Some people are worried about the future of the U.S. dollar and they believe that moving from the States is a way to distance themselves from its possible decline.
Well, yes and no. While diversifying your asset holdings by currency is often a wise move, the truth is that if you’re a U.S. citizen you’ll never be able to walk away from the dollar completely — even if you move overseas. Likewise if you’re a Canadian or citizen of any other country — it’s hard to totally divorce yourself from your national currency.
Here are two reasons why…
Read more here.
I dropped in a few posts and it doesn’t look like they’ve been censured yet.
This just seethes of US propaganda trying to discourage people from moving abroad. Every assumption that is made is just plain wrong!
1) YES – you can renounce US Citizenship and never have to pay US taxes again. I wish this weren’t the case, but we’re already paying taxes where we live. I’m paying much more in taxes where I live than I would pay if I lived in the US. But what can we do? It’s not feasible to sell everything and move to the US.
2) YES – it’s relatively easy to create a credit history in another country. At least here, you just show proof of income and you can get whatever you want: credit cards, mortgages, loans, etc..
3) YES – it’s very easy to divorce the “dollar”, but this isn’t THAT easy to do since the US dollar is a major reserve currency and tends to appreciate when there is a lot of risk in the markets.
“Some people are worried about the future of the U.S. dollar and they believe that moving from the States is a way to distance themselves from its possible decline.”
Really? Do people actually exist who think so one-dimensionally? And would someone really move from the US based on that belief? I’d like to see real people quoted saying that. More likely it’s just another day dream from some bored Huffington Post contributors looking to up their click count.
Hell yeah people should worry! America loves to consume a lot of shit, but just about the only way they can ‘pay’ it back is with paper treasury bonds of increasingly dubious value. What will be the value of the dollar once other countries realize that they’re never going to get their money back?
mark my words the value of the $ against CHF,EURO and £ will make new lows by 2014
I would certainly expect within 2014 as the full force of FATCA begins to kick-in. The remaining U.S. clients of non-IGA FFI’s can expect to be dumped en masse while foreign investors begin to pull out of the U.S. market. FATCA will then be fully revealed as what can only be described as the mother of all self-defeating prophecies.
I don`t know if this exists as well for expats 🙂
Its official that the IRS’ Whistleblower Program is in High Gear!
The Internal Revenue Service issued its 2012 report to congress regarding the results of its’ Whistleblower Program.
During FY 2012, the IRS received 332 whistleblower submissions relating to 671 taxpayers that, based on the face of the submissions, appear to meet the threshold of $2,000,000 in tax, penalties, interest, and additions to tax in section 7623(b). Many of the individuals submitting information to the IRS claimed to have inside knowledge of the reported transactions, often including extensive documentation in support of their claims.
Want a Reward of Between 15- 30% of Underpaid IRS
Tax Liabilities for
Blowing the Whistle on a Tax Cheat?
One of my latest posts might have been censured, because it hasn’t appeared yet. I responded to LongArmAbroad who wrote about East Germany. Currently, this is the first post.
In my comment, I stated something along the lines that my friend who grew up in the DDR suggested that the renunciation list might be censured due to the possible government fear of civil war or mass emigration.
While Huffingtonpost is a censorship-hungry paper, censuring thousands of comments for no logical reason, it is rather unique that they happened to censor that one. To me, this suggests that my comment has more to it than what Huffingtonpost wants the US public to know. I’ll check back later today to see if it made it past the Stasi.
My comment is there now. I guess that they had to get approval from the Whitehouse or something to post it:
I have been watching your comments, and you have been doing a GREAT job! I will try to give you some thumbs up…
Has 2012’s Q4 renunciations in the Federal Register been posted anywhere? I’ve been out of touch and may have missed it.
@Bubblebustin: yep, it had 45 names. Was good for a laugh:
Maybe this is already noted on IBS, but here’s another famous renunciant. Judging by this article, he’d be a covered expatriate. Is his name on the Federal register list?
‘Wednesday, February 20, 2013
Karzai’s Brother Renounces U.S. Citizenship To Enter Afghan Politics ‘
from the article above:
…”Karzai, 57, is a wealthy entrepreneur whose business interests include banking, mining, and real estate.
He lived in the United States for many years and reportedly has owned restaurants in San Francisco, Boston, and Baltimore.
Media reports say Karzai controls a 7 percent stake in Kabul Bank, Afghanistan’s largest private bank.
Last year, an independent audit found that Kabul Bank was involved in a fraud that sent nearly $900 million outside Afghanistan. Karzai denied any wrongdoing…”
And I’m wondering if he was FBAR and FATCA compliant?
Oops, my Karzai postings belong on another thread. Help oh wise IBS administrators.
Needs a new post spot of it’s own?