but i doubt they are becoming moving to the UK, an even bigger tax sink than the US is...
Posted on 03/02/2013 8:31:25 PM PST by Baynative
London-based American lawyers, who specialise in tax and immigration, report a threefold increase over the last five years in the number of American citizens who are giving up their citizenship - a process known as “renunciation”.
Across the world 1,781 Americans renounced their citizenship in 2011 compared with just 231 in 2008, when US tax laws changed, although it remains unknown how many are adopting British rather than any other nationality.
Many decide to give up their American citizenship after tiring of the lengthy US tax return process, which requires them to pay tax on their total income regardless of where they live.
“There’s no question that the number of people renouncing their US citizenship is increasing,” said Diane Gelon, a US tax and immigration lawyer based in London.
(Excerpt) Read more at telegraph.co.uk ...
While the article is mostly about wealthy folks, this is happening at all income brackets. Traveling to look for new places to live in retirement is big business these days.
This is what happens when you devalue American citizenship by giving it to illiterate people who sneak across the border and by overly taxing some wealthy or high income Americans. This makes me very sad.
That’s what they get for sending us Piers Morgan.
but i doubt they are becoming moving to the UK, an even bigger tax sink than the US is...
Off to the BVI...in three years. Can’t wait to go back.
No way in HELL would I live in the UK, again. (sorry UK FReepers, nothing against you. I know you are fighting the good fight).
The US is a big country, with a big central government and it is rapidly transitioning into a communist totalitarian state. True, the rest of the world is not that good, but the transition to tyranny in the US poses an imminent existential threat to conservative and libertarians.
Cue up the Jimmy Buffet song.....that’s sound like fun.
I have never been to the BVIs. I did go to the Bahamas, P.R. and Isla Vieques. All were mostly working vacations courtesy Uncle Sam.
I would include GITMO in that list, but that hardly counts.
sic...that sounds like fun...
Please return to your regularly scheduled postings.
Hope they’re all Obama DummyRATS.
The Left has made America much less valuable to those whom valued America. It has been a long process, but they are winning.
In three years Cuba and the USA could switch places in terms of personal freedom.
>> Being an American doesn’t have the emotional bond it once did.
It grows stronger every day for me.
I love my Country, and I will not turn my back on her. We will be victorious through our belief; not our doubt, despair, nor indifference.
I can not imagine anyone moving to the puking kingdom.
I think it is worse then the US.
I left the USSA around 2000, with no plans to return.
There is a large number of Americans moving to Central and South America.
I started out in central Europe but moved to the Philippines in 2008.
Living here is very cheap and very popular with single men from the US and Europe.
There are a number of web sites that are devoted to expating.
http://www.escapefromamerica.com/
www.internationalliving.com
These two concentrate on central and south America.
“I love my Country, and I will not turn my back on her. We will be victorious through our belief; not our doubt, despair, nor indifference.”
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That is very noble of you, but I think you overlook the fact that the majority has turned its back on YOU.
With over half of the population believing that a Marxist society would be just peachy keen, you must find yourself in a real dilemma.
Both the media, and the educational system in America is against you.
Stop and think. Did the founding fathers not face a similar situation in their home countries?
Whatever....Best of luck to you.
I’ve looked everywhere. If anyone can tell me how I can give up my American citizenship while maintaining US residency, I’d love to know. I just want to give up my citizenship for legal residency. Why? I like the place, sort of, but I can’t stand being a citizen of a country where 59 million people voted for that Marxist punk. When the American people come to their senses and elect the likes of Thomas Jefferson, I’ll reapply for US citizenship.
Renouncing your US citizenship for tax purposes might make sense. Becoming a Brit instead? Nope. Though not as crazy as becoming French, can’t you find a lower tax country?
” If anyone can tell me how I can give up my American citizenship while maintaining US residency, I’d love to know.”
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Other then being foolish, you are opening a can of worms.
You should just leave the country and wait to see if it gets back on course.
In what country do you plan to apply for citizenship and a passport?
You had better think this out.
The top marginal rate in the UK is approximately 60%. Any American who renounces their US citizenship for tax reasons is mathematically challenged.
You are missing the point, becoming a British citizen doesn’t make you liable for British taxes. You only pay UK tax if you are actually resident in the UK, whether you are British or foreign. Whereas US citizens pay tax no matter where they are.
I am a UK citizen living overseas and I haven’t paid tax to the British in almost eight years. I have a good friend who hasn’t lived in the US or earned a penny in the US for the same length of time and he was called to the US embassy where his passport was confiscated and he was told he would not get it back until he paid tax outstanding on income he’d earned overseas but which the US tax authorities wanted.
He’d never received an iota of assistance from the US government but here they were tracking him down to SE Asia to get him to pay tax.
Many American people have a rather naive view about how “free” they are in comparison to other nations. I wouldn’t like to be a US citizen, it confers no benefits that many other nations don’t equally confer but without a lot of the hassle.
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