Should I become US citizen and leave?

[USEmerika]

The privilege of US citizenship comes with an added burden of full financial disclosure and compliance. This includes, paying taxes on worldwide income (above a certain threshold and adjusted for local taxes already paid). This is not the hard part because as someone mentioned, you get used to it, and once you file taxes in your "home" country, you just submit the tax filing to a US CPA who will convert to US tax return and let you know if you owe anything. However, you will need to disclose any foreign bank accounts, property holdings, and ownership and any businesses annually. Again, once you are in the habit of filing these are routine items

Issues arise if you have something to hide. If you have significant wealth that you are hiding overseas and would not like it to be exposed to US taxation, then you have a reason to give up your green card and just leave, because even as a GC holder you are subject to all of the above.

Good Luck

This all makes good sense. (Un)fortunately for me now, I am not a wealthy guy Should I ever become a rich guy, I will still retain the option of renouncing the citizenship.

The bottom line of this discussion is simply that it is beneficial to get US passport for me.

One more question. Upon naturalization, will my home country be notified that I acquired US citizenship? My country allows dual citizenships, but I still believe it is better when they don't know.

 

[JPBoston]

One more question. Upon naturalization, will my home country be notified that I acquired US citizenship? My country allows dual citizenships, but I still believe it is better when they don't know.

The US Govt does not inform any country when that country's citizen becomes a US citizen.