The rest of the world taxes residency. America taxes citizenship. That distinction is everything. If you're French and you move to Spain, France stops taxing you. You pay Spanish taxes now. Clean break. If you're American and you move to Spain, the US still taxes you. You pay Spanish taxes AND file US returns. Forever. Unless you renounce. Which is why renunciation numbers are climbing. People are realizing that immigrating from the US isn't just about LEAVING America. It's about UNTANGLING from America. And the US makes untangling expensive ($2,350), bureaucratic (months-long process), and psychologically loaded (you have to stand in front of a consular officer and formally renounce your citizenship). They don't make it easy. Because they don't want you to do it. But for people building lives abroad permanently? It's worth it. Because the alternative is filing US taxes for the rest of your life while living in a country that has nothing to do with America. Link in bio when you're ready to understand the full scope of what leaving actually requires. 🆘🇺🇸 #CreatorSearchInsights #TikTokCreatorSearchInsightsIncentive
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No matter how long an American citizen is outside of the United States, they are still an American citizen. Unless they renounce their American citizenship. And a lot of people don't know that it actually costs money and you have to go through a legal process to renounce that citizenship. Leaving is not enough. Getting a foreign citizenship is not enough. You have to pay a fee of $2,350 in order to renounce your citizenship. And depending on your assets, whether you have foreign property, foreign bank accounts, capital gains that you haven't realized within the United States, you might have to do additional work with the IRS in order to renounce that citizenship, which would come at an additional cost. Because the IRS follows you no matter where you are in the world. It's one of the only countries on the planet that taxes you based on citizenship. So whether or not you leave the United States, you are obligated to file your taxes in the United States every single year. And that can be quite burdensome because not only are you doing the taxes in the country that you live in and having to pay taxes there because everywhere else taxes based on residency, but then you're having to do additional paperwork to talk about the income that you're earning in that foreign country, which is not a standard filing within the United States. So you need a person to deal with that kind of paperwork, which is going to cost money every single year. It's like a tax that you're basically paying to an accountant in order to retain your American citizenship, which is why a lot of people who are deciding to leave end up renouncing their citizenship. In fact, the number of renunciations is up in recent years. And I expect that number to continue to rise as people are just fed up and done with the United States.
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