>The 2014 number was up 14% from 2,999 individuals in 2013, which was also a record.<
.
What should also be told is that these 2,999 individuals represent a group of affluent Americans. None of them are paupers.
If they renounce their US citizenship they will have to apply for a different one or they will be stateless.
Will they receive SS benefits?
I have a wealthy friend, private jet money wealthy, and he tells me he has Medicare as a hedge against the failures of his businesses and no longer being able to pay for his medical care.
The rub is in order to receive his Medicare Card he is required to be on Social Security.
His question to me was “That’s crazy right? I don’t need the money and only have Medicare as a last resort”.
I laughed and told him fortunes change, as he acknowledged and acted upon.
But, in any case, he did pay into system. In any place and by sheer dollars measured.
The systems are for anyone who paid taxes, FICA, SS, etc.
He is entitled to get back at least some of his money and since he wouldn’t willingly throw away money or casually blow off any loss, he should happily take his money.
It’s not like he’s getting as good a return on his money, as he would if he invested it.
And fortunes change.
“What if you lost it all? You at least have Medicare and Social Security to fall back on...”
Like this dude will ever lose.
Pretty sure he has a few trusts that are loaded with more than enough cash and property....
If you renounce your citizenship, you still receive SS. But not Medicare.
Although if most of these folks are “wealthy”, those aren’t large considerations.