A Nigerian man recently revealed that he turned down a unique opportunity to become a citizen of the United States and obtain a US passport. The reason for his decision was the US tax system, which taxes the income of its citizens regardless of where they reside.
Background
In a video interview shared by Afolabi OT, Bunmi Elesho, the individual in question, explained his reasons for rejecting the opportunity. Elesho is a chartered accountant and the managing director of Alpha Partners Limited. According to his profile on the Alpha Partners Limited website, he achieved national recognition by winning prizes at all three stages of the ICAN (Institute of Chartered Accountants of Nigeria) examinations in a record 18 months.
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Reasons for Rejection
Elesho highlighted that his primary reason for declining the US citizenship offer was the tax implications. He stated:
“I have refused the opportunity of getting American citizenship because of tax. As an American citizen, any money you make anywhere in the world is taxable by America. You need to know. So there are many laws and rules. You need to be educated about these things.”
Conclusion
Bunmi Elesho’s decision underscores the complexities and potential drawbacks of US citizenship, particularly concerning tax obligations. For those considering such a significant move, understanding the implications of the US tax system is crucial.
Watch the full video interview below:
@BG said: “This is true, I have someone who also turned down American citizenship because of Tax. Most Nigerian need to know this before japa to become citizen.”
@user7850569326241 said: “And when you grow old they will start paying you back.”
@Biblethings said: “And as an American citizen, anywhere you are in the world, America protects you.”
@godxin_x said: “No one talks about how beneficial is tax refund.”
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