Moving To Another Country Could Double Your Taxes. Here Are 6 Expert Tips To Help You Avoid It 

Many Americans don’t have enough retirement savings to stay here. That helps explain why many of them are leaving the U.S. to retire in places where the cost of living is cheaper, according to financial experts. “This is becoming a huge trend,” says Christian Gulizzi, an international CPA at Gulizzi Consulting, a tax and accounting firm based in Italy.

One in four non-retired Americans reports having no retirement savings or pension, according to the Federal Reserve’s latest Report on the Economic Well-Being of U.S. Households. What’s more, 44% said their retirement plans are “not on track.” The report also cites a disparity among the Black and Hispanic population being “more likely than Whites to have no retirement savings.”

But while retiring abroad is a solution for some people, it’s not an easy one. The financial implications are serious, especially when it comes to taxes. Depending on which country you move to, you could even face double taxation — getting taxed from both the U.S. IRS and the country you reside in.

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Source: Time