You may have heard that people have been renunciating their US citizenship and settling in a different county. Main reason behind this new trend is the Global Tax Reporting requirement for the US Residents. Unlike most other countries, US residents are taxed regardless of where in the world they live and where they earned their income. You may have heard of term “Foreign Tax Credit” that supposed to help you with your tax liability. It does but it does not eliminate all double taxes, specially if you are high income earner. There are many other reasons why becoming a US resident might not be a good thing for you.
Sanjiv Gupta CPA will discuss this topic in depth next week on a free webinar. Please register now to save your seat