Americans abroad: US plans to drop citizenship renunciation fee
www.euronews.com
US plans to drop fee from $2,350 to $450 as expats say they are ‘forced against their will’ to maintain citizenship.
  • ALERT@sh.itjust.worksEnglish
    11·
    1 year ago

    In a third-world country Ukraine, where I live, the government protects citizens from double taxation even while they are abroad. This is very odd that the US forces its citizens to live in the US. Does this mean that as a US citizen living in, say, Germany, you pay ~42% tax in Germany and ~30℅ afterward for the US? O_o

    • greenteadrinkerEnglish
      3·
      1 year ago

      There’s the FEIE in the US. Basically, in 2023, if you live and work abroad, you do not have to pay any taxes for any income you have earned below ~$120K

      FATCA in the article I believe is referring to the responsibility that foreign financial institutes (think banks) have to report your assets back to America

      So to answer your original question, you probably won’t get double taxed unless you make a high enough salary