Renouncing your US citizenship is hard, expensive, and has been getting harder and more expensive all the darn time.
If they make losing your US citizenship easy/automatic as part of passing this new law (as many other countries do,) the US is going to lose a lot of citizens, including quite a lot of HNW people who have Caribbean passports. It's the "US Citizens are taxed globally" thing, mostly.
I think there are easy ways around this, if counterparty nation states will not share your citizenship details with the US government and you don't transit the US on a non US passport.
Maybe 20 years ago, but considering the combination of surveillance capabilities and llm workflows with the political climate, I don't think that will remain true.
Renouncing your US citizenship is hard, expensive, and has been getting harder and more expensive all the darn time.
If they make losing your US citizenship easy/automatic as part of passing this new law (as many other countries do,) the US is going to lose a lot of citizens, including quite a lot of HNW people who have Caribbean passports. It's the "US Citizens are taxed globally" thing, mostly.
I think there are easy ways around this, if counterparty nation states will not share your citizenship details with the US government and you don't transit the US on a non US passport.
Maybe 20 years ago, but considering the combination of surveillance capabilities and llm workflows with the political climate, I don't think that will remain true.