Well, since the question was "Are you required to file and report your taxes'? and the answer is YES. So, it is not misleading... you will have to file and report everything and yes everything is taxable, but then there are foreign tax credits and other credits of course, but yes you have to file and yes everything is taxable globally for us citizens. The tax credits only help, but won't bring your tax burden to 0% You will still pay some US taxes depending on your situation. I know this because i have foreign investments and offshore accounts(all legal). Even if you worked in a country with 0% income tax and you are a US citizen the IRS expects their share and you must file and pay US taxes on that income. You must report and the days of hiding money are gone since all governments and banks have to communicate now due to FATCA. This is also why some offshore banks refuse to have US citizens now as customers or raise their min required to deposit in an offshore account.