.
