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Author Topic: US FACTA causes some to give up citizenship  (Read 2261 times)

Pashley

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US FACTA causes some to give up citizenship
« on: May 11, 2012, 07:46:31 AM »
" Thousands of US citizens are giving up their nationality at American embassies ...

" Foreign Account Tax Compliance Act (FATCA) is ...

https://www.devere-group.com/news/FACTA-makes-Americans-give-up-their-passports.aspx
Who put a stop payment on my reality check?

Raoul F. Duke

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Re: US FACTA causes some to give up citizenship
« Reply #1 on: May 12, 2012, 12:12:55 AM »
Apparently one of the Facebook co-founders is doing this...
"Vicodin and dumplings...it's a great combination!" (Anthony Bourdain, in Harbin)

"Here in China we aren't just teaching...
we're building the corrupt, incompetent, baijiu-swilling buttheads of tomorrow!" (Raoul F. Duke)

Escaped Lunatic

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Re: US FACTA causes some to give up citizenship
« Reply #2 on: May 12, 2012, 03:13:48 AM »
I don't think it's happened in China, but I did see that some foreign banks are refusing to open accounts for US citizens.  Similar problems are happening with US citizens involved in setting up JVs in some countries.  The US is using every trick in the book (and making up new tricks) to force foreign banks to provide reports on all accounts owned by US citizens. kkkkkkkkkk

BTW - For any of you who are US citizens with more than $10,000 total in all non-US accounts at any point during the calendar year, I hope you've been filing an FBAR.  If not, the fines are incredibly high.

The US now has an exit tax for wealthy individuals.  I wonder exactly where the concept of this departure tax came from?  At the risk of violating Godwin's Law, I know of one country that used it extensively.
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BrandeX

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Re: US FACTA causes some to give up citizenship
« Reply #3 on: May 12, 2012, 11:40:02 AM »
Slaves to the master called Capitalism.

Pashley

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Re: US FACTA causes some to give up citizenship
« Reply #4 on: May 13, 2012, 05:07:22 AM »
Apparently one of the Facebook co-founders is doing this...

Yes, Eduardo Saverin. There's a government list of people who have renounced citizenship, and he is on it.
https://www.federalregister.gov/articles/2012/04/30/2012-10274/quarterly-publication-of-individuals-who-have-chosen-to-expatriate

Interesting, though, that that list has only a few dozen people for a quarter-year, even though it includes non-citizens losing permanent resident status. The article linked to in the first post claimed "thousands" of actual citizens were bailing out.
Who put a stop payment on my reality check?

Pashley

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Re: US FACTA causes some to give up citizenship
« Reply #5 on: May 13, 2012, 05:55:13 AM »
Bloomberg coverage on Saverin & FATCA:

http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

The most interesting thing, I think, is that some banks and investment firms are now refusing American customers to avoid the expense & hassle of reporting.

Numbers: "Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records."

Foreign Account Tax Compliance Act, abbreviated FATCA? That is only one letter away from "FATCAT" but I cannot think of a good excuse to add the extra letter. Anyone want to help me out?
Who put a stop payment on my reality check?