Renouncing US citizenship has so many financial benefits.
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Renouncing US citizenship has so many financial benefits. If an American can swing it then it would be more advantageous to give up double taxation, foreign bank account reporting, avoid the Foreign Account Tax Compliance Act (FATCA), and global taxation on estate tax, capital gains tax, and income tax on global earnings.
Once I setup citizenship elsewhere I would definitely renounce being US citizen. It would only make sense. What US government protections am I paying for now?? There is no freedom. Federal agents are entering homes without warrants and law enforcement is corrupt.
State Department slashes fee to renounce US citizenship by 80% to $450
The State Department has slashed by about 80% the fee for Americans to formally renounce their U.S. citizenship.
AP News (apnews.com)
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