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  #261  
Old 02.10.2013, 10:26
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Re: Giving up the blue passport because of FATCA - one member's experience

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Follow up article on people who've renounced/relinquished, lost, acquired, etc, etc.

http://www.bbc.co.uk/news/magazine-24338387
You beat me to it. I just wondered in another thread who number 9 might be...
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  #262  
Old 02.10.2013, 11:07
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Re: Giving up the blue passport because of FATCA - one member's experience

I feel sorry for the next to the last guy in Thailand as he doesn't seem to realise he's rejoined a despotic country.
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  #263  
Old 02.10.2013, 11:48
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Re: Giving up the blue passport because of FATCA - one member's experience

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I feel sorry for the next to the last guy in Thailand as he doesn't seem to realise he's rejoined a despotic country.
Interesting that he was able to get it back again.

Tom
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  #264  
Old 02.10.2013, 12:03
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Re: Giving up the blue passport because of FATCA - one member's experience

Unfortunately, his comment doesn't say when he re-acquired it. I suspect it would be a lot more difficult these days, given the furore over renunciations by us tax cheats. But basically you need to apply just like any other immigrant. If you have blood relatives in the States who can act as your sponsor that may help.
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  #265  
Old 03.10.2013, 16:49
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Re: Giving up the blue passport because of FATCA - one member's experience

Well just had my very first rejection by a swiss bank. (Bank Coop) I wanted a Pillar 3 account...but no dice for Americans. Too bad, because they seem to be the only one offering the Swisscanto Indexfunds with the low expense ratio.

PS: I have one already, but am very unhappy with their expensive funds and low interest rates. Also coop referred me to ubs and cs, but they too arent very attractive to me. I guess Ill keep the status quo, beggars cant be choosers.

Uncle Sam just bad touched me
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  #266  
Old 04.10.2013, 10:11
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Re: Giving up the blue passport because of FATCA - one member's experience

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Looks like plans for a referendum are moving forward.
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  #267  
Old 04.10.2013, 10:26
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Re: Giving up the blue passport because of FATCA - one member's experience

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Looks like plans for a referendum are moving forward.
You have seen who wants to lead the referendum, right?

Enjoy the show...
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  #268  
Old 04.10.2013, 10:31
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Re: Giving up the blue passport because of FATCA - one member's experience

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You have seen who wants to lead the referendum, right?

Enjoy the show...
Yes, and its not surprising that they are this consequential. Just goes to show that even if you don't agree with all of a partys politics, there will come a point where you may need that group
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  #269  
Old 04.10.2013, 10:37
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Re: Giving up the blue passport because of FATCA - one member's experience

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Yes, and its not surprising that they are this consequential. Just goes to show that even if you don't agree with all of a partys politics, there will come a point where you may need that group
Hmm, I believe it has sweet-föck-all to do with any double-citizens... it's an internal go at some person in politics...
But nice to see that people still have faith in how the big party wants to step up for the smallfolk... good on you

(I may be completely wrong, but EXPERIENCE so far has shown that it will be exactly that)

What outcome do you expect from them, for the Fatca agreement to be repelled?
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  #270  
Old 04.10.2013, 10:40
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Re: Giving up the blue passport because of FATCA - one member's experience

Yes, there was a meeting about it yesterday.

http://isaacbrocksociety.ca/2013/10/...ober-3rd-2013/

Also, may not affect us little minnow types, but then again it could:

http://isaacbrocksociety.ca/2013/10/...-for-us-fines/

At the least it may push up account charges for Americans in general even more if they don't freeze accounts.
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  #271  
Old 04.10.2013, 11:42
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Re: Giving up the blue passport because of FATCA - one member's experience

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Hmm, I believe it has sweet-föck-all to do with any double-citizens... it's an internal go at some person in politics...
But nice to see that people still have faith in how the big party wants to step up for the smallfolk... good on you

(I may be completely wrong, but EXPERIENCE so far has shown that it will be exactly that)

What outcome do you expect from them, for the Fatca agreement to be repelled?
I wouldn't expect the thing to pass because the government and the banks will undoubtedly use scare tactics to sway opinions. Who will vote to help some american residents if it means the loss of thousands of banking jobs and hurt for the economy...at least thats what the proponents will argue.

....if somehow it were to pass, i dont see what the banks would gain by expelling all americans. They cant prove they dont have us customers because they cant share data...so might as well let them in
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  #272  
Old 04.10.2013, 16:45
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Re: Giving up the blue passport because of FATCA - one member's experience

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You have seen who wants to lead the referendum, right?
I'm not surprised, but nor do I care. They're also obviously by no means alone.

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I wouldn't expect the thing to pass because the government and the banks will undoubtedly use scare tactics to sway opinions...
That's very likely, but it should still be an interesting contest at the very least. Swiss autonomy is important to the Swiss, and no clever argument is needed to suggest that FATCA is a challenge to it, even if the banks and politicians prefer to acquiesce to the challenge.
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  #273  
Old 10.10.2013, 20:00
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Re: Giving up the blue passport because of FATCA - one member's experience

The new Economist has a well-written article on the impact of FATCA on Americans abroad. It's called "Overtaxed and over there, Loopy tax rules spur expats to renounce their American citizenship":

http://www.economist.com/news/united...and-over-there
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  #274  
Old 03.11.2013, 18:49
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Re: Giving up the blue passport because of FATCA - one member's experience

According to an Interfax news report from yesterday, the Russian Foreign Ministry is telling the US to take its extra-territorial FATCA law and put it where the sun doesn't shine:

""Our position is well known: this law is of exterritorial essence and is at odds with the principle of sovereign equality. It demands that foreign lending-financial institutions comply with the American legislation. We do not intend to assume unilateral commitments and we are working to ensure that tax information exchanges be mutual and balanced," it said.

"Russia is convinced that the Russian-American agreement now in the making must comply with the generally accepted international standards and guarantee a reliable protection to our financial institutions," the Russian Foreign Ministry said."

http://rbth.co.uk/news/2013/11/02/mo...ced_31406.html
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  #275  
Old 03.11.2013, 20:09
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Re: Giving up the blue passport because of FATCA - one member's experience

Well done Russia. Pity other countries didn't say the same thing.
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  #276  
Old 04.11.2013, 10:06
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Re: Giving up the blue passport because of FATCA - one member's experience

It's a sad day when I find myself admiring the Russians for having the cajones to stand up to the US government. Sigh.
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  #277  
Old 23.11.2013, 15:07
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Re: Giving up the blue passport because of FATCA - one member's experience

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Well just had my very first rejection by a swiss bank. (Bank Coop) I wanted a Pillar 3 account...but no dice for Americans. Too bad, because they seem to be the only one offering the Swisscanto Indexfunds with the low expense ratio.
Kiwiguy, you might not want to do this regardless. The US does not recognize Pillar 3 as a qualified retirement account. The US will tax the money going in and the Swiss will tax the money coming out. Cap gains is anyone's guess. Unless something has changed recently, pillar 3 is pointless for Americans.
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  #278  
Old 23.11.2013, 15:53
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Re: Giving up the blue passport because of FATCA - one member's experience

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Kiwiguy, you might not want to do this regardless. The US does not recognize Pillar 3 as a qualified retirement account. The US will tax the money going in and the Swiss will tax the money coming out. Cap gains is anyone's guess. Unless something has changed recently, pillar 3 is pointless for Americans.
I'd phrase that a bit differently. Pillar 3 is fine. It's the US citizenship which is pointless for Americans.
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  #279  
Old 23.11.2013, 16:02
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Re: Giving up the blue passport because of FATCA - one member's experience

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It's a sad day when I find myself admiring the Russians for having the cajones to stand up to the US government. Sigh.
Russia: Land of Opportunity - Saturday, November 23, 2013
http://blog.seattlepi.com/civicfemin...f-opportunity/
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  #280  
Old 23.11.2013, 19:23
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Re: Giving up the blue passport because of FATCA - one member's experience

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Kiwiguy, you might not want to do this regardless. The US does not recognize Pillar 3 as a qualified retirement account. The US will tax the money going in and the Swiss will tax the money coming out. Cap gains is anyone's guess. Unless something has changed recently, pillar 3 is pointless for Americans.
I know I wouldn't save money on US taxes by doing it, (I don't make enough anyway to pay taxes), but i did want to save Swiss taxes and use a low cost fund.

As for capital gains tax, I expect the issue to be resolved by the time I need the money (30 years). Either uncle Sam will cut the crap or he can have my passport back.
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