What are the drawbacks to renouncing U.S. citizenship
October 13, 2011 7:53 AM Subscribe
Thinking of renouncing U.S. citizenship. Can you think of drawbacks I haven't considered?
posted by Anxietygirl to Law & Government (21 answers total) 9 users marked this as a favorite
I'm 45. I've lived in Canada for 44 years, and am also a Canadian citizen. Have U.S. citizenship because I was born there, and one of my parents is American.
I'm seriously thinking about renouncing my U.S. citizenship. The tax filing requirements (and FBAR reporting, which feels like such an invasion of privacy) are time-consuming and expensive, and it feels like the tax laws are always changing in the U.S. Since I'm never there (and don't have any connections to the U.S.) I'm worried I'll overlook something that impacts me.
I can't really see any drawbacks to renouncing my U.S. citizenship, but maybe I'm overlooking something? Just wondering if anyone else has gone through this thought process before, and what they came up with.
It would be no change for me, as far as I can tell. My life is in Canada - my family is here, my work is here. I have no memories of living anywhere else, and no desire to live anywhere else.