"It typically doesn't make financial sense, and there's a few reasons why," said Italy-based Alex Ingrim, a financial advisor at Chase Buchanan Wealth Management.
While there may be some instances where "the pain of being American" arises in the tax liability, "you're very rarely double-taxed" as an American, Ingrim said.
Similarly, if you earn Portuguese income and pay Portuguese income taxes, you will get some credits on your U.S. filing for taxes paid overseas, according to Boudreaux.
However, they still have the U.S. tax liability.
"For those people, it's a pain, and [they] opt for giving up their citizenship to avoid paying taxes," Ingrim said.
Persons:
Alexander Spatari, Alex Ingrim, Ingrim, Jude Boudreaux, expats, Boudreaux, Jordi Mora Igual
Organizations:
Chase Buchanan Wealth Management, Planning, Social, CNBC FA
Locations:
Italy, New Orleans, U.S, Portugal, Monaco, Dubai