Skip to comments.Why are Americans giving up their citizenship?
Posted on 09/26/2013 6:19:38 PM PDT by PotatoHeadMick
The number of Americans giving up their citizenship has rocketed this year - partly, it's thought, because of a new tax law that has frustrated many ex-pats.
Goodbye, US passport.
That's not a concept that Americans contemplate lightly. But it's one that many of them seem to be considering - and acting on.
The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012.
The list is compiled by the Federal Register and while no reasons are given, the big looming factor seems to be tax.
(Excerpt) Read more at bbc.co.uk ...
It’s still a small number, but I have to say it’s all the idiots sending American jobs to other countries.
Every job sent to another country, is another step down for America.
Bring back American jobs. Now.
Because the ultimate dream of the Treason party and RINOs is turning true Oct 1st - Complete destruction of the USA
They say eff this country of taxation without representation, and who can blame them! Working overseas far from home only to feed the Obamafoam feral crowd.
I'm guessing there's more of THAT than Joe Williams of Milwauki moving to Poland and relinquishing US citizenship.
Oops, you raised their taxes too high. There 'ya go, let's raise them some more.
But where are better options?
Not one nation in Europe is both better off and more politically and economically free than the US. Australia and NZ aren’t doing much better at all, Russia is still doing way worse and is still quite a bit more dictatorial.
A few here have mentioned the Japanese and the Phillipines which are great for foreign expats (though of course when you are a local it is an ENTIRELY different situation). But they have enough room for maybe a tiny fraction of the Americans that might consider moving, if that.
It’s not hard to figure out why, taxes and the fact that the US has made it all but impossible for a US citizen to operate financially outside of the US. So those with dual citizenship are saying good-bye while they still can. Not sure if it’s a good idea or not as looking around no place really looks all that appealing to me, but if I had some hot little brown bunny in the Philippines or Thailand and a good slug of cash socked away it would be pretty tempting to say so long to a country rapidly falling into Fascism and property seizures.
I didn’t read the article, but where are most of these folks going?
Is Arec Bardwin on the rist?
It's very unlikely that any in this number fall into that camp. The terrorists don't want to draw attention to themselves and want to re-enter the USA.
The people surrendering their passports are high earning entrepreneurs. The problem they have is two fold. They pay taxes on their earnings in the country they are in and pay taxes on their earnings in the USA. I'm not sure if it applys to personal returns, but if they file as a corporation they can get a $90,000 tax exemption but then they will pay corp. tax rates in both countries. The second problem they have is most banks are not to eager to take American customers because of the reporting requirements and consequences they face if the customer doesn't accurately report their income.
So if your overseas and see that the USA is becoming a banana republic why continue paying taxes twice.
They’re not really “going” anywhere. They are expatriates. They simply don’t want to deal with the crap of being a U.S. citizen overseas anymore.
How much $$$ do they have?
You may find the discussion on this site of interest.
I still think many Americans who would consider going to Australia would still find the nation way, WAY too culturally liberal - for examples in their beliefs on guns, abortion, homosexual rights, sex ed in schools, drugs and so on. So I think conservative Americans like us would find that a huge turn off if we actually went there.
The US gummit bullied the Swiss for the names of secret American depositors, the better to levy huge fines:
The rest of the banking world now fears if they do business with Americans AT ALL then they’ll have TONS of disclosure/regulatory demands suddenly foisted on them by the US gummint bullies.
The various banks around the world solved this potential problem by simply declaring they won’t take Americans as customers.
Do you hold a US passport? Ah! OK well then my bank won’t do biz with ya, sorry...
It’s that simple.
So basically non US governments see the US gummint as a spy bully, and non US banks won’t take Americans as customers.
Those are parts of this new & refreshing Hope & Change era of Obama —nice, huh?
America is not the country it used to be.
Too many morons for the productive people to support.
You didn’t do yourself the service of reading the discussion on that forum, and frankly, you know absolutely nothing about Australia.
PS. I suggest you stay exactly where you are.
What makes Paraguay an ideal place to be and to live if you like values and liberties similar to American ones? And what makes it better than all the other South American nations? Presuming of course, you were not merely being facetious or humorous with that answer.
This just in: Applied Materials and Tokyo Electron are merging and incorporating in where? in Netherlands, why Netherlands? taxes.
Impeachment file on Harrison J. Bounel, aka Barry Soetoro, aka B. Hussein Obama.
Read the article.
Most of these people are AINOs: Americans abroad who have little connection to the US except a passport that sits in a drawer. Our kakistocrats have made their lives miserable through tax and bank spying laws, so they’re taking the path of least resistance and turning in their passports.
What will be interesting is the situation 20 years hence when there is a shortage of younger workers and lots of countries desperate for them. The kakistocrats are certainly not making a very good case for the young and talented to stay here.
Silly tax more like it. The US is the only country that double taxes a person — so if you work outside the country, you pay income tax in that country AND you pay US income tax. That’s crazy.
actually, if one reads the article, it’s not the big masters of finance who get affected. Those sit in the US and get paid in the US. It’s the middle level people who go to live abroad who get hit
But most people, especially the one referred to in the article want to just live abroad for other reasons, not just for economic.
Can’t blame people. The former America is dead and gone. It was suicide. If I was wealthy I’d bail in a heartbeat before I coughed up another dime to the scumbag Democrat politicians to use for buying votes from their moocher base.
Many are middle class. Probably half are retirees.
Odumbo and the demodummies can be blamed for the exodus. Get rid of that bunch and we will see a lot of American wannabe’s coming back here in droves.
My son is an expat. The country he is working will not give him a passport, but next year he receives a residency card. Once that happens I seriously doubt he will return to the USA. Right now he is protected from USA income tax so he sees no reason to give up passport. He already receives free medical care plus he purchases private insurance. Unless it is an emergency or a bad cold or flu, he uses private insurance. Not a bad system we should dump Bozocare for something similar.
Giving up a USA passport is more than just getting a new passport. I have rarely needed a visa to travel worldwide. USA passport is golden in most countries, even a 1000 giving up passports is surprising.
I’m becoming familiar with the medical options outside the USA. After the SCOTUS ruled we are serfs and can be compelled to buy whatever the govt says I figured I would ultimately look for my medical care outside the USA.
I’ve got a friend who’s been working in Hong Kong for years. He wasn’t really an expat but he’d landed there for one job and stayed through a couple of changes, finally got tired of all the visa renewal crap and went for citizenship. Most were probably on a similar path, they’ve found themselves a new home and eventually it’s just not worth the trouble to keep officially being an American when you have no intention of ever living here again.
Recently saw a sign in Manila, Dialysis only P1,800 that is less than $50. There were competing clinics. Doc are good just have to shop around and get referrals
Blue Cross Blue Shield will become a quasi-govt agency and will do the bidding of it's masters in the govt. bureaucracy. The customer/serf will do as they are told and health care will be rationed for all except those in power.
I don't intend to comply. I am trying to establish bank accounts in Panama and purchase property there. The health care there is good and if they don't have something I can go across the border to Costa Rica or across the ocean to India, Singapore, or the Philippines.