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Old 03.05.2012, 12:42
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Re: Wealthy Americans Queue to Give Up Their Passports

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It is very sad in my opinion, even I'm not (and I've never been!) US citizen. What do you think about it?

http://www.bloomberg.com/news/2012-0...s-capital.html
Good post by hornfeld on that link

Some bits worth C+P

...And now it's getting worse. The local banks (that is, my local bank where I deposit my salary and pay my local bills, etc.) will soon be required by US law (hey, wait a minute! - local banks!) to report - in English - to the IRS about any accounts held by any American, whether he lives across the street or in the US. So what are these banks doing? They are saying good-bye to American customers - even loyal customers with over fifteen years of doing banking together. They are closing our accounts!
...
I really am a loyal American . I love and am very proud of what America has done over its 250 years or so of its history. Sure we made some mistakes, and maybe we're making some now, but on the whole we are a great nation. But because of the tax and banking situation (and other things I don't have space to go into) I am seriously thinking of renouncing my citizenship...


What can I say?
I do know that if I ever have Jetlag again, I will just click on this link and I'll soon be sleeping:

http://www.irs.gov/pub/irs-pdf/i8938.pdf

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  #42  
Old 03.05.2012, 12:57
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Re: Wealthy Americans Queue to Give Up Their Passports

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Good post by hornfeld on that link

Some bits worth C+P

...And now it's getting worse. The local banks (that is, my local bank where I deposit my salary and pay my local bills, etc.) will soon be required by US law (hey, wait a minute! - local banks!) to report - in English - to the IRS about any accounts held by any American, whether he lives across the street or in the US. So what are these banks doing? They are saying good-bye to American customers - even loyal customers with over fifteen years of doing banking together. They are closing our accounts!
...
I really am a loyal American . I love and am very proud of what America has done over its 250 years or so of its history. Sure we made some mistakes, and maybe we're making some now, but on the whole we are a great nation. But because of the tax and banking situation (and other things I don't have space to go into) I am seriously thinking of renouncing my citizenship...


What can I say?
I do know that if I ever have Jetlag again, I will just click on this link and I'll soon be sleeping:

http://www.irs.gov/pub/irs-pdf/i8938.pdf

Haha, welcome to my life
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  #43  
Old 03.05.2012, 14:51
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Re: Wealthy Americans Queue to Give Up Their Passports

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I wonder hat happens if you simply do not file for taxes in the States when you live abroad?
Whatever people decide to do with respect to US tax obligations, it might be advisable to only discuss these matters privately because of the IRS Whistleblower - Informant Award. I have personally heard people talk quite casually about not filing their required US tax returns.

http://www.irs.gov/compliance/articl...180171,00.html
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  #44  
Old 04.05.2012, 00:47
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Re: Wealthy Americans Queue to Give Up Their Passports

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No, but if you don't "volunteer" you might soon find a drone hovering over your house by executive order.
-
You are sure ? And I thought that such a mentality was the privilege of officers of the Swiss armed forces.

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One of my biggest regrets in leaving the US when I did was that I did not stick around long enough to qualify for citizenship application. Although I am happy where I am, because of the emotional ties I have and will always have to the country (still), I think it is a pity I didn't do it when I had the chance. Life sometimes get in the way though (my dad warned me I would regret it, but of course I didn't listen). Älthough I believe that the principle of tax on worldwide income is flawed, I would have even be happy to pay the extra tax for the priviledge. At the same time, I understand 100% why someone who no longer has that emotional tie, doesn't live in the country anymore, and does not plan to go back, would want to relinquish a particular citizenship.

This to say that citizenship has emotional implications, and life is not all about tax savings.
It may be strange, but such things happen. My great-grandfather did have the US citizenship as he lived for many years in the 1860ies and 1870ies in the USA, working on the building of railroads between New York and Chicago. He pressed Grandpapa into learning English, a tradition which passed on to Mum and finally to me
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Old 06.05.2012, 21:29
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Re: Wealthy Americans Queue to Give Up Their Passports

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couple of things to point out here:

1. there are somewhere over 312 million folks living in the US. somehow I don't think 1,700 people giving up their passports is all that meaningful.

2. we Americans might "wait in line", but we never, ever, under any circumstance, "queue up".

Ha ha ha , just what I was thinking!
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Old 07.05.2012, 01:23
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Re: Wealthy Americans Queue to Give Up Their Passports

er a billion
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couple of things to point out here:

1. there are somewhere over 312 million folks living in the US. somehow I don't think 1,700 people giving up their passports is all that meaningful.

2. we Americans might "wait in line", but we never, ever, under any circumstance, "queue up".

About "312 million folks living in the US" - I find that surprising because I always thought a lot more. So far as I can see from published numbers you are in the right ball park.
When you compare with India or China who both have over a billion then it seems relatively small.

apropos of nothing I am in the process of organising some new bank accounts; I was asked 3 times if either my wife or I had US citizenship - strange world & getting stranger.
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