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Dear David,
I am a Canadian and British Citizen with living in the US with a Green Card.
I am thinking of becoming a US Citizen, but am confused as to the
advantages/disadvantages to doing this. The only advantage I can see to
becoming a US Citizen is that with a Green Card I can only spend 180 days
outside the US at a time. Do I have to pay taxes to the US as a Green Card
holder working outside the US? Is it even possible to hold triple citizenship
with these 3 countries? Thank you in advance.
-Hoping to be Triple
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david ingram replies:
You can certainly hold all three citizenships. I have several clients that do and one ex associate who was all three and a CA, CPA and Lawyer at the same time.
The possession of a green card means that you are taxable on your world income for as long as you keep it. If you did intend to leave the US for any significant time, you can apply for permission to be out for a year and return. The Longest I have ever seen someone stay out and renew his extension (congratulations PB) was eight years. That person has since returned to the US and he and his family are all US citizens now but he was in Canada from 1990 to 1998.
The advantage of the citizenship is that you will be able to move around the world and go back at any time. Just remember one thing. You can give up your green card and will not have to fill out a US tax return for the rest of your life. Once you take out US citizenship, you will have to fill out UIS returns no matter where you live and no matter where the money comes from. You will not likely have to pay any tax (you can earn $80,000 US a year before you have to worry about foreign tax credits) but you will have to fill out the tax returns. And, if you give up the US citizenship to escape US tax, you can not EVER return to the US for a visit or on business.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
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West Vancouver, BC, CANADA, V7T 1A2
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
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David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
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