Why are Americans giving up their citizenship?

BBC News ^ | 27th September 2013 | Tom Geoghegan

[expat_panama]

one way to avoid issues is to use banks with no business interest in the US.

That's really not that hard.  Like, a non-US spouse can have the offshore account in her name and the $ can be xfered easy enough. Or an acct in the name of an in-law, or a lawyer.  The problem is that it's a goofy unenforceable law that can end up being defined to mean almost anything a rogue fed can want it to mean.

[Caliban]

I have no money in a foreign bank, all my money is with a huge brokerage company in the US.

Since I am a retiree in Nicaragua, I have several benefits granted o me by the country, I get 20,000 of imported goods tax free, a car up to 25,000 tax free and in exchange I can not Work here and make an income, whitch would defeat retirement...

I have capital gain taxes from stock trading and I have to pay taxes on that but no longer make an income.

There are tax rules in the USA which allows people to GIFT money to family members tax free...we developed a method to do so to avoid taxes and allow money to get to us via the family network of looking out for the family.

Managing money isn’t just for the super rich...

Btw my property taxes or my house and property was 300.00 USD my dads farm and 8 acres was cheaper...he isn’t near the ocean as I am...

[Caliban]

Largest fraud is the worthless money being churned out to float the central banks nd stock market...

[Chgogal]

“I suppose a day may come that they will tax my social security, but I am not shaking in my boots.”
When my dad passed last year (about this time) I had to go to the SS Office for my mom. The wording was pretty harsh. It said if you leave the US, you must (not "you may") report to the US government. I asked the clerk what the heck does that mean? He said, oh it means nothing. I made him go back his supervisor. He came back and told me, the USSA just wants to make sure that the direct deposits can be made. What's in the back of my head, years from now, when the USSA is totally broke, they'll stop paying expats.

“I have not filled a a tax return in over 15 years.”
My accountant says you can get away with that as long as you never ever come back to the USSA. ; )

“From what I hear, one in the US needs to rake in $100,000 per year, just to keep up a middle class life.”
That would depend on 1) your debt situation and 2) your cash flow to expense ratio. Right now my annual expenses run about $20,000/year and I don't live in a dump but I don't live in Palm Beach either. ; )

[Chgogal]

Yup, my sister is looking into Costa Rica. I'm looking into Panama. Nicaragua is on the list as well. I definitely like the no work thingie. I retired early almost two years ago but was called back last year. Hopefully I will be retired again come Xmas.

I'm not too sure I understand what you mean by “I get 20,000 of imported goods tax free...” Can you expound on that?

I get a nice annuity from my company and I have some savings. US taxes and my health care are deducted from my annuity income. I will be paying the USSA taxes no matter where I live but at the very least I won't be taxed twice in Nicaragua. I think the same holds true for Panama?

I like your property tax bill! What about water, AC (gots to have AC), cable/Internet, and any other expenses you may have? How is the health care where you live?

[Chgogal]

How long have you been in Panama? Do you live in Panama City?

[Chgogal]

My accounts are in a probate trust. No where big enough for a family trust, yet. So, you just withdraw what you need or are allocated. I take it you don’t live in a little village that has no access to the larger banks? Am I correct in that? Do you still file with the IRS annually? That’s my main concern - the reporting to the IRS!!!!

[Chgogal]

“The problem is that it's a goofy unenforceable law that can end up being defined to mean almost anything a rogue fed can want it to mean. “

That's the problem. The US government IS NOT user friendly. It's appalling. What motivated you to go to Panama?

[WVKayaker]

You are never too far away from some form of civization except on some remote islands. Nearby, the Camotes are quite primitive, but there are boats coming and going from there daily (except during really bad storms)

You can keep your stateside accountant, or just use some online tax prep software. My accountant takes care of the trust and a couple of foundations I established.

My city isn't so big, but there are lots of banks all over the islands. I file my papers, but deliberately set things up so I stay under paying taxes any more. My grandkids can do that!!!

[cynwoody]

So after the next American Revolution, after we take our country back....are we gonna let those traitors who renounced their citizenship back into the country?

In such circumstances, the best course of action would be to hire those with the most expertise. 2+2=4.

[cynwoody]

And get rid of the dead wood (old capitalist term).

[AlexW]

I started my SS while in Slovakia. My SS rep was a really great Polak guy in the US embassy in Warsaw, Poland.
He set me up for direct deposit to a bank in Slovakia.
When I moved to the Philippines, I filled out the SS direct deposit form at my new bank, BPI. My very next SS payment was in their bank. SS payments to expats come from the US embassy in your country of residence.
My SS comes by direct deposit to my Philippine bank from the US embassy in Manila.
They have a large and friendly SS staff that will reply to any email on the same day. One could not ask for any better service.

[expat_panama]

What motivated you to go to Panama?

I was never motivated to go to Panama.

When I first went south the canal was part of America.  I didn't leave but what happened is that in '79 the U.S. got weak kneed, limp wristed, ran, hid, and renounced its sovereignty.  On top of that the weak kneed, limp wristed, renouncing US government had the gall to tell me that if I ran and hid back in the States just like they did then I'd get fired from my job.  No problem.  In 2000 they still fired me anyway so now I can be a Texan living whereever I want. 

It's a free country, what's left of it. 

[Chgogal]

I was never motivated to go to Panama.

When I first went south the canal was part of America. I didn't leave but what happened is that in ‘79 the U.S. got weak kneed, limp wristed, ran, hid, and renounced its sovereignty. On top of that the weak kneed, limp wristed, renouncing US government had the gall to tell me that if I ran and hid back in the States just like they did then I'd get fired from my job. No problem. In 2000 they still fired me anyway so now I can be a Texan living whereever I want.

The tone of your response surprised me. Didn't quite understand why “they” wanted you to hide.....

Anyways, I remember Carter giving the Panama Canal away. What an ass he was. Now we have the Anti-Great One in charge. Looks like a few Americans see the changes here as a huge negative. Imagine a POTUS thinking that he can Kill and American on US soil without at the very least a warrant? WTFrick!!! Now the infantile idiocy of The Anti-Great One trying to shut down access to the ocean, the WW2 Memorial, the Vietnam Memorial, Mount Rushmore....WTFrick!!!! I don't like the way the Executive Branch is calling 50% of the US population arsonists, terrorists, ect. The tone of the US Government of today reminds me of Germany of the early 1930s. It looks like a few people (like 20+ million) are getting a worried as well.

http://www.freerepublic.com/focus/f-news/3075673/posts

On a lighter note here is an interesting post.

http://www.freerepublic.com/focus/f-news/3075198/posts?page=14#14

[expat_panama]

...in ‘79 the U.S. got weak kneed, limp wristed, ran, hid, and renounced its sovereignty...

....The tone of your response surprised me. Didn't quite understand why “they” wanted you to hide...  ...I remember Carter giving the Panama Canal away...

America voted in Carter so he could lead America's running'n'hiding from Panama.  "They" ran'n'hid but I did not because they said my job (working for America at the time) required me to stay put.  That was then, but now...   Will Obamacare be the New Panama Canal for Conservatives?

Sorry if my tone sounds low, haven't had my full morning's ration of coffee yet, but thing's really are pretty good.  We live in very interesting times...