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Old 10.08.2013, 10:24
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New report on drastic increase in expats giving up US passport

The article this morning details a huge growth in the number of US citizens giving up their passport. I think there was some discussion earlier that we don't even know if these are the real numbers. At what point will the US government notice or care? I am sure that if some central or south american countries began to require this financial reporting from their citizens living in the US, the US government might notice, but until then I can imagine the numbers as seen in this report will grow exponentially.

http://www.zerohedge.com/news/2013-0...nship-surge-66
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Old 10.08.2013, 10:39
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Re: New report on drastic increase in expats giving up US passport

So 1800 people gave up citizenship hardly a number that will worry the US even if it was 10000 which is an even bigger increase it is hardly a big number
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Old 10.08.2013, 10:51
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Re: New report on drastic increase in expats giving up US passport

Millions are waiting for a US passport (and not granted so they go on working hard and keeping their heads down).
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Old 10.08.2013, 11:10
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Re: New report on drastic increase in expats giving up US passport

1800 out of 313.9 million....? You have more chance with Euromillions...!
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Old 10.08.2013, 13:00
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Re: New report on drastic increase in expats giving up US passport

True that these renunciation figures (inaccurate as they are since the FBI per the Brady Act is reporting higher numbers than the Treasury department) are relatively small.

However, consider the talent, brainpower and "value-addition potential" of those expatriating (generally well-off and educated individuals in OECD countries) compared to those wanting to immigrate to the US (any John Doe can sign up for a Green Card lottery)!
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Old 10.08.2013, 13:16
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Re: New report on drastic increase in expats giving up US passport

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However, consider the talent, brainpower and "value-addition potential" of those expatriating (generally well-off and educated individuals in OECD countries) compared to those wanting to immigrate to the US (any John Doe can sign up for a Green Card lottery)!
Wheres your evidence to prove the expats are any smarter then those that are applying to enter the US.
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Old 11.08.2013, 00:56
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Re: New report on drastic increase in expats giving up US passport

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Wheres your evidence to prove the expats are any smarter then those that are applying to enter the US.
Simple, those that give it up are smart enough to realize the complications that comes with US tax policy than those who are applying to enter the US, who don't do their homework!
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Old 10.08.2013, 13:11
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Re: New report on drastic increase in expats giving up US passport

Point(s) taken. . .
There was a discussion (I think) last February where forum members were questioning if the numbers (of citizens giving up passports) released by the US government were even accurate.

The numbers released are nothing compared the number of actual US citizens. . . of course. But a US citizen living in the US isn't going to give up citizenship. The more significant statistic (especially for EF members who happen to be passport holders) is the population of US citizens (or those who just happen to be citizens) who live abroad permanently and have chosen to give up their passport.
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Old 10.08.2013, 14:03
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Re: New report on drastic increase in expats giving up US passport

The story's also doing the rounds on EuraisaReview, Business Week and WSJ Europe/US versions according to IBS's website. Yes there are inaccuracies in the lists, but what you also have to remember is that these lists don't give the numbers of people relinquishing instead of renouncing. IBS reckon there tend to be 5/6 people relinquishing for every person who renounces so the total number of people giving up US citizenship is much higher anyway. That gives you around 9,000/10,800 in the first half of the year and there's still two more quarters to go. Still only thousands compared to the millions wanting in, but not something the US will want to brag about.

I know from the IBS that there are some people there who renounced in the last couple of years who haven't appeared on the list yet, but I'm there having only renounced in March this year. So how names get added to the list under what criteria is a complete mystery at present.
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Old 10.08.2013, 15:35
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Re: New report on drastic increase in expats giving up US passport

Most of the people relinquishing have likely been living outside the US for a long time, probably with a spouse, and are doing so for tax reasons, and have no intention of returning. I don't see any real drama there. If EU countries kept similar statistics for emigrants to the US who, though don't relinquish, don't return either, I'm sure it'd make for some far more interesting conversation points.
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Old 10.08.2013, 17:06
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Re: New report on drastic increase in expats giving up US passport

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The article this morning details a huge growth in the number of US citizens giving up their passport. I think there was some discussion earlier that we don't even know if these are the real numbers. At what point will the US government notice or care? I am sure that if some central or south american countries began to require this financial reporting from their citizens living in the US, the US government might notice, but until then I can imagine the numbers as seen in this report will grow exponentially.

http://www.zerohedge.com/news/2013-0...nship-surge-66
The problem with that idea MartinDM is that the US has already said it won't reciprocate on exchange of info. Which makes the various IGA's that the Treasury/IRS have negotiated worthless to those countries who were foolish enough to sign up to them. Congress is getting snarky over the IRS stepping on their toes, and businesses/banks/credit unions don't want them to pass any laws to allow reciprocity because it will cost them millions and billions to implement - just as it has cost the rest of the world to comply with the US's bullying tactic. Given that the US is now probably the biggest tax haven in the world, the hypocrisy is unbelieveable.
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