Financial markets around the world reeled following President Donald Trump’s latest and most severe set of tariffs, and the U.S. stock market took the worst of it.
That wouldn’t effect legal agreements. if he’s still the owner of the accounts the are still enforced, at least when there was a functioning system in place to enforce contracts with in the US legal and banking systems.
I don’t know either. I imagine it just lives on. I can’t put money in them now from Japan anyway (well, unless I want to pay some taxes in the US on top of what I pay here; no thanks). I can’t use Japan’s equivalent either since the US tax authorities will massacre you with paperwork and fines (PFICs). If social security still exists, I worked long enough in the US to get that and it doesn’t matter for that if I renounce.
If social security still exists, I worked long enough in the US to get that and it doesn’t matter for that if I renounce.
Well, hope they won’t change the rules around that if it does still exist by the time you retire. Though generally such things aren’t done retroactively I believe. Once you’ve earned it, you’ve earned it. Even if rules change for future folks. At least in sane countries, but of course we’re talking about the US…
There is a totalization agreement with the japanese govt, so I could theoretically do something before renouncing, but I’ve never looked into it. I liked the idea of having both for diversity and safety
What happens to your 401k and IRA if you’ve moved abroad and renounce your citizenship? Will it ever be paid out?
Not an American so I honestly don’t know.
That wouldn’t effect legal agreements. if he’s still the owner of the accounts the are still enforced, at least when there was a functioning system in place to enforce contracts with in the US legal and banking systems.
I don’t know either. I imagine it just lives on. I can’t put money in them now from Japan anyway (well, unless I want to pay some taxes in the US on top of what I pay here; no thanks). I can’t use Japan’s equivalent either since the US tax authorities will massacre you with paperwork and fines (PFICs). If social security still exists, I worked long enough in the US to get that and it doesn’t matter for that if I renounce.
Well, hope they won’t change the rules around that if it does still exist by the time you retire. Though generally such things aren’t done retroactively I believe. Once you’ve earned it, you’ve earned it. Even if rules change for future folks. At least in sane countries, but of course we’re talking about the US…
These rules aren’t set by God. Earning it is pretty meaningless.
There is a totalization agreement with the japanese govt, so I could theoretically do something before renouncing, but I’ve never looked into it. I liked the idea of having both for diversity and safety