Posted on 07/04/2012 7:11:39 AM PDT by SeekAndFind
07/03/12 Laguna Beach, California – In November, millions of Americans will trudge to their local polling places to cast votes in the hope of improving their lives here in the USA. Between now and then, a few hundred Americans will vote with their feet in the hope of improving their lives outside the USA.
Last year, nearly 1,800 Americans surrendered their citizenship. In a nation of 300 million folks, 1,800 émigrés is hardly a rush for the exits. But the recent trend is, nevertheless, intriguing.
As recently as four years ago, only 200 people checked out of America for good. Back then, surrendering US citizenship would have seemed as unthinkable to most Americans as declining a free vacation to Hawaii to pay for a vacation in Newark. It would have seemed as crazy as:
Giving up citizenship would have seemed as incomprehensible as…go ahead, create your own simile.
Bottom line: Surrendering US citizen was absolutely unthinkable. But not anymore. Now it is “thinkable,” albeit still relatively rare. The absolute numbers are still tiny, but the trend conveys a very large message: Discontent is on the rise.
Increasingly, the used LeSabres and Augusta Municipals are winning the contest. And probably not because they are so alluring, but rather because the “Aston Martin” is starting to sputter like a used moped and “Augusta National’s” fairways are starting to sprout more weeds than its deep rough.
To be clear, your California editor remains an American citizen with a valid American passport…and no pending petitions in any American embassies to surrender his citizenship. His observations, therefore, are not personal…but they are heartfelt.
When Americans begin abandoning the “Land of the Free” to seek greater freedom elsewhere, it is time to sit up and pay attention; it is time ask yourself, “Why? Why are they leaving? What’s wrong?”
Is it just a “tax thing” or are other forces in play? Is it because folks don’t like:
Who knows the exact reason why 1,800 Americans chose to leave last year — nine times as many as left four years earlier. Certainly, each one of them had their reasons. But like a corporate insider that sells his own stock, there’s one thing you know for certain about his motives: he is not selling because he believes the stock will go up. Maybe he doesn’t believe the stock will go down, but no one sells a stock they believe will go up.
Likewise, Americans who bail on their country may not think things are going to get any worse any time soon, but they clearly do not believe things are going to get better. So far, the pitter-patter of footsteps heading for the exits is barely a murmur…but the murmur is getting louder.
Eric Fry
for The Daily Reckoning
Eric J. Fry, Agora Financial’s Editorial Director, has been a specialist in international equities for nearly two decades. He was a professional portfolio manager for more than 10 years, specializing in international investment strategies and short-selling. Following his successes in professional money management, Mr. Fry joined the Wall Street-based publishing operations of James Grant, editor of the prestigious Grant's Interest Rate Observer. Working alongside Grant, Mr. Fry produced Grant's International and Apogee Research — institutional research products dedicated to international investment opportunities and short selling.
You are right.
Of course, if you are renouncing your citizenship, staying in the USA is pointless.
There are exemptions for "loans" or rental for lawful sporting purposes even by aliens and citizenship renouncer's, you would have to have a valid nonresident hunting license to loan or rent a gun. There are also exemptions for corporations of person who have a corporation in the state they wish to purchase said fire arm if one owned a corporation in a state that does not prohibit foreign owned corporations of person then there is an exemption that such a corporation even if majority owned by a renouncer could still transfer a fire arm. This is the same loop hole that LLC use to get around the chief law officer requirement for class 3 tax stamps, Corporations are individual entities in the code so the former citizen is not in possession nor purchasing the firearm the corporation is and that is perfectly legal. The code is long but its all in there. There is some legal debate about if a corporation allows a person disqualified under part 5 which includes former citizens to posses for more than temporary legal sporting use. The whole thing is mentalmasterbation as if your going to give up your passport why would one remain stateside? Your are right that under the yellow form a former citizen is disqualified but there are many ways around that form I just showed the most common 2.
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