I’m applying for dual citizenship with Ireland by right of ancestry. I don’t necessarily plan to relocate there, but I want an exit strategy in place if I need one. It’s also appealing to be able to live and work in any of the EU countries.

One thing Americans who leave should know is that it costs money to surrender your U.S. citizenship, currently $2,350. If your net worth is $2 million or more or if your average annual net income for the five years leading up to surrendering your citizenship is over a certain amount ($171,000 in 2020) you will be charged an additional exit tax.

The U.S. is the only country that taxes income based on citizenship rather than residence. If you retain your U.S. citizenship and reside in another country, you still have to pay U.S. income tax. Some countries, like Ireland, have an income tax treaty with the U.S. so you don’t end up paying double. Different factors such as what kind of income and where it was earned can apply.