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I'd take dual, keep the optionality. Not sure what the tax implications are though.
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Thanks for the reply, that is an extremely low figure!
There is no double taxation at all. The rule is 130k 0% us and whatever the local tax is. >130k the us very very likely has a treaty and so you'd pay the local tax first and top up anything extra up to the effective us amount
Depends on the country you'' reside in in Europe. Many EU countries have a tax treaty with USA and you'll only pay in the Euro country. If its a non treaty country thats when you pay double on everything over 130k. I say this as a rootless international individual with an IQ approx between 125-128, a Porsche, tri citizenship (USA/Israel/Portugal), and a 9/10 queen of a girlfriend.
Was on a similar boat and ended up rejecting it. Getting the citizenship forces you to work in the US for life, given how the threshold for double taxation is quite low for what you could earn in IB.
As such, the question you should ask yourself is whether you see you living in the country for the next 20 years at the very least.
As a side note, keep in mind that the US does have many more opportunities, and higher earning potential. As negatives it is much easier to get fired during bad times (especially vs working in continental Europe), and your school may not be known which will limit your opportunities. Culture wise Europe is more bureaucratic, the US more political.
I seriously appreciate the insight so thank you in advance for the reply. The tax liability is an absolutely massive drawback, and I've just been told that double taxation begins at $130.000 which is actually incredibly low.
I think I need to stop reading the "NYC is paradise" threads and think about the implications of US Citizenship in the long-run. That college comment too was incredibly intelligent, so thanks in advance for that too.
US/European country dual-citizen here.
Are you sure you are not already a US Citizen?
I was born outside of the US, but because my father was a US citizen, I automatically became a US citizen at birth.
My parents never applied when I was born, so whilst I was technically born a US Citizen regarding my father, the paperwork was never materialized.
Multiple passport holder here, among others also US.
1) taxes are higher for me and the above comments are correct. the threshold is low for finance jobs. you will pay more in taxes regardless of some agreement.
Not only taxes, you have to declare your worldwide income to the IRS; there is foreign income exclusion but be careful how it affects your global tax planning.
I also meet the IRS substantial presence test (x number of days in the US within x years).
2) If you run for office, multiple passports might be an issue. You can renounce the difficult ones though.
3) If you have enough passports and languages and have lived/worked in enough countries... certain employers may show an interest in you. You will be eligible for more jobs in certain sectors.
4) You become eligible for US security clearances. With more seniority and experience some roles or clients may require you to hold high-level clearances, this can include some roles within finance. Please note that many clearances exclude dual-/multi-citizenship holders as they may pose a challenge to your unquestionable loyalty to the US.
This doesn't have to be national security or defense.
Even a deal on SpaceX would require this as their rocket technology is classified as such.
This is absolutely fantastic, thank you! Would you mind disclosing the exact figure in which double taxation begins, giving your experience.
I have added 4) in my post, forgot to finish it before I clicked submit. Apologies.
Not going to explain anything regarding international taxes/IRS, it is way too complicated. But here is the link:
https://www.irs.gov/individuals/international-taxpayers
Contact them BEFORE doing anything.
ALL of my finance or management mandates were affected by the IRS. I don't believe anybody would be below the threshold.
What many people don't know is: if you ever decide to renounce your US citizenship, there is a potential fee to become "tax compliant". It is not just the 2,300$ admin fee. I know an expat in the UK who was charged a high amount by the IRS for renouncing his US citizenship.
https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
I would literally kill to be able to work in the US instead of being stuck in central Europe. So from my point of view, you should make use of that opportunity.
And if anything fails you could still just renounce your US passport and return to Europe right? To me it seems you have limited downside but unlimited upside
Very interesting, may I ask what you dislike about PE in Europe, or is it just the change of scenery?
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