What are the implications of tax treaties for dual citizens?

What are the implications of tax treaties for dual citizens?

Tax treaties can help dual citizens avoid double taxation on income earned in both countries. They often provide guidelines on which country has taxing rights.

Can you give an example of how a tax treaty works?

Sure! For instance, if a dual citizen earns income in Country A and Country B, a tax treaty may allow them to pay taxes only in one country, depending on their residency status.

What should I do if I have tax obligations in both countries?

You should consult a tax professional who understands both countries' tax laws and the specific treaty provisions to ensure compliance.

Are there any countries that don't have tax treaties?

Yes, some countries do not have tax treaties with others. This can lead to double taxation, so it's important to check the specific agreements.