On December 7, 2011 the IRS posted its Fact Sheet for U.S. citizens and dual citizens residing outside the United States. I am continuing to update my post as new interpretations come in. Thanks in particular to @FBAR_ compliant for digging up some interesting perspectives. Some have been retweeted at: @renounceus
Monthly Archives: December 2011
Singapore fund manager recommends pulling investments out of the United States
FATCA is causing foreign investors to pull their money out of the United States. Don’t take my word for it alone. Today in Singapore reports:
How to join
Would you like to join this discussion? There are two ways:
Continue reading
Relinquish don’t renounce, if you can
Please Note: The US State Department under John Kerry, who served in Viet Nam, is now charging $2350 to receive any CLN whether one has relinquished or renounced. So if you are coming to this only now, you are SOL when it comes to getting a free CLN.
See also Relinquishing your US citizenship in Germany
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.
We can't trust the IRS – But can we trust the accountants and lawyers?
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.
If Obama is a global citizen doesn’t that make him the President of the world?
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.
FATCA: A ticking time bomb for the economy
Buried in an ostensible jobs bill signed by President Obama last year is a little-noticed job-destroying government regulation that threatens to trigger a massive outflow of capital from the American economy.
See also: FATCA means Americans will pay more for things like Toilet Paper
We shall fight on the beaches: Open thread
When government turns predator
Honest US citizens are being turned into prey by the IRS, the victims a hunt for tax evaders. It is the natural, if lamentable, product of the urge to power our Founders warned us against.