I am a green card applicant basically waiting to become a US citizen in the next 5 - 10 years. Comments are mostly blaming the person for not renouncing it but is renouncing really necessary?
If I end up going back to the country I was born in and leave the US what benefit do I have as a US citizen? This has been a scary scenario for a long time for me and I don't think I would be able to pay tax to the US with my income in that country.
If I basically stop being a citizen of the US by moving to another country why do I need to continue paying for it?
Is there any other country that does this?
Edit: This post made me finally read about this scenario. FEIE [1] exclusion for about $105,000 as of 2020. Is a relief because I can never earn that amount with the exchange rate in my country of birth.
If I end up going back to the country I was born in and leave the US what benefit do I have as a US citizen? This has been a scary scenario for a long time for me and I don't think I would be able to pay tax to the US with my income in that country.
If I basically stop being a citizen of the US by moving to another country why do I need to continue paying for it?
Is there any other country that does this?
Edit: This post made me finally read about this scenario. FEIE [1] exclusion for about $105,000 as of 2020. Is a relief because I can never earn that amount with the exchange rate in my country of birth.
1. https://www.irs.gov/individuals/international-taxpayers/fore...