Originally Posted by
B757
Agreed..All US-citizens and Green Card-holders have to file their taxes / report their worldwide income to the IRS, even if they live and make their living overseas..If you decide to relinquish your citizenship or residency, you will have to notify the IRS that you have done so..A lot of good info can be found on the internet / IRS-website..If in any doubt, hire professional help..Money well spent..
Yes, it is a real pain. I hold an EU passport and live permanently in Europe. I make my living on a 4/4 contract in China. Yet I have to spend over $1,000 each year to have a tax professional file the paperwork which tells the U.S. that I do not owe any money. In the mean time, because of my U.S. citizenship banks are denying me services like a mortgage and retirement planing because they are scared of running afoul of FATCA.