[ HTJ Podcast ] Second Passport or Residence. U.S. Taxes?

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DERREN JOSEPH:

So, if I get a second passport or residency somewhere else outside of the US and I’m an American citizen, can I stop paying US taxes? Now that surprisingly common question, and unfortunately, sorry to be the bearer of bad news, but you should not because even though you may have a second passport, and I know the Caribbean is super popular right now, or you have a second residency, whether you are in Barbados or you’re in Panama or you’re in Portugal or you somewhere else in Bali, Indonesia, wherever you are, you’re still subject to taxes in the United States. So, you still must file and pay your tax system. Because as I mentioned before, the way round that is you must surrender your US passport. And I know that’s a huge step, but we help probably three or four clients every month give up their passports to green cards. So, you need to surrender your US passport and get a CLN, a certificate of loss of nationality to evidence this, and then you’ll be free. Except for US source income would still be taxed, but your worldwide income would not be subject to US taxes. Alternatively, if you have a green card, you’re a lawful permanent resident. You need to surrender that green card and get I407 to evidence that you have done this, and then you will sever US tax residency, and then unless until that happens? you are under the US tax laws as they apply today, sorry.

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