đ€Ż US PASSPORT HOLDERS PAIN - What most of NON-US PASSPORT HOLDERS probably don't know!
The USA, alongside Eritrea, stands out on the global stage as one of only two nations practicing lifelong citizenship-based taxation. It doesn't matter if youâve never stepped foot on American soil or if you've been living overseas for decadesâif youâre a passport holder, Uncle Samâs tax net scoops you up forever. It is almost like SaaS, but I call it CaaS (citizenship as a service). haha!
But wait, thereâs more on the wacky scale! Deciding to drop your U.S. citizenship will set you back $2,350, and thatâs before you even get to the hefty tabs for legal and accounting services. đ€
Essentially, from your first cry to your last sigh, thereâs no opting out without paying out. Plus, youâd better get your exit tax right; otherwise, youâll find yourself in a âcatch-me-if-you-canâ scenario reminiscent of Roger Ver's tangle with tax authorities.
And to think, the U.S. once went to war with Britain over unwelcome taxation. Oh, the irony!
Chew on that for a bit! đ
Professor Mende