Originally Posted by Ed_The_Gypsy
I have some friends who are seriously considering leaving and renouncing their US citizenship. Apparently it is not very difficult for us little guys, but that is not for us.
Renouncing US citizenship is quite difficult. First you need to get another citizenship as the US won't let you go without it. Then you need to file the required expatriation forms with IRS and the State Dept and pay the $2.5k fee.
For people that are already dual citizens it isn't so difficult, but if I was to move back to the UK I would not renounce my US citizenship as with a little planning it doesn't pose much of a difficulty.....even with FBAR and FATCA regulations.
OCCUPY ER, <=>
"The needs of the many outweigh the needs of the few, or the one." - Spock
Retired Mar 2014 at age 52
Target AA: 70% equity funds / 28% TIAA-Traditional/ 2% cash
Target WR: 0.0%,
Income from pension, rent, and eventually SS