Comment Re: Yes. What do you lose? But talk to lawyer firs (Score 1) 734
I am non American and have an American son. Unfortunately, we did not have the exemption. US citizenship costs us big: he can't participate in local education savings plans or tax mechanisms not explicitly covered in the US treaty. Worst of all are the FBAR requirements, which you no doubt know about, but the penalties can be crippling if filed wrong. I estimate my sons us citizenship costs us about 8k per year in lost tax savings and hiring a professional to get the tax returns right.