Dual Citizen living in Canada: Questions

[nelsona]

You may discuss what you wish. I just choose not to participate. I hold no admin rights on this site.

[Tweenie]

Dalthien - Thanks so much for the tips (sorry for my tradiness in replying as I have been on a vacation thus not checking the blog). Nelsona suggests that I only have to file three years to get current with the IRS but then I will also be required to file every year thereafter for the remainder of my life (I am only 47 so hope tis will be many years) and there also would likely be estate related filings my excutors would then have to handle. I have no children (only a stepdaughter who would not be entitled to citizenship thropugh me) and am a few years (say 5) from early retirement (assuming my investments cooperate) so know I have absolutely no intention of ever living or working in the US (although I do like to visit as a tourist).

I understand I would not be entitled to any social secirty benefits in the US so I see no reason to retain this unwanted citizenship with fiarly onesided expectations of me as a citizen so will proceed to renounce once I am caught up with the IRS. I am meeting with a US tax advisor in the next couple of weeks to understand any potential liabilities.

Thanks again for the link.
Tweenie.

[rdneu_56]

I think at this day and age, every US citizen living abroad is forced to consider renunciation. I am saying this because I already see financial institutions around the world that simply refuse US citizens as clients. The main reason is the cost of compliance with US regulations. This is now even front page news in Canada:
http://www.theglobeandmail.com/report-o ... le2169050/
Now ask yourself, will this get better or worse in the future?