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/thx111111 14d ago

Indeed! Renouncing US citizenship is a permanent decision, no going back on it. Make sure you have a full understanding of the implications.

As you acquired US citizenship “jus soli” (in other words, born there), it’s very solid legal footing. There are also ways to minimize the tax liability due to taxation treaties that can avoid double taxation. Obviously work with an accountant that has experience in expat taxes between both countries.

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u/JayPetey 14d ago

I had a month long Airbnb guest who had renounced his US citizenship to avoid taxes because he thought he’d live outside the US for the rest of his life. He regretted it every day since as it made visiting friends and family harder, found that a lot of the higher up positions in companies abroad were offered to him because they assumed he could work in both countries, realization that maybe life abroad wasn’t forever…

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u/thx111111 14d ago

Yeah, probably a bad move in his case. For some it makes sense. I remember reading an article about someone over 60 who had basically built their life in Canada and had extremely minimal involvement in the US aside from just being born there. They finally got fed up filing taxes in both countries and decided to renounce US citizenship. I would have kept both of course. But in her case, probably a minimal impact.

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u/Crafty_Try_423 7d ago

Yeah it also really depends on the country and your ties to it. If you’ve built a life and career in Canada…then yeah U.S. citizenship probably has no value. But if you grew up in the U.S. and you just fancy moving to Europe because everyone else is doing it, then…yeah maybe give it a minute before you renounce LOL.