Becoming a US Citizen Rather than renew Green Card

[Wuozopo 4,285]

On 2/15/2018 at 3:03 PM, inneedofhelp said:

I would really like to understand the pros and cons on becoming a US Citizen from peoples experiences who have gone through the same process. My biggest concerns/questions would be about - 

 

Social Security - If I were not to become a US Citizen, would there be an issue later in life to claim the SS that I would have been paying for decades? I've heard different answers/opinions on this subject.

 

Passports - If I were to become a US Citizen, would I be able to have dual Citizen? Meaning would I have a UK passport as well as a US passport?

 

Social Security benefits are the same whether LPR or citizen. Get answers straight from the Social Security Administration   https://faq.ssa.gov/link/portal/34011/34019/ArticleFolder/485/Noncitizens

 

I am a UK citizen and have been a US citizen since 2012. I have passports for both countries.

i can enter the UK on my British or US passport. I have done both. 

I can enter the US only with my American passport.

You can inherit money from a UK relative. I have. I did not have to pay taxes on it. Cashing a large check issued in pounds sterling proved problematic. 

I can collect my UK state and private pensions in the US.

 

You are not taxed by both countries. You will file a US tax return each year you have earnings,  but if you were living and working in the UK, HMRC collects the tax money and the US return would be filed but probably show zero taxes owed UNLESS you are earning a lot of income per year abroad. (More that I would ever earn per year in the UK, but I do not intend to ever live and work in the UK again so not bothered.) 

Edited February 18, 2018 by Wuozopo

[Seabird 7]

A detail on taxes: let's not forget state taxes where you live, even if your native country has a reciprocity tax treaty with the U.S.

 

Say, you own some asset you inherited some time ago, and now decide to sell, some states will want to tax the gains on the sale.

 

--> Subject to careful verification with your our state of residence tax code...!

[dchamero 6]

1 hour ago, Seabird said:

A detail on taxes: let's not forget state taxes where you live, even if your native country has a reciprocity tax treaty with the U.S.

 

Say, you own some asset you inherited some time ago, and now decide to sell, some states will want to tax the gains on the sale.

 

--> Subject to careful verification with your our state of residence tax code...!

Another reason to live in a Tax free state, like Texas, Florida, Nevada, Washington, South Dakota, Wyoming or Alaska

[Seabird 7]

2 hours ago, dchamero said:

Another reason to live in a Tax free state, like Texas, Florida, Nevada, Washington, South Dakota, Wyoming or Alaska

 

I forgot to say, often, some amount of taxes are a good trade for quality of life, services.