Quote:
Originally Posted by zikzak
You don't need to renounce your citizenship to go live in another country where you also have citizenship. You just quietly file those documents away for the time being. There just aren't very many reasons where renouncing makes sense. You can't undo that. What if the US ends up totally awesome in 20 years but you can't move back because you burned that bridge for no damn good reason at all?
The main reasons would be financially related. Depending on which country you live in, you may be subject to double taxation if you make over a certain amount of money. Thankfully, the UK (and most of Europe I believe) has a tax treaty with the US to prevent double taxation of US citizens. I also don't believe I make enough money to pay taxes to the US anyway.
New laws also state that any bank account with more than $10,000 or its equivalent in foreign currency needs to be disclosed to the US government. They claim that it's a way to prevent money laundering or some nonsense like that but the truth is that they want to monitor your finances more effectively.
In the unlikely event that something extreme happens like reinstituting the draft or requiring that people living overseas return to America under threat of legal action, then yeah I'd have to renounce.