I think you're a US citizen, unless and until you renounce, as far as the US is concerned? If you pick up a second citizenship (like Brit), I think it's more-or-less irrelevant to the US government? Except for security clearances and such, where it will be an issue.
The US will still want taxes on your worldwide income. Security clearances, it may affect trusted traveler (Global Entry and Pre), certain other benefits. Get good legal advice if you do business with the government as a contractor or have certain federal licensing where citizenship is restricted (private pilot should not be an issue).
I believe the process would begin with a residency visa and work it’s way, eventually to citizenship
You’re going to want to eventually renounce your US citizenship as Uncle will still want income tax until you do. (Not a joke).
Yep, on both counts. Some places will restrict residency visas - and some will grant so-called "golden visas" for making a certain amount of investment in the country. The length of time between residency and citizenship depends on the country, and some countries have a minimum percentage of that time you must be resident in the country.
The FATCA (foreign account tax compliance act) is catching people by surprise worldwide.
If you successfully move, and gain employment and eventually citizenship in another country, tossing your US citizenship is something to consider.
This isn’t direct advice, just a point to ponder.
Important to note: make sure you understand how renouncing will impact not only the taxes but also any benefits (like pensions or social security or medicare).
Also note that there either is - or is being considered - a fairly steep "renunciation tax" due to the US because the presumption is that you are giving up your US citizenship specifically to avoid taxes.
And, don’t even think of driving over the speed limit. They have traffic cameras. Evil things, traffic cameras.
Come to DC for a visit sometime, Spike. Traffic camera of the US. Red light cameras, speed cameras, now stop sign cameras and they're supposedly working on crosswalk cameras.
Evil, evil, evil.
My understanding is that as a US citizen, the taxes on the money you make in Australia can be paid either to the US, or to Australia per the treaty. I haven't actually had to deal with that yet, but it will become an issue at some point.
Be careful to understand the rules. The US taxes worldwide income, but allows a certain amount of credit for taxes paid to foreign countries. IIRC, there is a limit, but I don't know about Australia specifically. It can bite you in some places where the foreign country only taxes you on income earned there but the US taxes on worldwide income, so anything "earned" outside of the foreign country gets taxed by the US. I am also aware of a few situations where there is double taxation.
Good legal and accounting advice needed....
And there were some towns/countries that would pay/incentivize you to move there....
