Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 07-31-2012, 01:53 PM   #141
Recycles dryer sheets
Join Date: May 2005
Posts: 132
Thank you. My wife was US citizen too, she died young so I am “surviving spouse” for most official purposes. And yes I’ve lived here long enough to qualify for anything...

My Medicare question was mostly academic, I would not be interested in traveling to the US for “free” healthcare since I can get much better in EU or Canada. I was mostly curious to see if the law punishes those that renounce US citizenship by denying them things that they are otherwise entitled to, or through other punitive taxation/confiscation. But it looks like you can collect your SS at 67 regardless of your status or place of residence. I’m already gonna have to forfeit my Canadian social security, because due to treaties I can collect the larger of the two but not both.

If I do renounce, I won’t be able to run my US business from overseas, so the 89 people that it employs will be affected more than I. Or I could stay here as an alien. Or if I could transfer ownership of my IRA to someone in exchange for cash I’d avoid the 50% exit tax. Lots of possibilities..

Free_at_49 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-31-2012, 03:04 PM   #142
Thinks s/he gets paid by the post
NYEXPAT's Avatar
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,072
Originally Posted by Free_at_49 View Post
As a full-time EU resident I would become taxable there on my worldwide income, so if I renounce my US citizenship...

-- Will I loose the Social Security payments to which I’m entitled?

-- Can I still keep my US IRA generating US income? I think it’s too expensive to cash out a large IRA due to income tax.

-- Will I still be eligible for Medicare should I choose to travel to the US?

Anybody with personal experiences?
Just curious, (if you care to disclose) what benefits are there in giving up citizenship? I get the part about living and having your assets off shored, but I really think multiple passports is always better than one?

NYEXPAT is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 11:00 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.