“The tax consequences of relinquishing and renouncing are identical. You can read more about them here (scroll down), but basically, if you’re wealthy enough, you’re a ‘covered expatriate.’ That means if you give up US citizenship or long-term US residence, you may have to pay an ‘exit tax’ on your unrealized capital gains. There are also unpleasant tax consequences for your IRAs, pension plans, and some trusts. Future gifts or bequests to future beneficiaries are penalized, too.  Expatriation is not something that the average journalist is equipped to write about. But because it’s politically controversial, the media, like moths drawn to a flame, can’t resist it.”

http://www.nestmann.com/and-the-media-gets-it-wrong-again

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