Maybe this should be in USA Politics.
According to US Treasury figures a record 4,279 individuals renounced their US citizenship or long-term residency in 2015, continuing the upward trend.
Why? It's mainly down to the bizarre US policy of "citizenship taxation" where USAians (even if only by accident of birth) are taxed under the Foreign Account Tax Compliance Act, even if they live outside the USA. This means that those living outside the USA are subject to double taxation, nominally only on income over US$106,000 but pension schemes and savings can also be taxed.
The most recent response to the trend by the US government was to more than quintuple the fee for renouncing US citizenship, to US$2,350 and (according to several sources) deliberately making the process difficult and time consuming.
This fee is the highest in the world (most countries have no such charge or a nominal fee). Those renouncing US citizenship may also be subject to an "exit tax".
FATCAt also makes it difficult for US citizens to bank abroad as the onerous reporting requirements and threats of fines from the US government make them unattractive customers to foreign banks.
According to US Treasury figures a record 4,279 individuals renounced their US citizenship or long-term residency in 2015, continuing the upward trend.
Why? It's mainly down to the bizarre US policy of "citizenship taxation" where USAians (even if only by accident of birth) are taxed under the Foreign Account Tax Compliance Act, even if they live outside the USA. This means that those living outside the USA are subject to double taxation, nominally only on income over US$106,000 but pension schemes and savings can also be taxed.
The most recent response to the trend by the US government was to more than quintuple the fee for renouncing US citizenship, to US$2,350 and (according to several sources) deliberately making the process difficult and time consuming.
This fee is the highest in the world (most countries have no such charge or a nominal fee). Those renouncing US citizenship may also be subject to an "exit tax".
FATCAt also makes it difficult for US citizens to bank abroad as the onerous reporting requirements and threats of fines from the US government make them unattractive customers to foreign banks.
via International Skeptics Forum http://ift.tt/1XhZZ6V
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