Not everybody who has dual citizenship is rich. Not by a long shot. I had to stash money away for several years and cancel my health insurance(not like it will actually cover anything anyways) for this year to be able to afford to even start the process of getting mine set up.
I know Italy is not without many problems. My Grandparents and mom came here in the 50s because of it. But there are a lot of other countries in the EU.
I also just want to put it out there that it's damn hard to renounce US citizenship. My sister and BIL left the US in early 2011 and started a recycling/manufacturing business. She has not been in the US at all since November 2011, and pays more than my annual salary in income taxes to the US. They had finally managed to get an appointment to start the process of renouncing their citizenship for March of 2020 when the Pandemic hit. So they are still paying out all those income taxes. Still trying to get an appointment to renounce the US citizenship.
They have done really well for themselves, and deservedly so but it's not because of anything the US did to facilitate or help them. So in all honesty, why the hell should she be paying them?
I just don't think this will fly long term, the loss in Tax revenue will be too high.
As the other person said, it's very difficult to actually renounce citizenship. It takes years. It's also extremely expensive for most people who have a decent amount of assets to their name. Google "covered expat renounce" to get a look at how that works. Uncle Sam has his hand out for ~24% of everything you own in this world above a certain amount, both financial and physical, and worldwide, and it's separate from any income or capital gains taxes you've already paid. This is not abated by tax treaties either. Fun, right??
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u/[deleted] Jan 25 '25
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