Petros
Peter W. Dunn (Petros) grew up in Anchorage, Alaska, and is a scholar of Early Christianity. While attending school in Vancouver, Canada, he married a Canadian girl. Afterwards, he studied in England and Switzerland. After finishing his studies, he settled in Ontario. He has taught theology at the undergraduate and graduate levels both in Canada and in Africa.
As a result of Heroes Earnings Assistance and Tax Act, he decided to become a Canadian citizen in 2010. He did so on 28 February 2011 and relinquished his US citizenship on the same day. He has decided to complete his expatriation forms but not to file FBAR. While most people have chosen to use aliases for their online discussion, Peter has decided come out in the open about this issue.
Peter blogs at the Righteous Investor and Acta Pauli.
He has written some published articles on FBAR, FATCA and renunciation of US citizenship:
(1) When government turns predator with Monty Pelerin
(2) FATCA: A ticking time bomb for the Economy
(3) No Civilized Country Would Ever Banish Eduardo Saverin
Kristiaan Yeo interviewed Peter for CCTV:
Jon McComb interviewed Peter Dunn on the World Today.
Atossa Abrahamian interviewed Peter W. Dunn for her Reuters article, Tax time pushes some Americans to take a hike.
Peter spoke with ABC News writer, Enjoli Francis: Facebook’s Eduardo Saverin Joins Americans Renouncing Citizenship.
Peter spoke with Canada’s Barrie McKenna, Ottawa, U.S. negotiating change to tax reporting. Toronto Star’s Michael Lewis cited Petros in his article, Facebook co-founder Eduardo Saverin’s taxing connection to U.S.-Canadian dual citizens.
Dow Jones columnist, Al Lewis featured Peter Dunn in his article: Tax man makes it hard to be an American / Commentary: Tough IRS rules hit the little guys hard.
Emma Elliot Freire spoke with Peter Dunn for her article: Toxic Citizen: The Misery Of Being An American Abroad.
Living abroad isn’t as romantic as you might think.
He should not be confused with Pete the Planner, who is the younger, better looking Peter Dunn who also has an investment blog but unlike Petros, is nice enough looking that he can go on television. Petros has a face for radio (see above–he’s the less furry one in the picture).
At his own blog and here he’s written several useful posts:
- Renunciation of US citizenship: On avoiding the new $450 renunciation fee
- My April 7 visit to the US consulate
- Is the taxation of US citizens abroad constitutional?
- Pillaging one person at a time: why I’m coming out in the open with my fight against the IRS
- Presidential Pardon as constitutional solution to FBAR madness
- Fourth Amendment: FBAR equivalent to general warrant
- Fifth Amendment: FBAR substantial hazard
- Fifth Amendment: two cases
- Fifth Amendment: Miranda Rights and FBAR
- Sixth Amendment: No fair trial possible for expats
- Eighth Amendment: The IRS is bluffing, bad faith in OVDI
- Ignorance is an excuse in the case of FBAR
He is married with 4 or 5 cats.
Peter spoke at the FACTA Fact Finding Forum on December 15, 2012:
Listen to Peter Dunn’s interview with Pete the Planner:
Hello Petros.
I am not up-to-date on author login. As well, my username and password date back to WordPress. Can you help me get up to speed?
Merci!
NorthernShrike
Pingback: The Isaac Brock Society
Can you please determine if Canadian Stocks and Bonds held certficates held by the transfer agent Is subject to FACTA. Computershare Canada is the transfer agent for most stock.
http://www.computershare.com/ca-en/Pages/default.aspx
one more thing on Computershare Canada is that is a subsidiary of US company and all records are kept in USA.
Petros
You should be very careful about crossing US border.
I have heard story about USCIS stopping Canadians at border.
more info that IRS and USCIS share info
http://www.canada.com/story.html?id=75c1f0e6-ac6a-4533-b2e1-9dc4aaf00eda
“Leslie Kellogg, a partner with Hodgson Russ added in an interview that while U.S. border guards likely have the authority to detain travellers for failing to fulfil any tax obligations, so far “we haven’t seen any indication that they are going the next step and trying to do the IRS’s job in terms of tax collection efforts.”
“Right now what we’ve been seeing more is that people would be either denied entry or … are being asked questions that they were never asked before … which then starts to worry our clients,” Kellogg explained. “We’ve never seen them before asking any types of tax questions at all.”
I am not interested in a debate, only in practical ways of beating the system.
This is a duplicate post so you will notice it. The US government may rule your 8854 is not valid because you did not file FBAR. I know you have an opinion of a Canadian lawyer, but the USG may rule differently.
@GeorgeIII, that article is an oldie but goodie. So this Jihad started even before Obama became president, eh?
I wish more thread were about beating the system. Other than KalC not a lot of people are interested.
If the USA wants to enforce their stupid tax laws on accidental American, enforce it at their border, not using Foreign Financial institution through FATCA.
I am a practical person only interested in trying to reduce problem for most people here,
There are 2 issues, the first is general and you may want to start a sticky thread on this. You are well respected and I am not interested in political discussion.
1) Canadian Tire has an on online saving account, when you go to last page of application you will see that they inform you that this account is kept in a sever of another country and subject to their laws. I assume they are talking about USA,
https://www.myctfs.com/Products/HighIntSavings/Apply/
If you fill out application and do not submit it you can see warning.
I know computershares Canada also keep records in USA. Computershare Canada are the transfer agent for most Canadian stock and provincial bonds, If you call them up, you hear a a warning that telephone call record is kept in USA, Use a pay phone or hide your phone number (*67) if you call them
It would be extremely interested to see if they will disclose Ontario bond holder info to the Americans.
There may be other Canada institution with similar arrangement,
2) For yourself, I do not think it is safe for you to go to US in future. On the thread about Israel they mentioned
“As part of the participation in and implementation of the program, explained Ruchelman, the Israeli banks will be required to disclose to the U.S. authorities certified details about U.S. held accounts, including—on an account-by-account basis—the highest value since 2008, the number of persons affiliated with the account, whether the account was held in a structure (i.e. foundation), and information about transfers of funds into or out of the account. An IRS examination could be triggered by the banks’ disclosures to the U.S. authorities.”
If this is done with Canadian bank, they will find you tried to beat the system. If you stay in Canada and own Canadian property you should be all right except for brokerage firms may try and shut you down account. They can opt out in 30 days.
This person accountant believe FBAR is required for expat.
More reason to stay in Canada
“krackerjack121 says
January 13, 2014 at 4:04 pm
Good afternoon all,
Thanks for the information on this fantastic website. I have found it very valuable. I had a couple of questions for the board here. But first a Lille background information. And of course the obligatory disclaimer. I realize that no one here is a lawyer and that this is not legal advice and is stoically for entertainment purposes only.
I met with my accountant today to sign off on my IRS filing obligations. So I have now submitted my four years of tax filing as stated under the OVDI system. And my seven years of FBAR sheets. I believe that I am now ready to go ahead and meet with the consulate to proceed with renoucation. I will be filing my 2013 taxes once my Canadian taxes are done for 2013. And then I will have my five years worth of being tax compliant. So as I under stand it now all I have to do is call up the consulate make an a appointment with them for renoucation fill in the paper work and then meet with them, pay my $450 and then wait for the Certifiacte of Loss of Nationalty ( CLN).
Can some one please confirm if I am missing anything here?
Cheers.”
Pingback: The Isaac Brock Society
How do I find out where the meeting planned for January 28 2014 will be held?.
http://isaacbrocksociety.ca/2014/01/14/solving-the-problems-of-u-s-citizenship-information-sessions/
see this, jane
This is one of the very first lamestream USA or Europe media articles with positive mention of US citizens overseas in more than 2 years.
http://www.washingtontimes.com/news/2014/jan/15/rnc-join-rand-pauls-fight-protect-privacy-american/?page=1
oops, wrong place for that last post –too many windows open
Petros has the constitional lawyer look at the TD Waterhouse investing case that the account was shutdown or frozen? Canadian should be able to own Canadian bond or Equity and still be able to be recalcitrant. Brokerage accounts can be shut down within 30 days supposedly. The stocks and bonds may be transferred to Computershare or other transfer agents,
Benedict Article never indicated if there were assets in the accounts. (Freezing assets would be similar to this case) http://uniset.ca/other/cs6/68OR2d379.html
The Guy name was Benedict Arnold. Did you talk to a lawyer on this item?
I have no real connection to lawyer and the few I have called have not been helpful.
“And history is on your side. Canadian stocks have underperformed the U.S. market on average over the last 30 years. As well, since the bank sees the Canadian dollar overvalued by 10 cents U.S., investors could get some additional return on U.S. dollar holdings if the Canadian dollar depreciates.”
http://www.montrealgazette.com/business/Peter+Hadekel+equity+market+makes+more+investing+sense+than+Canada/8969415/story.html
Your broker may have a 75 year chart of underperformance.
From American Thinker which you write for I think
Did Mockery of Obama Get Dinesh D’Souza Arrested?
http://www.americanthinker.com/blog/2014/01/did_mockery_of_obama_get_dinesh_dsouza_arrested.html
Do not cross the border pal you will probably be on the enemy list the future, I doubt the Republican will win the presidency in the foreseeable future. A party pushing tax cuts will not win. You should understand that using this article.
http://globaleconomicanalysis.blogspot.ca/2013/12/rich-dont-pay-most-of-taxes-they-pay.html
I saw this from one of the blood sucker lawyer
“Another option is to simply close your account and open an account elsewhere. The IRS is expected to seek information on Americans who closed accounts in advance of the new law.”
I see nothing like it in UK Facta agreement, They bwill be hard press to ask these questions on closed accounts.
http://taxconnections.com/taxblog/how-to-respond-when-your-foreign-bank-asks-about-your-irs-compliance/#.UuaOgPvn-6o
Pingback: The Isaac Brock Society
Petros
Interesting article in the light of your discussion on Liquid Lunch yesterday
http://www.upi.com/Business_News/Energy-Resources/2014/02/12/Keystone-XL-a-national-security-issue-GOP-says/UPI-94721392205523/
Pingback: The Isaac Brock Society
Pingback: The Isaac Brock Society
If you changed brokerage firm but held the same stock does the stock ownership indices follow you.
Do public traded companies, who are in a brokerage account, have to check for indices in addition to the FFI? The FFI may not have USA indices but the public trading stock may have USA indices in past.
Can’t find a way to contact Site Admin directly so I’ll post here… I don’t seem to be able to post anymore under my original handle “BreakingSad”. This happend right after my post on the Renunciation and Relinquishment part II thread from August 8 7:44 am was removed. LM’s reply is there (I appreciate the encouragement) but not the original post. Please email me a response as I am not sure if there was something wrong with what I wrote.
Thanks.