That’s fine but you would still be obligated under US law to disclose your foreign bank account.
RE: That’s fine but you would still be obligated under US law to disclose your foreign bank account.
And that, my friend is the BIG REASON why rich expats have been giving up their US passports.
We are one of only two countries in the world that go after a person’s income anywhere in the world.... Eritrea is the other one.
A German citizen working in America and earning his salary here is NOT REQUIRED to pay taxes on his American salary in Germany.
An American earning his salary in Germany is REQUIRED to pay taxes in America on his German salary.
Also, if you had a bank account as a citizen of another country PRIOR to becoming an American Citizen, the interest you make on that bank account is NOW taxable in the USA.
Look, I am not saying I support the decisions of these expats.... all I’m saying is this — we have allowed our government and the IRS to be so powerful that their reach is now BEYOND America’s borders. I leave it to the rest of the readers of this thread to determine whether or not that’s a good thing for our country.