Note for U.S. Citizens: With the introduction of FATCA (Foreign Account Tax Compliance Act), the United States federal law requires U.S. citizens to report their non-U.S. financial affairs. Hence, tax can be a significant part of your decision-making process when it comes to obtaining citizenship.
Indian Citizens: Laws similar to the U.S. law on reporting worldwide income are being proposed by the current Indian government. In the near future, even Indian passport holders who live abroad (NRIs) might have to report their financial affairs to the Indian government. Further clarity on these issues is anticipated.
For Other Citizens: Tax planning will depend on the tax laws in your country – you may or may not have to report foreign income.
We have broken down tax-related specifics of citizenship and residency programs country-by-country below : –