Americans renouncing citizenship in record numbers, seek to avoid tax

[k98nights]

Americans renouncing citizenship in record numbers, seek to avoid tax

Published August 12, 2013

The Wall Street Journal

 

The U.S.'s crackdown on global tax evaders is leading to a record number of people renouncing their citizenship, and its effects are being felt keenly in Asia -- now the world's wealthiest region by household assets.

A growing number of wealthy Americans in Asia -- and others with green cards -- are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.

Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.

The U.S. Congress estimates that tax evasion by U.S. citizens results in losses of up to $100 billion a year. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.

"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates.

Read more: http://www.foxnews.com/politics/2013/08/12/americans-renouncing-citizenship-in-record-numbers-seek-to-avoid-tax/?test=latestnews#ixzz2bmRfDrvN

 

[PA10]

OMG, what's next? A President renouncing his citizenship? Good ole Kenya here I come, right back where I started from......

[millionaire in training]

America is not the same place it used to be.

 

I for one am very grateful to be here but am not happy with the direction our government is taking.

 

So I can understand why people are doing what they are doing.

[stealthwarrior]

Old news captain.

[Wayfarer]

Seriously, honestly, and with all due respect, what ever happened to "America, love it or leave it?" Is the sentiment now, "Every man (or woman) for him/her self?"

 

Can money and taxes destroy national pride this easily? There are riots of one kind or another and occurring all over Europe; a killer smog to match the mad pace in China and S. Korea, as well as convoluted regulations throughout Asia; etc. People renouncing their citizenship are quite wealthy; they're not the average Joe. They can afford high-rise London and Hong Kong. What think ye?

[rockfl9]

NOT big news ! Most of these are retiree expats who are established out of country and don't expect to return.. Tired of having to file 2 tax returns . If they have permanent resident status in their new country , nothing to loose.

[Wayfarer]

NOT big news ! Most of these are retiree expats who are established out of country and don't expect to return.. Tired of having to file 2 tax returns . If they have permanent resident status in their new country , nothing to loose.

 

I gave you a +1.   

 

I was wrong in thinking that most of them were kinda wealthy. A news report said that most were people either working overseas or they had retired there and were simply trying to survive as best they can..  Did you know that they have to pay a $4-5,000 fee before they can even file? What kind of nonsense is that?

Edited August 12, 2013 by Wayfarer

[Thaiexpat]

That is correct. Most people I know are just tired of paying TWO times on anything they earn. They resent the fact that the US offers them nothing, yet they have to continue to pay thru the nose for this non-service. Most are planning on dying in their new country and have no intention of ever returning to the States. I plan on following once the RV hits and I can afford to renounce my citizenship. It isn't worth the cost, hassles or worries of remaining a citizen. In my case, it is much more, however, I resent the Murdering done in my name/behalf. I am tired of apologizing for the actions of my country. My country provides nothing for me and only seeks to harass me. Chilean passports are a good option for those not as wealthy as others. It takes time and money, but its well worth the effort

[unirod]

ISBN978-0-615-71732-6  is a book that can help you build a legal strategy for conserving your wealth Legally. I recommend it .

[SgtFuryUSCZ]

***///

 

We should all relocate to the jungle in Paraguay so we can be The Bush Family's neighbors.

 

As soon as we move in, we'll put our LandRover up on blocks in the front yard so they'll feel right at home.

[stealthwarrior]

Money is the key to all wars.if you waited ten years for a million dollars and that day finally came and the government wanted to take 50% would you give it to them or would you rather live in an island paradise and give them nothing?Don't they take ENOUGH already?

[Nelg]

Leaving the country is not the answer.  Most US citizens have no idea what a living outside the states is like or the adjustments they have to make to the cultural.  Culture will not adjust to YOUR likes and dislikes, nor to the way you are use to doing things.  You adjust to the culture and most are not willing to do that.  

If someone want to move to another country to live, be wise about it. 

1.  Make the necessary preparations legally, monetarily, and mentally to be able to cope.

2.  Move there for six months. Learn the "lay of the land" before making a permanent move.

3.  Will you be able to speak the language of the country?  Will your family?  Have you started to learn the language? Unless you live in an English speaking country, then it will take you from 1 to 2 years just learning the language.   

4.  Discuss the move with the entire family, because they will be under a great deal of stress related to cultural changes. And mark it well, you and the family will be placed under a great deal of stress externally by the culture, and internally as a family.

5.  Understand that the "romance" of a new and exciting culture wares off quickly.  You wake up one morning a start cursing the people, the way they do things, the way they think, and the stupid things the government has done.  

 

I'm just saying that the others countries may not be all that they seem.  Make sure the ground is solid before you build or you might wind up in a swamp.  

[SgtFuryUSCZ]

***///

 

many answers on 'AMERICAN EXPATS' site.

 

Contact country's embassy here, too, as part of your research.

 

Also, Procure excellent in-country attorney.  Worth the expense.

(not to be confused with charlatans posing as in-country "facilitators" who stalk Ex-Pats on line.)

 

Word to the wise.

[gymrat76541]

Not to worry, we are ONLY losing the rich snobs who think they are too good to pay for what other bleed & die for.

[R2D2]

No surprises here. This country is looking more like Kenya every day. When the haves start confiscating the little peoples arms. This country will resemble every country in the that euro zone.  If we are lucky. If you don't think that is so, go to the UN web page it is all right here.

[gymrat76541]

We are better off without these people!

[Happy Man]

I hope they dont come to canada expecting better tax rate.

 

Our highest tax rate is 56% and then you have sales tax.

 

also there is real gun control here.

 

All guns must stay locked at all time, carried in the trunk of the car and can be handle only if hunting or on the shooting range

[dinarRama11]

actually thats one part of people giving up their citizen shop but there is also others leave because of what to come..usa is going to crash period. so with the lucifireans running this country its all part of their agenda..they tkae over the water supply just like hitler did,the food supply monsanto,the government,the money,the religion all from infiltrade from within..taken away your rights your eyes not open yet? request un intervention in the gun ban they fighting withing the usa ant the citizens..look on all the billionares all of them are link together on the same agenda as if they are all on a mind control spells.the schools will be mollitarise it tkae time forming you wont even to bale to just walk in and get your kids like you use to they will have every say..lol so the people know whats really going on they want to leave and some leave...but the major deception is next and when this comes it will be everyone worst nightmare.the same very people that up in the leadership are all part of the deception and all renounce jesus..

[PrettyKitty]

Americans renouncing citizenship in record numbers, seek to avoid tax

Published August 12, 2013

The Wall Street Journal

 

The U.S.'s crackdown on global tax evaders is leading to a record number of people renouncing their citizenship, and its effects are being felt keenly in Asia -- now the world's wealthiest region by household assets.

A growing number of wealthy Americans in Asia -- and others with green cards -- are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.

Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.

The U.S. Congress estimates that tax evasion by U.S. citizens results in losses of up to $100 billion a year. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.

"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates.

Read more: http://www.foxnews.com/politics/2013/08/12/americans-renouncing-citizenship-in-record-numbers-seek-to-avoid-tax/?test=latestnews#ixzz2bmRfDrvN

 

I am about ready to get-the-H-LL out too...think belize like's Kitty's?----meow

Americans renouncing citizenship in record numbers, seek to avoid tax

Published August 12, 2013

The Wall Street Journal

 

The U.S.'s crackdown on global tax evaders is leading to a record number of people renouncing their citizenship, and its effects are being felt keenly in Asia -- now the world's wealthiest region by household assets.

A growing number of wealthy Americans in Asia -- and others with green cards -- are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.

Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.

The U.S. Congress estimates that tax evasion by U.S. citizens results in losses of up to $100 billion a year. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.

"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates.

Read more: http://www.foxnews.com/politics/2013/08/12/americans-renouncing-citizenship-in-record-numbers-seek-to-avoid-tax/?test=latestnews#ixzz2bmRfDrvN

 

I am about ready to get-the-H-LL out too...think belize like's Kitty's?----meow

[SgtFuryUSCZ]

I am about ready to get-the-H-LL out too...think belize like's Kitty's?----meow

***///

 

Hey, awesomely-coiffed KITTY... look up American ex-pats in Panama.....

Better in every way.

Edited August 27, 2013 by SgtFuryUSCZ

[bahamamama]

I am about ready to get-the-H-LL out too...think belize like's Kitty's?----meow

I am about ready to get-the-H-LL out too...think belize like's Kitty's?----meow

I've been to Belize. It's not at all the paradise some people report. If you like the sight of soldiers wearing rifles at most places, especially the roads, it might be for you. I've been to four countries which are supposed to be an expatriate's heaven and found them to be subpar. I was on a train in one place talking to another American. The train stopped, the military boarded, nabbed the fellow I was talking to and beat him right there and then hauled him off. Another thought is that if you buy a home overseas you may not be guaranteed it will remain yours. Remember it's another country as you well know.

There was one country that was quite nice. It seemed safe and the government stable. Like others posted, there's a lot of research to be done including a trip to your chosen country for a nice in-depth fact-finding mission!

[bahamamama]

Not to worry, we are ONLY losing the rich snobs who think they are too good to pay for what other bleed & die for.

Thank you. I lost a brother in Vietnam and a nephew in Afghanistan. I'm sure we all have had a relative or a friend who paid the ultimate sacrifice for our country. It's such an emotional issue for me to talk about renouncing my citizenship for tax purposes when I have their pictures on my desk as I post this. I know it's a moot point, however I wonder what their opinion of me would be of my action if I did this. I am of the minority who love my country in spite of the current changes. It doesn't mean I agree or condone what's happening, but I do want to show my respect.