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That is an extremely small percentage, the article doesn't include much information. What countries are they emigrating to ,are they returing to their country of origin. I wish the one person going to South Africa good luck, if you are retired you better take a good look at health care. I would love to go to Australia if they could move it closer.
Depends on what the percentage is of. Not all of the US Population is in a position to renounce their citizenship. A US citizen resident in the US with no other citizenship can't really denaturalize. They'd need another country to reside in before they could rationally do it, and that's easier said than done. So the percentage isn't compared to the US Pop, just the US citizens who are already dual national and have a residence outside of the US.
So there's an estimated 6M people who are US Citizens, but live outside the US. That number is looking higher already. However how many dual nationals? No one knows, estimates range between 500,000 to 5M which is a pretty wide range. Let's go with a total of 500,000 outside of the US who are dual national (and can feasibly renounce their US citizenship) it's 1/4 of a percent, not huge but it is significant.
If the entire US pop had the ability and they used that rate, then it would be a little less than the population of San Francisco renouncing a quarter. In 6 months the population of Hawai'i could be non-citizens.
It's pretty significant when you look at it like that.
The number is actually far greater because so many of the better expatriate
countries allow for dual-citizenship.
Those people largely don't bother to go through a legal renouncement
of American citizenship. They are gone, though.
Because the country is going to hell. People will say to leave, but as you point out, its not all that easy.
Exactly, and when it really goes down the tubes into 3rd world status, it will be impossible to escape from sort of how North Korea is now and how East Berlin was. It will become a prison more a less.
The number is actually far greater because so many of the better expatriate
countries allow for dual-citizenship.
Those people largely don't bother to go through a legal renouncement
of American citizenship. They are gone, though.
Yep.
IIRC, the exemption for U.S. citizens working outside the U.S. is $85,000 USD per year. So (generally) U.S. citizens who fall into that category can pay taxes to the government where they are working and not owe any income tax in the U.S.
One of my best friends is an MD who went to med school in Scandinavia (all other schooling in the U.S. and his family are all natural born U.S. citizens), has permanent residency in Denmark (retaining U.S. citizenship), and is licensed to practice in Norway, Sweden, and Denmark. He has developed his own business. He leveraged contacts he made while working for a 'rent a doctor' company and then eventually undercut the rate of 'rent a doctor' companies because the 'rent a doctor' companies have to cover their commission in addition to the salary for the doctor. He takes assignments in rural locations where it is hard to get enough doctors to settle down/put down roots. He usually makes more than 85k (choosing to work 6 months a year or less), but...knowing how he feels about taxes...I doubt he files in the U.S. When he was practicing mainly in the southern part of Sweden he was part of a program where people who lived in Denmark (primarily Copenhagen) and worked in the southern part of Sweden....and vice versa...paid a maximum income tax rate of 25%. This saved him quite a bit because a chunk of his income was taxed at 66% before getting involved in that program.
IIRC, if you renounce your U.S. citizenship you can (but not necessarily will) be denied entry if you want to visit. While 'our direction' often p****s me off, I enjoy driving trips around the U.S. (for pleasure) too much to give up my citizenship and risk being denied that privilege. As long as this desire remains, I'm not willing to give up my U.S. citizenship. Although the chance of it happening to anyone who hasn't manifested a bent for terrorism is extremely remote, technically (thanks to the NDAA) it is my understanding that whoever is POTUS can revoke the U.S. citizenship of anyone.
Depends on what the percentage is of. Not all of the US Population is in a position to renounce their citizenship. A US citizen resident in the US with no other citizenship can't really denaturalize. They'd need another country to reside in before they could rationally do it, and that's easier said than done. So the percentage isn't compared to the US Pop, just the US citizens who are already dual national and have a residence outside of the US.
So there's an estimated 6M people who are US Citizens, but live outside the US. That number is looking higher already. However how many dual nationals? No one knows, estimates range between 500,000 to 5M which is a pretty wide range. Let's go with a total of 500,000 outside of the US who are dual national (and can feasibly renounce their US citizenship) it's 1/4 of a percent, not huge but it is significant.
If the entire US pop had the ability and they used that rate, then it would be a little less than the population of San Francisco renouncing a quarter. In 6 months the population of Hawai'i could be non-citizens.
It's pretty significant when you look at it like that.
US citizens can leave for another country if they meet the requirements, their choice.
Dual citizens have nothing to do with the discussion, nor do citizens that choose to live abroad.
Because the country is going to hell. People will say to leave, but as you point out, its not all that easy.
The problem for me is that I am working age. It seems to be very difficult to move if you are still working. Much easier for retirees.
And good call on Panama. I've looked into Panama and it seems like one of the best options.
We are far from going to hell, maybe you missed alll the investment in our country from China, Russia and other countries.
So other than a low tax rate why are you moving to Panama, how much savings for renouncing your citizenship.
Good go to Panama, what's the downside.
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Why Americans are giving up citizenship in record numbers
