then decide to move to a foreign country and keep the account, what happens at that point? Do I have to pay any more taxes to the US if I continue to make trades and have capital gains? Do I have to pay the country I've moved to? Would the new country know know about the account? How does it work?
If you are an US citizen, you must pay taxes on ALL your income, no matter where you live. As for paying taxes in the country you've moved to, it depends on the country's laws. Generally speaking, most countries don't collect taxes for money earned on other countries. But some of these countries do collect taxes on money made on from financial transactions in other countries, which would be your case. But it would be an honor thing really, the other country would have no way of knowing about that account. |
