Posted by
purefit
17 yrs ago
We are thinking about moving to singapore and giving up our american citizenship, as after two yrs of living in singapore we could get singapore passport. Anyone has had similar experience? We don't know if american citizenship is worth all the taxes.
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If you're only doing it for taxes, then you're making a mistake.
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i can fully understand why you do it, especially if you have an asian background. if not, i would be wary.
i had more than one colleague who did that. all of them bankers paying a lot of taxes with asian background (ABC, etc.).
don't forget that there is the tax penalty that the US govt puts on you as a farewell gift ;-)
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yes i do have an asian background. so are ur banker friends happy about giving up their US citizenship? does that mean they are permanently settled in singapore now? what is the farewell gift?
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i think they are happy but they hold HK citizenship which probably means Chinese nationality with HK PR. Not too much inconvenience in my view, except that i would prefer holding a EU citizenship rather than HK or SG.
By the way, they have no problems to travel to the US today still.
The "farewell gift" is something like another 10 years of paying taxes to the US before they release you. You have to look up the details on amounts and timeframe but you do not just stop paying taxes to the US at once. The US basically taxes you forward looking for some more years to come before they truly release you from your tax obligations. Say thanks to Uncle Sam :)
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the laws have recently changed so the above link by laoshi is correct. a one-time assessment is now the norm. however, you are not legally allowed to give up your US citizenship for tax reasons, so if you decide to go this route, never mention this to the US Consulate folks. you will need to go through multiple rounds of exit interviews... they don't make it easy.
i too would like to renounce as i have spent almost no time in the US in the past 20 years, i feel no affinity to the US, nor interest in being a citizen of that country. unlucky for me, i have no means of getting another passport at this time.
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