[Cris]

I left the U.S. in 2019 and I have no physical assets anymore. I do have all of my financial accounts in the U.S., with beneficiaries on each account.

My beneficiaries are all U.S. citizens as of right now.

I have no need for trusts, wills, etc. because I simplified my life radically. It’s great!

I will not renounce my citizenship because my US passport is considered of of the golden passports in the world.

There is a long list of visa exempt countries for US passport holders which makes traveling country to country easier.

I also want to keep all of my financials in the U.S. too.

[Lesley]

Note: Do not confuse residency with citizenship. I would never renounce my US citizenship unless the country I gained citizenship from prohibited dual citizenship.

[Lisa]

It’s always interesting to me how people talk about fleeing the US but they always want to keep their assets here.

I used to live in MX and I always found this to be interesting.

Is it because your assets are protected here?

But I digress…why would one ever consider renouncing their citizenship?

[Sarah]

I would think you need to consult an attorney in your future residence country as well as an expert in Expat law in the US.

[Justin]

I live in mexico full time as a Us citizen. Mexico does not honor foreign legal documents like this.

If you purchase assets abroad, it is reccommended you set up a legal will in mexico so things are passed down accurately.

not sure what you mean by your citizenship question, you dont lose your US citizenship unless you join a foreign army or something, its actually very hard to renounce your citizenship even when you want to, such as to avoid taxes.

[Roman]

You may want to Google “American Citizens Abroad” which is an organization that helps US expats with a range of questions and issues.

One of your biggest issues is going to be US taxes, and it’s even worse if you make 6 figures.

H&R Block can assist you with taxes even if you live abroad assuming your return is pretty simple, otherwise you’re going to need to find a good accountant with expertise in US taxes.

[Aparna]

Your documents drafted in U.S don’t usually hold value in other countries (unless maybe there is some agreement). A friend once moved out of U.S. and he needed his house sold.

So, he had to draft the PoA based on his residence country and send it to us and we had to get notarized here in U.S because they notarize it where the receiver of PoA is.

The notary was very suspicious as he had not seen such a document before.

When I was giving PoA to my dad in India, I drafted it in U.S format and he had it notarized in India.

The notary in India was cool with the format as they see formats from
Multiple countries.

So, how easy it is, will also depend on whether the country’s systems are used to dealing with documents from other countries.

[JJ]

Also, the US follows citizenship based taxation, which is absurd and horrible as an expat.

Look into it before taking a decisions.

[Damon]

You always get professional advice in both places, especially for assets held in foreign country.

Won’t renounce because of tax considerations.

[Ruby]

I’d renounce to my beloved Colombian passport before I renounce to my US passport!

It is so valuable to travel and go to most countries without a visa!

[Karolina]

Do not renounce your passport since it makes travel so mich easier. Unless you need another citizenship and dual is not allowed.

Both me and my kids have dual and easy access to EVERY EU country for pemanent/long stay…and easy travel to 98% of the world…the 2% I have 0 intrest in.

As far as the eststw planning you will have to talk to a estste layer that is familiar with laws of both countries.

[JJ]

Estate planning will depend on the country you take residency. And as a resident, you m/your estate will follow their rules (even if your money is held somewhere else).

[Stephanie]

My parents moved from CA to CO and had to redo their trust. I can’t imagine that US estate docs, or a trust, at least, would hold up in a foreign country.

I’d consult an estate attorney in the country you’re planning to live.

[Lax]

Don’t forget to get
Google Voice number before you leave and connect all your accounts to that number as Google will never let you get number from outside USA
Schwab checking which has ATM fee reimbursement

[Author]

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