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Filing Taxes As An American Living Overseas
"Move to the Cayman Islands!!! You don't have to pay any taxes!"
Sign me up!! I'm in!
When I was moving overseas to the Cayman Islands in 2013, all I heard from friends who lived there was how I didn't have to pay any taxes. All of the money I made would go directly into my pocket!
If this wouldn't make people pack up their bags and move to the Caribbean, I don't know what would.
What my friends failed to tell me was that I still needed to file my taxes. Or that there were extra documents that needed to be filed if I had foreign bank accounts with over $10,000 in them (it's called an FBAR, by the way, and needs to be filed even if you've asked for an extension.) They also didn't tell me that there was a limit on the income you could make and if you were over that limit, you'd have to pay taxes on that additional amount. Back in 2013, the limit was $99,000, and it changes every year.