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record number of americans renounce their citizenship to avoid paying taxes

record number of americans renounce their citizenship to avoid paying taxes

Old Apr 17th 2012, 10:23 pm
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Default record number of americans renounce their citizenship to avoid paying taxes

Saw the article in the Daily Mail but this is a better version

http://business.financialpost.com/20...e-citizenship/

conversely, the better off groups in the UK want to leave for Europe or the USA.
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Old Apr 17th 2012, 10:25 pm
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Originally Posted by jjmb
Saw the article in the Daily Mail but this is a better version

http://business.financialpost.com/20...e-citizenship/

conversely, the better off groups in the UK want to leave for Europe or the USA.
I'm not sure I can take seriously an article written by Atossa.
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Old Apr 17th 2012, 10:31 pm
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

LOL, didn't see that - very funny.
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Old Apr 18th 2012, 4:46 am
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

... a bit of a drastic measure by the 1%...
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Old Apr 18th 2012, 8:26 am
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Post Re: record number of americans renounce their citizenship to avoid paying taxes

I'm currently in Switzerland and a Korean American lady who runs an expat grocery store (she's married to a Swiss guy) says that Americans who wish to renounce their citizenship can't get an appointment to do so at the US Embassy for three months.

It's also complicated to open up a bank account here for Americans and green card holders.
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Old Apr 18th 2012, 1:50 pm
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Originally Posted by Englishmum
I'm currently in Switzerland and a Korean American lady who runs an expat grocery store (she's married to a Swiss guy) says that Americans who wish to renounce their citizenship can't get an appointment to do so at the US Embassy for three months.

It's also complicated to open up a bank account here for Americans and green card holders.
I think the last part of your comment is the biggest issue for US expats as European and UK banks are closing accounts of US Citizens as they wont comply with the new rules about disclosing accounts held by a US citizens. I know several people over here who have received letters from their banks in the UK, saying due to new regulations by the USA government , they are closing their accounts. Not so bad if you are living over here and very little money in the account but a hassle if you live there and need to find a compliant bank.
The title of the article is misleading as well as people are not fleeing to avoid taxes as in most cases they don't owe any tax, just the endless bureaucracy. I am so glad we don't have to file UK tax forms as well as US tax forms as it hard enough as it is.

This is a good article on what some US citizens are facing. http://www.thelocal.se/39522/20120306/

Thinking retiring to Europe might not be such a great idea these days.

Last edited by jjmb; Apr 18th 2012 at 1:54 pm. Reason: additional info
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Old Apr 20th 2012, 12:46 am
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

I wonder what the repercussions of renouncing their citizenship will be for them.
Will they be allowed to visit family here under the VWP or will they have to apply for visitor visas and given grief at the immigration control point in the US.
I know we are/will be too poor to even need to fill out an FBAR when we move back, living in UK We'll be doing our taxes though and hopefully getting SSI and private US pensions one day.
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Old Apr 20th 2012, 1:40 am
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Does anyone know about the process of renouncing an American passport?
Is it an extensive process and more importantly, is it particularly expensive?
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Old Apr 20th 2012, 1:46 am
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Originally Posted by RalphJolly
Does anyone know about the process of renouncing an American passport?
Is it an extensive process and more importantly, is it particularly expensive?
http://travel.state.gov/law/citizens...nship_776.html

To Mummy in the foothills point :"they would still be required to obtain a visa to travel to the United States, or show that they are eligible for admission pursuant to the terms of the Visa Waiver Pilot Program (VWPP)"

Last edited by kimilseung; Apr 20th 2012 at 1:52 am.
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Old Apr 20th 2012, 1:52 am
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Thank you for the link -that's some useful info.
It doesn't look like it needs to be an expensive process,
but I'd be interested to hear from anyone who knows anything about the costs in practice.
Thanks again kimilseung.
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Old Apr 20th 2012, 11:16 am
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Post Re: record number of americans renounce their citizenship to avoid paying taxes

Originally Posted by jjmb
I think the last part of your comment is the biggest issue for US expats as European and UK banks are closing accounts of US Citizens as they wont comply with the new rules about disclosing accounts held by a US citizens. I know several people over here who have received letters from their banks in the UK, saying due to new regulations by the USA government , they are closing their accounts. Not so bad if you are living over here and very little money in the account but a hassle if you live there and need to find a compliant bank.
The title of the article is misleading as well as people are not fleeing to avoid taxes as in most cases they don't owe any tax, just the endless bureaucracy. I am so glad we don't have to file UK tax forms as well as US tax forms as it hard enough as it is.

This is a good article on what some US citizens are facing. http://www.thelocal.se/39522/20120306/
There has been a big discussion (5 pages) here:

http://www.englishforum.ch/finance-b...nightmare.html
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Old Apr 20th 2012, 1:59 pm
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Originally Posted by Englishmum
There has been a big discussion (5 pages) here:

http://www.englishforum.ch/finance-b...nightmare.html

Interesting reading plus the links to other sites. Did you ever become a US citizen? How does the fact you are resident here and your husband is aboard effect your taxes? They must be pretty complicated.

Certainly having 2nd thought about moving back to Europe with this new regulation in force as it seems it would be easy to make a mistake which will have costly repercussions. Seems having as little as $20,000 at any time over the tax year from 2014 (despite the personal allowances which are far higher), foreign banks are obligated to report US bank holders according to several articles that are linked to these posts. I suppose a way around that would be to have several accounts under that threshold. Difficult for US expats.

Interesting to read some comments on this post on the International Herald Tribune - http://rendezvous.blogs.nytimes.com/...re/?ref=global - especially about dual citizenship - ie the fact the US didn't recognize dual citizenship until recently so when people became citizens of other country they thought they had no more obligation to the US in regards to tax until they found out otherwise. Or kids who happen to be born in the US and now find they should have been filing tax returns.

Really do not understand why FATCA has been introduced at such a low rate if the object is get tax evaders in the multi million range. For all the money they collect from lower tax earners (if any) its going to cost so much more to fund all these new tax collectors. Plus it is pissing off way too many people and creating an anti American feeling that was not there before.
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Old Apr 22nd 2012, 12:05 am
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Originally Posted by Englishmum
I'm currently in Switzerland and a Korean American lady who runs an expat grocery store (she's married to a Swiss guy) says that Americans who wish to renounce their citizenship can't get an appointment to do so at the US Embassy for three months.

It's also complicated to open up a bank account here for Americans and green card holders.
Originally Posted by article
Last year, almost 1,800 people followed Superman’s lead, renouncing their U.S. citizenship or handing in their Green Cards
Erm, it's a bit of a wide criteria "renouncing USC or handing in Green Cards". I imagine in a country of 310m people that there are plenty of legal immigrants who have gone back to their original countries.

As for Americans in Switzerland renouncing their USC - let me think, Switzerland, what's it famous for........tip of my tongue.......low taxes! Yeah, I can see why they are busy.
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Old Apr 22nd 2012, 4:50 am
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Originally Posted by tinman0
As for Americans in Switzerland renouncing their USC - let me think, Switzerland, what's it famous for........tip of my tongue.......low taxes! Yeah, I can see why they are busy.
I'd have gone for the low murder rate and universal healthcare provision.
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Old May 17th 2012, 8:14 pm
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Default Re: record number of americans renounce their citizenship to avoid paying taxes

Coming soon the "Ex-Patriot Act"

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.
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