Is there any sort of US citizenship downgrade that will allow me to have US bank accounts, own property in the US, act like a permanent green-card, have a US PO Box and at the same time I wouldn't have to pay taxes to the US since I wouldn't be living here or even making use the government-programs? I plan on moving to either Canada, Australia, New Zealand, UK, Ireland, France, Italy, Belgium, Austria, Monaco, Andorra, Germany, or some other EU nation sometime in the coming 5 or 6 years, so I wouldn't want to be paying taxes to the US Government. At the same time, I heard stories on how some people renounced and gave up citizenship and they were never allowed back into or onto the US. So is there any sort of way I can not have to pay taxes to the US government when I relocate once I have my European citizenship and employment worked out by 2015 to 2017? Awesome information. This helps a lot. Now I have more information to work with when I plan my relocation.
Immigration - 1 Answers
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If you are a U.S. citizen living outside the U.S., you can renounce your citizenship and avoid payment of income taxes on your world-wide income. Of course the consequences of renunciation would be that you would instantly be an alien. Unless you could get a passport from another country, you would be stateless. You would also be permanently inadmissible to the U.S. under section 212(a)(10)(E). If you believe never being allowed back into the U.S. is a small price to pay for avoidance of filing form 1040 as a non-resident, then god speed. You need to investigate the tax laws a little more. U.S. citizens who live outside the U.S. have an exemption from taxes on a part of their income. It used to be the first $80,000 was not taxed, but it may have changed.
