What if any provisions are there for Americans who live abroad, and may even already be covered by private insurance or taxpayer supported health care in the country they live in?
It seems pretty bizarre that US citizens and dual citizens who may not even be to able to get a policy(travel insurance usually covers US residents on vacation) or be able to use a US based policy would be penalized.
It should be stressed that Americans abroad remain liable for all additional taxes required by Obamacare, even though we cannot obtain the health benefits of the law.
The biggest of these, of course, is the new 25% hike in capital gains taxes. (An additional 3.8% of capital gains tax will be added to whatever other capital gains rate would be payable).
Therefore, if, for example, you sell a home in London that you bought in 1990 for 300,000 and realised 300.000 from the sale (not at all an unlikely scenario), you will be billed for an additional $ 11,500 in US capital gains taxes, which cannot be set off against other taxes or otherwise avoided.