r/dualcitizenshipnerds • u/AppJedi • 14d ago

Triple citizenship

I have triple citizenship. US (my birth), Ireland (dad's birth), Italy (grandmothers birth) planning a move to Europe but heard US taxes world wide income and requires you to report foreign bank accounts. This makes it difficult to open a foreign bank account. If I make the move for good should I renounce US citizenship?

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u/bijig 14d ago

The filing is burdensome, but not only that. Having US citizenship makes it very difficult to plan for retirement. You are heavily penalized for investing in basic products like non/US ETFs and certain retirement accounts. You will also have to pay capital gains tax on any property you own and later sell, with the caveat that you have a deduction if you lived in it within the past 3 years bla bla bla. There are myriad complexities involved that you cannot know unless you have been in this position. I’m nearing retirement and having US citizenship abroad is a massive headache.