“I think this fence business is designed and may well be used against us and keep us in. In economic turmoil, the people want to leave with their capital and there’s capital controls and there’s people controls. Every time you think about the fence, think about the fences being used against us, keeping us in.” Ron Paul
mjh49783, I understand your point, and agree, that the only real solution is relinquishing or renouncing, but Publius make a valid point to that for some, it’s simply not an option BECAUSE of family obligations. Marriage is only one of the many familial relationships and when your minor children are subject to “confiscation” by a country that you gave up your citizenship rights in … that is scary.
I relinquished. My child did too though the USG probably won’t recognize it and it remains to be seen if the banks in Canada will (she has a duly signed and witnessed statement). And we will continue (if allowed) to visit family in the States annually. I will worry though and I don’t blame Publius for worrying too. The USG is capable of anything it decides is just oky-dokey in their version of reality.
It didn’t stop me from relinquishing – this fear – because I am tried of being worried and fearful. Relinquishing and helping my child to relinquish is action. It’s giving the middle finger.
WhiteKat, yeah, we rehash but new people find us all the time for whom this isn’t rehash. It’s new. When I was a middle school teacher, I repeated myself near daily. It’s the only way to teach that ensures something will be retained and learned.
We here who comment are teachers. Repetition will happen. It’s all good.
Another UK bank clause signing away privacy rights –
15 Confidentiality
15.1 We will only give details of your Account or personal details to anyone
else if:
• you have specifically requested or consented to the disclosure; or
• the law permits or requires us to do so; or
• our interests make disclosure necessary; or
• we have a public duty to disclose.
Your application form will include a declaration requesting your consent
to disclosure for particular purposes.
15.2 If, after opening your Account, you would like to exercise the right to
refuse receiving information about additional services and products,
please contact your local branch or call our Customer Helpline.
http://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/GIC_web.pdf
Across the UK banks are adding secret FATCA clauses without saying so. The banks are hiding the fact that people are signing away their privacy.
Once again in the UK, the banks are planning for the IGA to fail so in that event they can disclose directly to the IRS because the customer ‘agreed’ to waiving their confidentially.
It’s becoming apparent to me that FATCA is probably going to have to be fought on a number of grounds.
@YogaGirl
I would advise that you make sure that your child understands that, once he turns 18, that he may have to go back to the US consulate to relinquish, because it’s unlikely that they’ll recognize the relinquishing act of a minor.
But yes. I understand the part about family obligations. I also have to contend with the fact that I have a lot of extended family back stateside that will not understand why I’m intending to relinquish, and the consequences that I’ll have to accept for doing so. However, my family obligations are here, and not there, and I’m unlikely to ever return, anyway. Besides, who leaves a good marriage?
IRS behaving more like a political arm than a tax collection agency.
TIGTA: IRS does not adequately research 57% of cases, losing billions in taxes wrongly labelled uncollectible.
http://taxprof.typepad.com/taxprof_blog/2014/09/tigta-irs-does-not-adequately-research.html#more
And…”This is what happens when the tax law is treated as the Swiss Army Knife of public policy, rather than as a simple tax collection and enforcement mechanism. It doesn’t help when successive commissioners are more concerned with expanding the agency’s power and suppressing political opponents than with collecting revenue and properly issuing refunds.”…
http://rothcpa.com/2014/09/tax-roundup-93014-irs-handling-of-uncollected-taxes-slammed-and-isu-taxplace-goes-live/