Double trouble
It is not just Australian politicians who are shocked to discover they are dual citizens. There are plenty of unsuspecting dual citizens finding themselves in hot water. While politicians have been kicked out of parliament, other dual citizens face big bills for taxes they never dreamed they owed.
Depending on your dual citizenship, you could be obliged to pay tax on your income, capital gains tax when you sell your principal property and investment properties, plus tax on the earnings from your self-managed superannuation fund (SMSF). Australians don’t have to pay inheritance tax but other countries aren’t so lenient.
Born in the USA
Martin* was eight when he left the US with his family and moved to Australia. He has been back three times to visit and is now 52. It wasn’t until he was filling out some investment forms for his SMSF that he realised he had a big problem. The global investment bank asked for his renunciation of US citizenship form when it saw on Martin’s passport that he was
