expat moving back to the usa

And if anybody knows post the list of countries that have this agreement... Whatever that is really, sounds like some countries have an agreement to where you only need to file in the current country you are living in. How they would work that out I don't know but want to hear more about this if someone knows. Only thing I remember reading up on was people living abroad on a fixed income like retirement or disability.

I don't know of a list but here in the Dominican Republic they signed the agreement with the US 5 or 6 years ago and this year for the first time they are reporting bank accounts to the IRS.  We had to fill a form and report our interest earnings to the IRS this year.

Bob K

graciegjj wrote:

What would happen to a person who doesn't file it for the US but only for the country they live in work in...? Would they be forced back and sent to prison or what?? Or just harassed? This is interesting, sounds like she is not in trouble, they said it was fine and she could deal with it when she goes back.

A USA citizen, even if holding dual citizenship, must report as required and pay taxes as required on all worldwide income, there is no choice involved.  If one does not do this huge fines and penalties and interest will accumulate, resulting in attachments to wages, pensions, SS benefits etc until the balance is zero.  Unless fraud or large amounts are involved it is doubtful the IRS would attempt to have one arrested and extradited from overseas, but they will do what it takes to get their money.  So the probable result will be more than harassed but less than prison.

Bob K wrote:

I don't know of a list but here in the Dominican Republic they signed the agreement with the US 5 or 6 years ago and this year for the first time they are reporting bank accounts to the IRS.  We had to fill a form and report our interest earnings to the IRS this year.

Bob K

The list is available on the IRS website, along with lists of the banks in countries where the country did not agree but some banks have.  (Ecuador).  Tax treaties are also available.

Thanks for the info

Bob K

Probably contacting a professional about your questions would be a good idea, graciegjj. Tax law is intricate and complex.

KSA recently did or is about to. There is a lot of education going on now for Saudi's who hold US passports, greencards, or were born there about US tax law and that they are required to pay taxes even if they never set foot in the US again.....in

I guess one could give up there citizenship if they wanted. . . Then just pay taxes in the county they work and live.. Of course only if they really think this could be a permanent thing... Which leads me to a question, let's say someone gives up there US citizenship would it be easy to get it back if they wanted to do so some years later??

graciegjj wrote:

I guess one could give up there citizenship if they wanted. . . Then just pay taxes in the county they work and live.. Of course only if they really think this could be a permanent thing... Which leads me to a question, let's say someone gives up there US citizenship would it be easy to get it back if they wanted to do so some years later??

It costs thousands of dollars and could also result in additional taxes, depending on your net worth and the nature of your assets.  Once you give up your citizenship you become a member of whatever new country you chose to join.  You will have no special pathway back to USA residence or citizenship.

Thanks!!

graciegjj wrote:

Thanks!!

You are quite welcome.