[orangepurple]

Terrible. You're stepping into the territory of highly paid tax consultants due to a mountain of regulations which are unevenly enforced. You will be slammed by GILTI and FATCA and more.

US citizens involved with foreign businesses must file various reporting forms, including Form 5471 and Form 926 (foreign corporations), Form 8865 (foreign partnerships), Form 8858 (foreign limited liability companies), Form 3520 and Form 3520-A (foreign trusts), and FBAR. Form 8832 enables a foreign limited liability company to elect to be classified as a corporation, partnership, or disregarded entity for US tax purposes. Failure to timely file a required reporting form can subject a US citizen to significant civil and criminal penalties.

[wnolens]

Wild. Have you personally experienced this? I've done a bunch of research but haven't heard an actual experience of it being painful and what it truly cost them in $. I'm debating taking US citizenship but may return to Canada someday.