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Old 11.08.2013, 09:39
Medea Fleecestealer's Avatar
Medea Fleecestealer Medea Fleecestealer is offline
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Re: New report on drastic increase in expats giving up US passport

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@MedeaFleecestealer I didn't realize that their wasn't reciprocity offered as part of the deal.

In your case, having been here for 45 years, of course it makes sense to give up your passport. However, for the population of people who have just moved here, they probably aren't going to wait 45 years to decide its not worth the blue passport if they have decided to make Switzerland (or any place other than the USofA) their home. It will be interesting to see if the "new generation" of US expats give up their citizenship more quickly. Of course, they could only do so if they already have some kind of dual or have been here long enough to allow them to receive a red passport.
Oh, the IGA's say that the US will reciprocate, but that's what has upset Congress because they say the IRS doesn't have the right/power to make such decisions. Only Congress can do that. There are some steps being taken to try and get laws which will allow the US to fulfill it's part of the bargain, but when/if they ever actually become law is anyone's guess.

However, what has been done recently is this:

http://isaacbrocksociety.ca/2013/08/...another-means/

It's the first time a John Doe has been used on behalf of another country's goverment and gets around the problem of there being no legislation in place for reciprocity by the US at present.

I agree MartinDM. All the recent publicity about FATCA and the various problems it's causing around the world will make those Americans considering working abroad much more aware of their obligations re the US and tax filing. I, like many, wasn't even aware I should have been filing until recently and it was a shock to find that out. It simply wasn't mentioned when my family left the US so many years ago. Although the law itself is quite old, it's only in the last ten years or so that the government/IRS has been pushing to get US citizens abroad to file tax, trying to get the info out to expats by telling them in the back of the passports and having notices at the embassies. But only my last passport mentioned this; the previous two say nothing about having to file tax returns at all. Nor were we told anything about it when renewing our US passports during personal visits to the embassy in London.
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