Posted on 08/13/2013 5:33:51 AM PDT by SeekAndFind
The U.S.'s crackdown on global tax evaders is prompting some Americans in Asia to rethink their citizenship, attorneys there say, in part amid an increasing burden of paperwork required by U.S. tax law.
"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates in Hong Kong. "My mentor, who is in his early 80s, said to me, 'You became an immigration lawyer to fulfill the American dream, and now you are helping people leave.' "
While the numbers of those renouncing their U.S. citizenship are smallmore than 1,000 people in the second quarter of 2013, out of more than six million Americans estimated to be living abroadthe numbers have climbed this year, according to recently released figures.
The main trigger for cutting ties with U.S., several lawyers say, is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.
A growing number of wealthy Americans in Asiaand others with green cardsare exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.
(Excerpt) Read more at online.wsj.com ...
What's a few thousand compared to 300 Million?
The cash cows are tired of being milked by this greedy Big Government.
What up ?
Obama goes after citizens for their “overseas investments”. In the meantime large US corporations that support Obama (GE, Google, etc) pay zero or extremely low taxes on their foreign earned income.
Right. America can still live off the remaining 50 million households that still pay taxes because only 6 million have left the US to live elsewhere. Those guys are only renouncing their citizenship at an increasing the rate of 10k+/year, so what could possibly happen?
We'll just raise taxes to keep supporting the 150 million stateside dependants.
The lady could give some advice ... if she'd write a book or speak in churches.
I can understand their frustration and I might do the same thing if I were in their position, but I sure won't lose any sleep over their departure.
One has left family, friends, and a lot of contacts because he fears that the GOP/DNC will go after his investments sooner or later to fund the latest spending spree.
I also know of a few that have gone to Canada because the standard of living is increasing, not dropping like here in the States (Looking at your name, you might have more insight on that).
I’m with you. The fewer citizens of the world with US citizenship the better.
Bttt
I don’t blame folks for bugging out. Fedzilla has gone feral and given the right circumstances, I would consider leaving as well rather than have my wealth re-distributed. I earned it, not the government.
So, what’s the solution to this? Or do we leave things the way they are?
What about REFORMING our tax code so that people like these will be ENCOURAGED to bring the money TO the USA rather than leaving it wherever it is now?
It may be possible to throw the tax code out and start over but there is no way it can be reformed. Besides most of these people care more about themselves than they do the country. Our great experiment would have failed miserably had our founders been like these.
“What up ?”
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I have no clue as to what people are doing by giving up citizenship. They would obviously have to have another citizenship to begin with, and are dual citizens.
For example, my son is both American and Philippine.
He was born in the Philippines, but has had his US passport since he was two months old.
I certainly can understand the frustration over the fall of America, which I think is going to continue, but I see no purpose of tearing up one’s passport. Everyone has to have some country of citizenship.
“I know of a few that are becoming Expats. It isnt that they have gone native, but because they want to keep some of what they earn or own.”
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That may be true in some cases, but not most.
Many are like me. They have little or no family left in America, and/or they can not afford the cost of living a decent life in the US. For example, there is no way that I could live on my social security there, unless in a poorhouse
for the retired. Here, I live on a beach with my wife and young son, age 2. I have all household conveniences, (aircon, microwave, satellite TV, fridge, freezer, DSL internet, and want for nothing. I spend maybe $1000 per month, including rent. I bicycle to the market each day for whatever we need. I have no need or desire for a car. Try that in the USSA.
Repealing FATCA and publicly declaring that US citizens are not government property would be a good start - and Rand Paul has already proposed it. However, since the Republicans didn’t bother reading the bill the first time, they probably aren’t going to read Paul’s repeal language, either.
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