tag:blogger.com,1999:blog-8328075989473268266.post4269248723884326091..comments2024-02-28T20:58:21.904+03:00Comments on Life in Kuwait Blog: Kuwait is now complying with the IRS!!!Crazy in Kuwaithttp://www.blogger.com/profile/09438670456717426074noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8328075989473268266.post-83514640808897138412014-08-21T20:31:46.895+03:002014-08-21T20:31:46.895+03:00The foreign earned income exclusion is $99,200 thi...The foreign earned income exclusion is $99,200 this year which isn't too bad. Additionally, there are a number of very specific tax laws that pertain to inheritance, stocks, bonds, income producing properties outside the US, etc. And in many cases, as long as the inheritance is left by a non-US citizen to a US citizen but is not income producing and does not make its way into the United States, then tax payments can be avoided all together (a good Tax Lawyer can handle this). Also, those who own stock in foreign businesses which have no affiliation with an American business might also be able to avoid paying taxes on those stocks. Furthermore, the amount which can be present in a bank account at the end of the year (without being taxed) is much higher for a US Citizen who lives and works abroad and does not maintain a home inside the United States. Of course all of those scenarios require a qualified Tax Lawyer. But I don't think people should start stressing and tossing their blue passports in the trash can just yet. It's not as cut and dry as, "You're a US Citizen you're going to pay taxes on every dollar you have earned or have access to".American Girlhttps://www.blogger.com/profile/06809422190889376048noreply@blogger.comtag:blogger.com,1999:blog-8328075989473268266.post-56441012831552874592014-08-21T12:05:28.093+03:002014-08-21T12:05:28.093+03:00Maybe I should change banks? Contractors working o...Maybe I should change banks? Contractors working on the base are told to open NBK accounts, that is where their salary will go, we weren't allowed to have it deposited in any other one. I know a Kuwaiti dual citizen who is in the process of giving back his US pp because of this.Crazy in Kuwaithttps://www.blogger.com/profile/09438670456717426074noreply@blogger.comtag:blogger.com,1999:blog-8328075989473268266.post-70159053606406116992014-08-21T08:23:44.109+03:002014-08-21T08:23:44.109+03:00Dual nationals will fer sure give up their US nati...Dual nationals will fer sure give up their US nationality - especially once they start getting taxed for inheritance and on what they have in the bank - AND they have to file income tax on their salaries coming in or face fines/jail. It gonna get uuuuuugly.<br /><br />...and I'm SO GLAD I don't bank with NBK anymore. Woo hoo. Desert Girlhttps://www.blogger.com/profile/10654214615877870670noreply@blogger.comtag:blogger.com,1999:blog-8328075989473268266.post-30653767191083489312014-08-20T13:25:47.256+03:002014-08-20T13:25:47.256+03:00Probably very few will give up their US citizenshi...Probably very few will give up their US citizenship. They'll simply ignore it and carry on as usual.<br />Diplo_Daddyhttps://www.blogger.com/profile/12349376430486545451noreply@blogger.com