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this post was submitted on 15 Sep 2023
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There's no benefit to losing American citizenship. Why would you want to renounce it?
Not having to pay tax in the US when you don't live or work there.
What kind of taxes would you owe if you don't live or work there?
The United States is one of only two countries that taxes based on citizenship, not place of residency. That means it doesn’t matter where you hang your hat — if you’re legally a U.S. citizen, you have a tax obligation to the U.S.
American passport is one of the few that still demand taxes even if you never been to the US for ages, look it up.
Taxes, Boris Johnson gave up his citizenship as he didn't want to pay tax on a country he didn't actively reside in. I always thought that was kind of ironic given half the reasons for independence were due to paying tax to a foreign power.