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  #521  
Old 16.08.2016, 09:04
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Re: Giving up the blue passport because of FATCA - one member's experience

Well, reading the letter again it seems this time the form will not expire or need to be renewed unless my status changes. Why the original W-8BEN doesn't do the same only PostFinance knows.
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  #522  
Old 03.09.2016, 07:29
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Re: Giving up the blue passport because of FATCA - one member's experience

The Rising Cost of Saying Goodbye to the US
Mark Nestman
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  #523  
Old 24.09.2016, 10:47
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Re: Giving up the blue passport because of FATCA - one member's experience

Very good article Texaner and something anyone contemplating giving up their citizenship should read first.
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  #524  
Old 24.09.2016, 17:06
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Re: Giving up the blue passport because of FATCA - one member's experience

Just found this link over on IBS. Another recent tale of frustration with embassy/State Dept.

http://www.zerohedge.com/news/2016-0...ng-citizenship
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  #525  
Old 25.09.2016, 09:29
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Re: Giving up the blue passport because of FATCA - one member's experience

I had a similar experience as described in this article. Renounced early January 2015 and waited until October to send a first e-mail. Same response about IT problems and it will take then another 2-3 weeks.
Early November I wrote again, not to send me the package, as I was going on vacation for 2 weeks. Well, the package arrived 2 days later, just before I was to leave.


The date on the CLN says February 18, which is just over one month after my date in Berne.


So just over 8 months between the approval and receiving it, now this is what I call a real IT outage.
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  #526  
Old 29.09.2016, 16:16
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Re: Giving up the blue passport because of FATCA - one member's experience

FATCA and the problems it causes US citizens abroad now becoming part of the story in a recently written novel.

http://isaacbrocksociety.ca/2016/09/...it-to-a-novel/
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  #527  
Old 29.10.2016, 20:05
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Re: Giving up the blue passport because of FATCA - one member's experience

We fairly often refer to postings or links to the Isaac Brock Society website regarding renunciation, FATCA, US tax, etc, so I thought people might like to know how the IBS started. Just seen this article.

http://www.internationalinvestment.n...info-resource/

And link for the IBS page itself of course.

http://isaacbrocksociety.ca/2016/10/...-expat-issues/

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  #528  
Old 11.12.2016, 11:56
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Giving up the blue passport

After nearly 10 years in CH as a dual citizen, I feel the time has come to give up the US passport. I would be happy to hear from anyone else who has already gone through the process, to better understand what is ahead of me. I have lots of questions like, did you need to engage a lawyer? What other costs to anticipate beyond the renunciation fee? How was the final reckoning with the IRS? How many years back do they dig? After renunciation has anyone had problems to get an ESTA to visit the US? Etc...
Thanks to anyone who can share their experience!
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  #529  
Old 11.12.2016, 11:58
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Re: Giving up the blue passport

There is a thread on this topic..

http://www.englishforum.ch/finance-b...xperience.html
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  #530  
Old 11.12.2016, 12:54
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Re: Giving up the blue passport because of FATCA - one member's experience

I wonder what impact Trump & the new regime will have on FATCA and foreign earned income taxes? Hopefully, we'll see some changes and a shift toward taxing US Citizens based on residency and not citizenship. Hmm, maybe it's a good time to draft a letter to my Congressman...
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  #531  
Old 11.12.2016, 14:23
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Re: Giving up the blue passport because of FATCA - one member's experience

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After nearly 10 years in CH as a dual citizen, I feel the time has come to give up the US passport. I would be happy to hear from anyone else who has already gone through the process, to better understand what is ahead of me. I have lots of questions like, did you need to engage a lawyer? What other costs to anticipate beyond the renunciation fee? How was the final reckoning with the IRS? How many years back do they dig? After renunciation has anyone had problems to get an ESTA to visit the US? Etc...
Thanks to anyone who can share their experience!
Why would you need a lawyer for heaven's sake. You make an appointment at the embassy to renounce, check all the paperwork is correct, pay the fee and swear/affirm the oath. That's it.

Costs, well for the renunciation nothing except the fee. Costs for getting up to date with the tax will depend on what your situation is. If simple and up to date you can do it yourself. If complicated or you have no idea what you need to do then use a tax expert.

IRS don't dig back anywhere as far as I know. They take what you give them and if they're happy you'll never hear about it. If they're not then you'll be contacted.

Didn't have any problem getting an ESTA for a trip last September.

And yeah, wade through all 27 pages of this thread. That'll give you a good idea.

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I wonder what impact Trump & the new regime will have on FATCA and foreign earned income taxes? Hopefully, we'll see some changes and a shift toward taxing US Citizens based on residency and not citizenship. Hmm, maybe it's a good time to draft a letter to my Congressman...
Not a lot I suspect. It'll be far, FAR down on their list of things to do so don't hold your breath.
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  #532  
Old 11.12.2016, 16:08
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Re: Giving up the blue passport because of FATCA - one member's experience

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I wonder what impact Trump & the new regime will have on FATCA and foreign earned income taxes? Hopefully, we'll see some changes and a shift toward taxing US Citizens based on residency and not citizenship. Hmm, maybe it's a good time to draft a letter to my Congressman...
The new party platform for the republicans (defined in July) is the repeal of FATCA. This is the first time that has been so explicitly stated. Of course a lot of things make it into the platform but its a good sign. I would write my congressperson but unfortunately, I am from one of the few fully democrat ruled states.
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  #533  
Old 11.12.2016, 17:03
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Re: Giving up the blue passport because of FATCA - one member's experience

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The new party platform for the republicans (defined in July) is the repeal of FATCA. This is the first time that has been so explicitly stated. Of course a lot of things make it into the platform but its a good sign. I would write my congressperson but unfortunately, I am from one of the few fully democrat ruled states.
Well, not really. This was back in September 2014.

http://www.thenewamerican.com/usnews...ericans-abroad

My feeling is there'll be so much to deal with that it will be towards the bottom of the "to do" list. After all, they've had a majority in both houses for the last few years and done nothing about it. Still, we'll see.
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  #534  
Old 12.12.2016, 09:58
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Re: Giving up the blue passport

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After nearly 10 years in CH as a dual citizen, I feel the time has come to give up the US passport. I would be happy to hear from anyone else who has already gone through the process, to better understand what is ahead of me. I have lots of questions like, did you need to engage a lawyer? What other costs to anticipate beyond the renunciation fee? How was the final reckoning with the IRS? How many years back do they dig? After renunciation has anyone had problems to get an ESTA to visit the US? Etc...
Thanks to anyone who can share their experience!
Just make sure, that you have a Social Security number before you start any renounce process with the embassy. You need it for paying the past taxes (if not done before) and you can not get one after you renounced. Otherwise a straight forward process and no lawyer required. I only used a tax guy to file all tax returns.

Here the link for the streamlined process: https://www.irs.gov/individuals/inte...-united-states

Just follow that guideline.

I just was back in the US this October and absolutely no problem entering, not one question asked. I just needed to wait in line, as I could not use the machines yet (no entrance to the US since 2008 on Swiss passport).
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  #535  
Old 12.12.2016, 10:56
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Re: Giving up the blue passport

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Just make sure, that you have a Social Security number before you start any renounce process with the embassy. You need it for paying the past taxes (if not done before) and you can not get one after you renounced. Otherwise a straight forward process and no lawyer required. I only used a tax guy to file all tax returns.

Here the link for the streamlined process: https://www.irs.gov/individuals/inte...-united-states

Just follow that guideline.

I just was back in the US this October and absolutely no problem entering, not one question asked. I just needed to wait in line, as I could not use the machines yet (no entrance to the US since 2008 on Swiss passport).
Sorry, but that could be the worst advice ever. If you don't already have an SSN then you're not in the US tax system. So guess what, not really any need to do any filing. Okay, this is a personal choice as everyone needs to decide if they can be happy with such a decision. Yes, the IRS get a copy of every CLN issued, but they won't be able to match it to anything in their system because without an SSN you simply ain't there.
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  #536  
Old 10.02.2017, 07:34
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Re: Giving up the blue passport because of FATCA - one member's experience

Record Number Renounce U.S. Citizenship in 2016
More than 5,000 individuals expatriated last year, according to U.S. Internal Revenue Service data.
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Old 10.02.2017, 07:58
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Re: Giving up the blue passport because of FATCA - one member's experience

The Federal Register is notorious for being issued late and full of inaccuracies. Still it does tally pretty closely to the FBI's list, but neither show the true figures. FBI only lists renunciants and not relinquishers as well and neither include those people who have given up their Green Cards which in 2015 was 21,1762. That figure is actually down on the previous two years: 27,195 in 2013 and 30,527 in 2014.

http://isaacbrocksociety.ca/2017/02/...st/#more-53816

https://docs.google.com/file/d/0B7Vq...T2s/edit?pli=1

Will be interesting to see if the upward trend continues now that Trump's actually made it to the White House. Many were saying they'd move and give up their citizenship during his campaign.
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  #538  
Old 04.04.2017, 08:10
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Re: Giving up the blue passport because of FATCA - one member's experience

Couple of interesting bits picked up from IBS. First, IRS is sueing a Canadian/US citizen for nearly $1mil for non-filing of FBARs.

http://globalnews.ca/news/3309306/u-...ting-accounts/

http://www.cbc.ca/beta/news/politics...-irs-1.4025880

http://isaacbrocksociety.ca/2017/03/...lan-fulfilled/

Second, some hope that the Republicans will get around to repealing FATCA in the near future.

http://isaacbrocksociety.ca/2017/03/...ort-like-this/
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  #539  
Old 13.10.2017, 14:13
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Re: Giving up the blue passport because of FATCA - one member's experience

Make sure your fingerprints aren't stored on some database if you decide to visit America as an ex-American!

http://www.billboard.com/articles/bu...enied-entry-us
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Old 13.10.2017, 14:53
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Re: Giving up the blue passport because of FATCA - one member's experience

Quote:
Make sure your fingerprints aren't stored on some database if you decide to visit America as an ex-American!

http://www.billboard.com/articles/bu...enied-entry-us
Bit difficult not to when they take your fingerprints as a matter of course on entry.

Still, the question needs to asked as to why they kept his for so many years.
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