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Moemoe, 4/10/2017 6:29:42 PM
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Why I gave up my US Passport - BBC Magazinebr>Why I gave up my US passport is a Magazine feature on the BBC New website. I thought it was a good read. Here's a bit of it:
The Magazine feature on the number of expat Americans renouncing their US citizenship due to tax filing requirements prompted a huge response from readers.
Many wrote to say they were experiencing similar problems to those outlined in the article. Here is a selection of their stories.
1. David Green, Ontario, Canada: I was born and raised in the US. At the age of 30, I fell in love with a beautiful French girl whose profession was working in the French language. We moved to Canada (bilingual) where we have enjoyed life and we both could earn a living and contribute to life. I always paid my taxes to both the USA and Canada and seldom paid US taxes due to the higher taxes in Canada. But when you retire, hold on to your hats because the common deductions you enjoyed while working no longer apply. I ended up paying over $3,000 (£1,850) in taxes to the US when I retired. That is a significant amount of my retirement income. Since all my benefits come from Canada and the USA provides nothing but increased complications in tax laws and the ability to snoop into our personal lives (including my wife who is not a USA citizen), I renounced my USA citizenship in April of this year - for a fee ($450). I feel sad at the action I have taken but angry at the bureaucracy that caused this problem for so many to possibly catch so few.
Continue reading the main story
“Start Quote
Pamela Schmidt
I married a German citizen”
Pamela Schmidt
2. Pamela Schmidt, Germany: I was an American citizen, and I have spent most of my time in Europe for the last 12 years. In 2006, I married a German citizen and applied for German citizenship in 2010. The German authorities do not allow dual citizenship; therefore, I had to take a decision of becoming German or remaining American. I thought about it for a while and chose to become German. As I have spent most of my adult life in Europe, I feel more European than American, and I would like to be able to play a more active role in politics in the country where I live, which are the main reasons for my decision. However, the bizarre financial rules in the US did make the decision easier. The American government with laws like Fatca [Foreign Account Tax Compliance Act] treats non-criminal citizens abroad like tax-dodgers and limits Americans' financial situation when living abroad, as many local banks don't want to deal with these regulations.
Read the rest of this article here:
http://www.bbc.co.uk/news/magazine-24338387
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you said it Vrishaba. Happy with my passport. Nothing going to make me give that up!
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o -I'm American - btw. :D
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Fatca ensures that foreign banks share all details of US customers
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Fatca ensures that foreign banks share all details of US customers. This can be of some concern to many many expats
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