Being an American expat is a complete nightmare. The retroactive GILTI/transition taxes enacted by Trump and the republican Congress put a massive strain on my family and finances. Imagine getting a bill for a significant portion of your life savings despite paying already 50% tax in your foreign country and having dutifully filed US taxes at great expense. Never have I disliked being an American so much. Some people have it much worse than me. The whole system is punitive and evil and punishes ordinary people for simply not living in the US. I can’t even open a simple retirement fund without it being a landmine.
I have already made up my mind to renounce, due to the immense stress and uncertainty. But you can’t even do that because all embassies are closed until further notice. Top that with the hefty fees to file the exit taxes and the renunciation
fee and it’s a giant shit sandwich.
I advise never living abroad if you are an American. And think very carefully before getting permanent residence or US citizenship as a foreigner. You are becoming an inmate of the IRS for life.
I have already made up my mind to renounce, due to the immense stress and uncertainty. But you can’t even do that because all embassies are closed until further notice. Top that with the hefty fees to file the exit taxes and the renunciation fee and it’s a giant shit sandwich.
I advise never living abroad if you are an American. And think very carefully before getting permanent residence or US citizenship as a foreigner. You are becoming an inmate of the IRS for life.