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Those of us who have participated in the Expat Forum have seen that one of the first things that many many newbies say is, “I am going to renounce my US citizenship as soon as I have my Canadian citizenship.” Now, I want to suggest that one should never renounce their citizenship if they can relinquish it instead. Months ago I wrote a post on this subject, which I provide below.
The post is a comment responding to the blog post – IRS issues Fact Sheet For U.S. or dual citizens residing outside of the U.S., to which Petros commented :
They [the IRS] can’t be trusted when they talk about reasonable cause, because they don’t really indicate what reasonable cause is.
The new FATCA legislation, signed by President Obama as part of the Hire Act, requires that every person in the world who owns a bank account declare whether he is a US person. Imagine if the Chinese required that every bank account holder in American banks fill out a form declaring whether they are a Chinese person for tax purposes! What would you say? None of their damn business.
Obama must think he is the president of the world.