Liberty and justice for all United States persons abroad

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Tag Archives: Renounce U.S. citizenship

Robert Wood posts on renunciations, #FATCA, #Americansabroad

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Robert Wood deserves credit for keeping issues surrounding Americans abroad in the Homeland news. This is a good article . But, more to the point it has generated over 100,000 views and some intelligent comments.

Again, an interesting article with lots of comments.

 

 

Why it matters to the U.S. if #Americansabroad renounce U.S. citizenship

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This is an interesting article that includes:

Some may think that 3,000 people renouncing their citizenship is a drop in the bucket, nothing to sneeze at, and small potatoes. The number of renouncers doesn’t compare to the 1 million who are legally immigrating to the U.S. every year. “Goodbye and good riddance,” some have commented.

But the trend is more troubling than it may appear. By raw numbers, the U.S. may be averaging a 997,000 surplus in immigrants versus emigrants, but Uncle Sam’s tax roll will not reflect the same surplus. The people who are renouncing their citizenship tend to be on the wealthier side. Not all are Eduardo Saverins (the Facebook co-founder who emigrated to Singapore “for business reasons” i.e. to reduce his tax liability). But expatriates are undergoing the pains of renunciation because they have greater than average networths and they see the writing on the U.S. budget deficit’s wall (many surmise that FATCA is an attempt to curb the deficit). The people who are immigrating to the U.S. tend to be those who are looking for opportunity, education, etc. They are bringing wallets full of hope, not gold. And when you recognize that the top 1 percent of American earners pay about 37 percent of all the federal taxes, a few thousand on the wealthier side become statistically significant.

A very popular phrase bandied about by politicians is that you can tell the health of the nation by the number of people who want to come and stay. That immigration reform is an issue, to many, means we have a good thing going here in the U.S. that others want to be a part of. But when the nation’s wealthy start opting out of the American dream, when they start thinking our borders as made of kryptonite, it’s time to pause and reflect.

#Americansabroad in Switzerland should not enter #OVDP and join #FBAR Fundraiser

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From the RenounceUScitizenship blog.

This is a companion to the earlier post I wrote suggesting why Swiss banks should NOT join the OVDP program for Swiss banks. In this post I argue that individuals shouldn’t join OVDP for people. At the moment that means that nobody should join OVDP.

I have written a number of posts about the OVDP program for Swiss banks. The banks should stay away from it. But what does it mean for Americans in Switzerland? The answer is that they are being asked to prove that they are U.S. tax compliant. Remember that proof has nothing to do with proof.

U.S. tax lawyer Robert Wood (referring to Americans abroad in general) asks:

The Swiss banks are taking the lead in asking the question. One American in Switzerland  reports receiving the following message from Post Finance:

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Amid #IRS Abuse, Record Number of Americans Give Up U.S. Citizenship – #FATCA

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This is a great post about Americans renouncing citizenship which cites a number of interesting sources.

McClatchy news highlighted the plight of Oklahoma-born Ruth Anne Freeborn, who has lived in Canada with her Canadian husband and son for over three decades. Because of FATCA, her foreign bank was required to hand over all of her family’s financial information to the Obama administration, which her husband, of course, opposed. So, after carefully considering her options, Freeborn eventually decided to renounce her U.S. citizenship in September rather than subject her family to intrusive prying by the IRS and the federal government.

“My decision was either to protect my Canadian spouse and child from this overreach or I could relinquish my U.S. citizenship,” she told the news service, which reported that growing numbers of Americans were “ditching their U.S. passports out of frustration and fear” over FATCA. “It was with great sorrow I felt I had to relinquish, but there was no other choice for me and many like me…. My husband cannot understand why Americans are so offended by having their personal emails and phone calls monitored by the NSA yet are very comfortable requiring a Canadian to hand over their bank account data.”

The increasingly byzantine and oppressive regulations, along with more aggressive government efforts to enforce them, have also led a growing number of banks and financial institutions around the world to refuse to do business with anyone subject to Uncle Sam. As The New American has been reporting for years, Congress and the IRS have essentially made U.S. citizens into pariahs around the world in many respects. In some cases, the U.S. government has even gone so far as to terrorize and threaten governments and nations that refuse to bow to the will of Washington’s political class. Switzerland and the Swiss were among the most recent victims.

For Americans living overseas, it is becoming increasingly nightmarish. “Many banks, foreign financial institutions, are just turning Americans away — it’s easier for them not to have American clients,” explained Marylouise Serrato, executive director of the group American Citizens Abroad, in comments about the effect of FATCA and IRS regulations. “For some people it [renunciation] becomes a solution. But it’s done with a very heavy heart.”

This of course makes one wonder:

Why is the United States so cruel to U.S. citizens abroad?

 

Required reading for countries considering a #FATCA IGA with the US – @PMHarper take note

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This post appeared on the RenounceUSCitizenship blog.

 

Basking in the glory of OVDP and the FBAR Fundraiser for Individuals:

The Department of Justice Announces OVDP for Banks!

On August 30, 2013 the U.S. Department of Justice created a voluntary disclosure program for Swiss banks. It was clearly premised on the OVDP program for people. My post describing OVDP for banks ended with:

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Renouncing U.S. Citizenship – Second thoughts

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becareful

 

Renouncing U.S. Citizenship – Second thoughts

You better be careful what you wish for, you must might get it!

The internet is abuzz with discussion about U.S. citizens wishing to expatriate.

So, far the comments have been dominated by:

– those who desire to to renounce U.S. citizenship

– those who are desperate to demonstrate that they lost their U.S. citizenship when they became citizens of another country

– those who are basking in the glow of knowing they are no longer U.S. citizens

But, there is anther side. Are there people who renounced U.S. citizenship and are now regretting it?

I received the following message from somebody who recently renounced U.S. citizenship:

I renounced US citizenship for a variety of reasons (a year ago) and am feeling more and more like did I make a mistake. I think things are horrible in the US but it seems so hard to find a place that is both open to immigrants and that offers me some of the opportunity I definitely experienced in the US. My family wants me to go back so much, but I really am opposed to so much of what the US is doing both in the US and without. But I am really struggling with doubts and fighting depression over my situation.

Any advice for building a support network? Thank you so much.

What are your thoughts on this? What advice would you give this person? Should there be a support group for those who have renounced U.S. citizenship? Many believe that renouncing U.S. citizenship will be the end of their problems. Will it be the beginning of a new set of problems?

Your thoughts?

 

Laura Saunders weighs in: Should you renounce your U.S. citizenship

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If this has already been posted, sorry for the duplication. This whole issue is starting to get traction. More than 200 comments so far. Looks like a good article.