<story><title>Wealthy people are renouncing American citizenship</title><url>https://www.axios.com/wealthy-people-are-renouncing-american-citizenship-67fbada4-e2e4-4699-b106-c986839f209d.html</url></story><parent_chain><item><author>larrysalibra</author><text>As a former American who lived abroad for about 11 years before renouncing, “cartoonishly cruel” is a pretty accurate description of the system. It’s even worse an American entrepreneur abroad because that makes things even more complicated.&lt;p&gt;I gave up jumping through the hoops in 2018 and the self-torture and renounced. I shared my story in case anyone is interested: &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;larrysalibra.com&amp;#x2F;goodbye-usa&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;larrysalibra.com&amp;#x2F;goodbye-usa&amp;#x2F;&lt;/a&gt;</text></item><item><author>academia_hack</author><text>It&amp;#x27;s so irritating to be an American that has moved overseas. Basically the only country in the world that charges taxes on money you make and spend somewhere else, just because of where you were born. Thanks to IRS regulations, 90% of investment firms will just reject me outright rather than deal with the paperwork. Getting someone to help file my inordinately complex taxes costs thousands of dollars more than I actually pay in tax. I can&amp;#x27;t have a proper retirement account here since America doesn&amp;#x27;t recognize the local pension providers, so my government mandated pension is deducted from my salary here and then also taxed as income in the USA. If I ever want to leave, the IRS charges a small fortune for the privilege of not being a citizen too.&lt;p&gt;I&amp;#x27;m sure there&amp;#x27;s a small number of rich people gaming the system, but for the vast majority of expats the citizenship-based taxation system is almost cartoonishly cruel.</text></item></parent_chain><comment><author>dsomers</author><text>I feel for you. My grandparents were apart of the Italian diaspora too, but they ended up in Canada. I often thought how difficult it would be if I had to choose because both countries are close to my heart. I’ve seen a number of American friends that are also duel citizens have to deal with the stress and unfairness that you have. I just feel really lucky and privileged that I don’t have to be in the position to choose even though I no longer live in Canada or Italy.</text></comment>
<story><title>Wealthy people are renouncing American citizenship</title><url>https://www.axios.com/wealthy-people-are-renouncing-american-citizenship-67fbada4-e2e4-4699-b106-c986839f209d.html</url></story><parent_chain><item><author>larrysalibra</author><text>As a former American who lived abroad for about 11 years before renouncing, “cartoonishly cruel” is a pretty accurate description of the system. It’s even worse an American entrepreneur abroad because that makes things even more complicated.&lt;p&gt;I gave up jumping through the hoops in 2018 and the self-torture and renounced. I shared my story in case anyone is interested: &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;larrysalibra.com&amp;#x2F;goodbye-usa&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;larrysalibra.com&amp;#x2F;goodbye-usa&amp;#x2F;&lt;/a&gt;</text></item><item><author>academia_hack</author><text>It&amp;#x27;s so irritating to be an American that has moved overseas. Basically the only country in the world that charges taxes on money you make and spend somewhere else, just because of where you were born. Thanks to IRS regulations, 90% of investment firms will just reject me outright rather than deal with the paperwork. Getting someone to help file my inordinately complex taxes costs thousands of dollars more than I actually pay in tax. I can&amp;#x27;t have a proper retirement account here since America doesn&amp;#x27;t recognize the local pension providers, so my government mandated pension is deducted from my salary here and then also taxed as income in the USA. If I ever want to leave, the IRS charges a small fortune for the privilege of not being a citizen too.&lt;p&gt;I&amp;#x27;m sure there&amp;#x27;s a small number of rich people gaming the system, but for the vast majority of expats the citizenship-based taxation system is almost cartoonishly cruel.</text></item></parent_chain><comment><author>vertis</author><text>This is a really interesting read. I&amp;#x27;m not a US citizen (AU &amp;amp; NZ) and don&amp;#x27;t face the same problems when being overseas, but I definitely relate to it not really feeling like home now that I&amp;#x27;ve been away for several years.&lt;p&gt;Thankfully, it&amp;#x27;s not as hard to not pay AU&amp;#x2F;NZ taxes, it&amp;#x27;s still a little bit painful to prove you&amp;#x27;re not living there, but not even in the same league as the US.</text></comment>