Worth It to Give Child US Citizenship?

[HolyCowCm]

24 minutes ago, Marc26 said:

Basketball, she played in school so likes it

She'd commit suicide before she'd agree to go to a football game  555

Tell her you will gladly go to a badminton game if she reciprocates. Or chairball. She will know what chairball is. 

[Marc26]

38 minutes ago, HolyCowCm said:

Soccer not so much for my son, but he does follow a bit as is Thailand, and for my daughter absolutely not. But their US passports also do open up travel to other countries very easily for them, so that is another benefit for them. BTW, did you read about the Biden push to have the i r s able to monitor any account that has more than $600 in it? Transactions and deposits are informed as well. The screws are being turned on everyone who is a citizen. 

When I moved to Canada I had no idea I needed to report my regular Canadian checking account 

They were threatening to fine me 50% of the highest balance it had

It was clear it was only an honest checking account used for every day life

They ended up not fining me, but so ridiculous 

[Marc26]

34 minutes ago, HolyCowCm said:

Tell her you will gladly go to a badminton game if she reciprocates. Or chairball. She will know what chairball is. 

I think she has PSD from me watching NFL all day on Sundays 555

 

Oh and waking up at 1/4am to watch Patriots when I was living in Thailand! 

[DiggR]

https://th.usembassy.gov/u-s-citizen-services/child-family-matters/

Cutting thru all the misguided info, this is the link for requirements to register your qualified child.  A passport is not part of the process but can be obtained for a fee when desired.

 

 

[Americanbob]

Don't US citizens owe tax to the US regardless of where they live, for their entire natural lives? f*** me.. I wouldn't stick my kid with that... Not sure if it applies in your situation..

[HolyCowCm]

24 minutes ago, Marc26 said:

When I moved to Canada I had no idea I needed to report my regular Canadian checking account 

They were threatening to fine me 50% of the highest balance it had

It was clear it was only an honest checking account used for every day life

They ended up not fining me, but so ridiculous 

I have read some serious horror stories of wiping out big portions of b accounts. Too much power. Even F BA R is a pain. Thai accounts virtually make no interest as it is sucked back by them at end of year so is ridiculous. Things are getting tighter for sure, especially with AI coming into focus. This is where technology sucks.  

[HolyCowCm]

3 minutes ago, Americanbob said:

Don't US citizens owe tax to the US regardless of where they live, for their entire natural lives? f*** me.. I wouldn't stick my kid with that... Not sure if it applies in your situation..

Expats have a threshold of I think $107k of not taxable. But SS would be something but also can scoot past that. The biggest thing is to file taxes if you made anything or have bank accounts. But doesn’t mean you will pay anything as is just a report. 

Expat professional Quote: .If you work for a foreign company (including your own) and follow foreign Social Security laws, you are not required to pay additional US Social Security tax.

[DiggR]

19 minutes ago, Americanbob said:

Don't US citizens owe tax to the US regardless of where they live, for their entire natural lives? f*** me.. I wouldn't stick my kid with that... Not sure if it applies in your situation..

Bob, first $108700 of international income is tax free if you meet the requirements

[Marc26]

3 minutes ago, HolyCowCm said:

Expats have a threshold of I think $107k of not taxable. But SS would be something but also can scoot past that. The biggest thing is to file taxes if you made anything or have bank accounts. But doesn’t mean you will pay anything as is just a report. 

Expat professional Quote: .If you work for a foreign company (including your own) and follow foreign Social Security laws, you are not required to pay additional US Social Security tax.

The 107k non-taxable is great if you work in the oil field or somewhere that doesn't tax you

Or in countries like Asia who have much lower taxes, it will lower your tax owed 

But if you live in a country like I do, Canada, which has higher or equivalent tax rates ,you miss out on that tax free 107k

 

PS....I think it's absurd we are taxed at all  by the US if we live and work outside the US, it's like the mafia! 

[HolyCowCm]

13 minutes ago, Marc26 said:

The 107k non-taxable is great if you work in the oil field or somewhere that doesn't tax you

Or in countries like Asia who have much lower taxes, it will lower your tax owed 

But if you live in a country like I do, Canada, which has higher or equivalent tax rates ,you miss out on that tax free 107k

PS....I think it's absurd we are taxed at all  by the US if we live and work outside the US, it's like the mafia! 

There are still taxes to pay here. So yeah it is sort of all relative in a way.
Thailand = Anything over $60k - say $120k is 30% here on the books and over that 35%. There are deductions you can do if have them. I don’t file here so would need to look more into it. But I just file as am always clear. 

There is a system you can work that negates any tax if you pay equivalent or more to a foreign tax system. I think Thai if she a lot shift things in certain ways to not get raped. Not sure but equity earned on stocks may not be taxable here. But I do agree with you, but if you stay out of the USA 11 months a year then you are an expat. 

[Marc26]

1 hour ago, HolyCowCm said:

There are still taxes to pay here. So yeah it is sort of all relative in a way.
Thailand = Anything over $60k - say $120k is 30% here on the books and over that 35%. There are deductions you can do if have them. I don’t file here so would need to look more into it. But I just file as am always clear. 

There is a system you can work that negates any tax if you pay equivalent or more to a foreign tax system. I think Thai if she a lot shift things in certain ways to not get raped. Not sure but equity earned on stocks may not be taxable here. But I do agree with you, but if you stay out of the USA 11 months a year then you are an expat. 

Yes it's called a tax treaty so you aren't double taxed

You don't have to pay taxes in the US if you paid the equivalent in a foreign country 

You still have to file US taxes but your obligation is paid off

And you can gain some tax credits to apply to future if you are in a country that pays less 

 

 

[HolyCowCm]

13 hours ago, Marc26 said:

Yes it's called a tax treaty so you aren't double taxed

You don't have to pay taxes in the US if you paid the equivalent in a foreign country 

You still have to file US taxes but your obligation is paid off

And you can gain some tax credits to apply to future if you are in a country that pays less 

So not really all that bad if you look at it that way to have a US passport.

[Marc26]

5 hours ago, HolyCowCm said:

So not really all that bad if you look at it that way to have a US passport.

It's really bad! But again, only as you are older and start accumulating assets, possibly getting into business ownership

 

I stated above but a few really onerous situations:

 

Capital Gains.......If you sell a house where you live, don't have to pay capital gains in that country, but have to pay capital gains to the US, for a house in another country

 

Business ownership..............I was going to get a % of a company I was going to go work for. Similar to above, in Canada you have a one-time exception to not pay capital gains on selling a business/business stake(up to 1mil I believe) but would have to then pay capital gains to US

 

Compliance.......I have friends who run a very successful hedge fund. Not only won't they take my money, they won't even take my wife's money(Thai passport) because she's married to an American and their reporting/compliance obligations for US client is too onerous.costly

[HolyCowCm]

42 minutes ago, Marc26 said:

It's really bad! But again, only as you are older and start accumulating assets, possibly getting into business ownership

I stated above but a few really onerous situations:

Capital Gains.......If you sell a house where you live, don't have to pay capital gains in that country, but have to pay capital gains to the US, for a house in another country

Business ownership..............I was going to get a % of a company I was going to go work for. Similar to above, in Canada you have a one-time exception to not pay capital gains on selling a business/business stake(up to 1mil I believe) but would have to then pay capital gains to US

Compliance.......I have friends who run a very successful hedge fund. Not only won't they take my money, they won't even take my wife's money(Thai passport) because she's married to an American and their reporting/compliance obligations for US client is too onerous.costly

Yes sounds sour for you. As I had stated just last month doing the obligatory bank doc for the immigration yearly thing, my bank here because I have a US passport made me give my SS number and sign it for the you know who in the USA + stinky suspicion they also gonna use it to spy as you have to sign. Now they have the ss # and I had zero rebuttal to say no. Catch 22. I was upset and f-n pizzed off. Take a look at tax laws for foreigners here. Anyone over 180 day stay (not consecutive) on anything made outside. If pushed there are no ifs ands or buts. I will help my kids plan for an easy way. It is not just yanky doodle trying to hustle the money. 

[Vince]

On 7/3/2021 at 9:16 PM, 9S_ said:

Is it worth it, in the long run, to give your child US citizenship? So they’ll be both citizens of Thailand and the US

Personally I’m not allowed to invest in non-US based entities without having to deal with the IRS. My fear is the my child when she grows up will face the same issues. Also she’ll have to file every year and do the FBAR. 
 

Any benefits at all?

Give her the choice. She can renounce it if she wants later as an adult. 

[Vince]

On 9/26/2021 at 7:36 AM, HolyCowCm said:

Tell her you will gladly go to a badminton game if she reciprocates. Or chairball. She will know what chairball is. 

Whoa cool. Chairball! I just looked it up :-) 

 

 

[HolyCowCm]

12 hours ago, Vince said:

Whoa cool. Chairball! I just looked it up :-) 

Yeah, one of them long time standing sports the that is played here at schools. Not sure how it came about, maybe lack of a real basketball courts and improve. Also played with adults for some business festivities.

[Vince]

6 hours ago, HolyCowCm said:

Yeah, one of them long time standing sports the that is played here at schools. Not sure how it came about, maybe lack of a real basketball courts and improve. Also played with adults for some business festivities.

It seems like a fun game. What other games are popular? 

[HolyCowCm]

17 hours ago, Vince said:

It seems like a fun game. What other games are popular? 

Balloon with rubber band put around your ankle and then it is a free for all for who can step on the other persons balloon. Last one with their ballon intact wins.

[Vince]

7 hours ago, HolyCowCm said:

Balloon with rubber band put around your ankle and then it is a free for all for who can step on the other persons balloon. Last one with their ballon intact wins.

What's it called? 

[HolyCowCm]

33 minutes ago, Vince said:

What's it called? 

Balloon stomp but it maybe done in many countries so not only unique to here, but fir here they do it at schools and activities and it is a real young kids party game. I never saw it until being here. 

[Vince]

5 minutes ago, HolyCowCm said:

Balloon stomp but it maybe done in many countries so not only unique to here, but fir here they do it at schools and activities and it is a real young kids party game. I never saw it until being here. 

Seems like it would be a fun game to play in a crowded bar once the COVID is over :-)