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Posted by Larry Groom
Would the federal retirement be reduced just because of renouncing US citizenship? I ask this question as I have lived in Panama for 40 years now and really don’t derive any benefit from a US citizenship. I visit the USA about every three years for two weeks to visit family. The federal retirement was dictated by the Panama Canal Treaties of Torrijos-Carter in 1976. Panamanian citizens pay no US taxes (living in Panama of course) and receive their full retirement pay with no deductions except for payment of their health insurance (the Panama Area Benefit plan). Someone told me it could be a 30% loss if I change my citizenship. I am attempting to find out where I can obtain something in writing that specifically addresses the issue of what is lost as to Federal Retirement ONLY.