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I am a card holder in the USA from the UK. I am going back…

I am a green card...
I am a green card holder in the USA from the UK. I am going back to the UK later this year. What are the tax benefits or not of becoming an American Citizen? I have been here 37 years and want to be sure I get my social security plus I have significant investments here. I will be semi retired when I move back so not earning much - maybe $25,000 a year tops. I have received mixed feed back about becoming a citizen or not.
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Answered in 10 hours by:
3/19/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,206
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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US citizens and Green Card holders are taxed on their WORLDWIDE Income. Even if you moved from the US and did not intend to come back, if yo are a US citizen you would still be required to file a US tax return each year and report. While you may be allowed to use tax treaty and credits to pay no tax you would still be required to report plus you stay under the foreign reporting of bank accounts rules. If you did not file and report you could be fined a very large amount.

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Customer reply replied 4 months ago
Hi Robin
This does not answer my question really. If I dont become a US citizen and my green card expires, and I am in the UK, then what? Like I said I have substantial retirement funds in the USA. Several people who are not tax advisors have advised me to become a citizen to make sure I have full protection and maximize my options. Even tho I will file taxes in the UK I will not be double taxed.
Do you have any further advice?

You would not be double taxed anyway. A non resident does have a 30% withholding on pensions and US sourced income but a US citizen still has to pay tax on the distributions anyway. Either way the US will expect tax on the pensions because they are US Sourced.

The tax treaty between the US and the UK covers that for you (double taxation).

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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Customer reply replied 3 months ago
HI
No, you are being very helpful, thank you. I understand that I will get taxed on any income from the USA once I am in the UK as a resident alien, or not. I also understand the treaty and from what you have said, no matter what my status I am elibible for this. Apart from it being easy to return to the USA should I change my mind to stay back home in England (unlikely) are there any other advantages to being a US citizen. I did read an article that in the UK when you sell your primary residence, the UK does not charge capital gains tax but I would have to pay it in the USA. What percent is this? I am just trying to weigh all the pros and cons of becoming a USA citizen or not. Thanks much.
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