Skip to comments.More Americans Living Abroad Turning In Passports
Posted on 05/30/2012 11:12:24 PM PDT by Olog-hai
Eduardo Saverin is not exactly your typical ex-American.
He's too rich to be that. But the newly minted Facebook billionaire, who renounced his U.S. citizenship last year in favor of Singapore, is part of a trend.
A small but growing number of Americans are turning in their passports.
Last year, the Treasury Department reported that 1,781 American citizens or long-time legal residents cut their ties with the U.S. This was up from 1,534 in 2010, 742 in 2009 and just 231 in 2008. There were 461 renunciations in the first quarter of 2012 alone. By comparison, the annual average for the 10 years from 1998 to 2007 was 497.
Why the increase? The timing points to at least two possible reasons. One is the fear of higher taxes on the wealthy under the Obama administration. Another was the government's shift to more aggressive enforcement of its reporting rules after 2008, when Swiss banks were found to be helping Americans evade taxes through offshore accounts.
In the wake of that scandal, says Connecticut-based international tax attorney Andrew Mitchel, Washington amped up the publicity about filing requirements and penalties.
For many citizens living abroad, this news came as an unpleasant surprise. In a typical case, says Mitchel, someone born in America to foreign parents may have been living overseas for years with dual citizenship, not intending to live in America and unaware of the need to file U.S. tax returns or financial-asset reports. Suddenly, they were told they could lose a large part of their wealth if they didn't comply.
(Excerpt) Read more at news.investors.com ...
Damn straight. We are looking to sell distribution rights to a Canadian or NZ company. We know exactly what this will cost. We have no idea today what the cost of business will be next year in America. None. Not even if Romney wins do we really have an answer. Democrats are scary socialists. Republicans are scary cowards.
Rich hypocritical liberals are hitting the road. I say don’t let the door hit ya where the good Lord split ya!
Hmmm.... numbers have skyrocketed in the past three-plus years.
Wonder what’s been happening that would cause such a trend...
why ANYONE should pay more then $100k/yr in taxes is beyond me.
they would be wealthy and lean on the infrastructure minimally anyhow... $100k would easily cover the ‘infrastructure usage’ of 10 people
put a cap on taxes and see LOADS of capital flow back into the US
Can we stop them from even coming back for a visit?
funny... we’ll make efforts to ban those people tired of supporting the leechers
but we won’t try to keep the illegals out of the country... which, incidentally, send $24 billion/yr to mexico
Millions of retirees have moved their estates off shore.They have done so legally.
When the Obama movement really decides to pursue its liberal fascist class warfare, you will see millions of passports turned in.No more US taxes will be obtained from these savy retirees.
This represents the largest drain of US capital resources in the history of the USA. And NO ONE is really revealing the TRUTH about it. And it is ALL Obama’s fault.
But would the other 9 all pay $10k in taxes?
those 9 wouldn’t have to, since the guy that paid $100k covered it for them.
they’d be the ‘moocher class’ that we’re so fond of (for some freakin reason)
back to my point... someone please explain to me why ANYONE should pay more then $100k/yr in taxes? even if they made $10m... why should they pay so much more then they’re fair share??
Good job, Washington! Drive our wealthiest permanently offshore! We’re better off without them, right?
I’d just like to point out that the Philippines since 2004 has not required you to renounce prior citizenship when gaining Philippine citizenship ,, also they have a strict banking law forbidding banks to report to anyone on foreign (non Philippine Peso) deposits.
Wow! How clever...and it rhymes too.
Original, too. You don't see that much on FR.
Sorry. I can't help you with any defense of this. I would like to point out that even God only asks for 10%.
G-d asks 10% and has the universe to worry about
the US govt’s responsibility is a tad smaller
the US govts responsibility is a tad smaller
LOL. True enough.
People vote with their feet, like the East Germans once did. Why not, since voting with ballots makes little difference since the moochers have reached critical mass and can’t be outvoted!