(4) Those most hurt by the IRS’s persecution of expats have engaged the services of cross-border compliance condors.
(5) Those least hurt have done nothing.
I have heard many expat stories. A clear picture emerges. Many of those who wish to do the right thing have paid dearly. In some cases, the victims pay little if any taxes, but large payments to their cross-border tax accounts and lawyers. In the most extreme cases, people have followed the advice of their cross-border lawyers and have entered OVDP “amnesty” programs. Those in amnesty programs have had not just money but years sucked from their life–what Just Me (Marvin van Horn) called LCUs (Life Credit Units).
On the other hand, I know some people who have done nothing: they haven’t renounced, and they haven’t complied. But above all, they have informed themselves rather than seeking the services of a wraith. This method obviously works best if (1) you are not on the IRS radar; or (2) you do not meet the income threshold (such as non-earning spouses of a non-US persons). For these people, it is life as usual. (I understand that in some European countries bank accounts have been closed–obviously if that bothers you, you will likely have to do something–i.e., renounce or return).
I heard once that standard operating procedure in the compliance industry when asked by a client how much this whole fiasco would cost, is to ask back: “How much do you have?”
About: Petros is the alias of the founding administrator of the Isaac Brock Society. He has created this series of Petros Principles as a means of communicating guidelines which he believes have helped him and others deal with the United States’ world-wide tax invasion.