You should speak to a US tax adviser in Hong Kong ASAP.
You will be taxed on your world-wide income.
You will need to report all your assets - every single account number, name/identifier, and the maximum balance during the year to both the Treasury and the IRS.
You will also need to report every financial account such as PayPal, spread-betting, online gambling, stock trading a/c, fx trading a/c etc. to both the Treasury and the IRS.
You need to compute all interest, dividends and capital gains for the calendar year (HK tax year runs to April) in order to pay tax due to the IRS even though there is no tax in HK.
Some of your assets and accounts may have to be shut down as US persons/taxpayers may be forbidden from operating those accounts e.g. spread-betting.
Depending on your personal situation and net worth, the above may or may not influence your decision to relocate.
there was a recent article on Blomberg news about american expats giving up their citizenship, and the burden of paperwork was cited as one of the key drivers for the rich but not super rich types in HK and Singapore.
You will be taxed on your world-wide income.
You will need to report all your assets - every single account number, name/identifier, and the maximum balance during the year to both the Treasury and the IRS.
You will also need to report every financial account such as PayPal, spread-betting, online gambling, stock trading a/c, fx trading a/c etc. to both the Treasury and the IRS.
You need to compute all interest, dividends and capital gains for the calendar year (HK tax year runs to April) in order to pay tax due to the IRS even though there is no tax in HK.
Some of your assets and accounts may have to be shut down as US persons/taxpayers may be forbidden from operating those accounts e.g. spread-betting.
Depending on your personal situation and net worth, the above may or may not influence your decision to relocate.
Good luck either way!