Re: How do taxes work for an American living abroad?
I am currently living/working in the Netherlands as a legal resident, but am a U.S. citzen. As a U.S. citizen, you have to file every year, but do get an exemption on the first 80k you make working in that country. Anything over that you have to pay taxes on. BUT (and this is a big but) you can get a tax credit for the taxes payed in the country you are living in if it does have a tax treaty with the U.S., which many countries do.
That said, I do not think that taxes are your biggest concern. It isn't very easy to just move to another country and take up legal residence. And if you are not legally living in a country then you are not going to be paying taxes there, thus not eligible for the foreign tax exeption.
If you really want to live abroad I would suggest doing some research on how you can become a legal resident in another country. It isnt as easy as you may think. Esspecially if you are not in a career path that adds value to thier country.
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06-08-2005, 09:20 AM
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