I will never forget reading in late 2010 about the situation of the Canadian-Americans and many Americans living in Europe: to become compliant with the IRS and US Gov, they had to hand over large portions of their life savings to America, a country that provided them with zero benefits living in their host countries. I thought this “criminal” on the part of the IRS to sneak-in with such a thing. This has contributed to at least 60% of my decision to renounce because I want nothing to do with countries that engage in such under-handed behavior.
Since I discovered this site, it dawned on me “If everyone declares their accounts, then the IRS can charge no penalties”. So if you really want to get back at the IRS, tell everyone you know, especially people who are contemplating moving to the US, that they must declare their accounts; otherwise, the IRS is will demand a penalty payment. If everyone declares, it will render the US efforts futile. Just today I was on three different sites with same message: declare now so you have no trouble later. I wish I could have said, “and then renounce“, but those forums aren’t geared for that sort of thing.
Now is the best time to declare. Interest rates are near zero. The actual tax paid to the greedy IRS will be next-to nil. I think that the US tried to catch 6 million people by surprise, and yes, they caught some people. I think people have to look at the risk/reward or actually going into their “disclosure trap”. For the people that renounced in the 70s – I’m no “cross-border professional” — but I know the history from that time, you lost US Citizenship, according to US history books. If you have to file, file your tax returns, pay any taxes due, and then be done with that place.
The best thing you can do is to tell everyone and deny them what they want (penalties…$$)