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I kept putting it off, but finally pulled the trigger last year and decided to drop mine. A year later I'm still working on it. So much paperwork, waiting, and a lot of money 😭

JeffG 2y ago

Yikes. What’s the cost? Exit tax or lawyers and accountants?

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MTozoni ⚡😺 2y ago

Exit tax is coming. Lawyers and accountants, AND you must have a foreign passport before they let you give up your US one, so either wait a few years in another country, or pay $100k or more to buy citizenship elsewhere (plus more lawyers for that one).

JeffG 2y ago

😭 shit. What a pain. Good luck with it all.

Mike Dilger ☑️ 2y ago

I have New Zealand citizenship with a New Zealand passport. Having lived here and worked here for 18 years it was a reasonable move and I more than qualified. I paid NZ$470.20 for the citizenship and NZ$199.00 for the passport.

I'm not going to give up my US citizenship because that triggers a process where they put me under the microscope and while I think I'm clean, I don't want to risk some over-zealous IRS agent deciding to extort me, or some other agent deciding I said something online that makes me a special target of some secret government program. So I will keep filing my FinCEN and my US tax returns every year, where basically I owe $0 each time. PITA though.

MTozoni ⚡😺 2y ago

Don't get rugpulled by wealth taxes. When nation's economies fail, they get desperate.

JeffG 2y ago

Wealth tax already in place here in Italy for any investments held outside the country. 🤬 it’s fucking criminal.

MTozoni ⚡😺 2y ago

Move, please. Stop feeding parasites. It's your moral duty not to.