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Old 07-31-2012, 01:53 PM   #141
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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..

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Old 07-31-2012, 03:04 PM   #142
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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?

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