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Americans Giving Up Passports Jump
Sixfold as Tougher Rules Loom

Bloomberg News, by Dylan Griffiths

Original Article

Posted By:KarenJ1, 8/10/2013 9:19:34 AM

Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules. Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Register figures published today. That brought the first-half total to 1,810 compared with 235 for the whole of 2008. The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside, is searching for tax cheats in offshore centers,

Comments:
That is a shocking percentage. That´s a really drastic move considering the fact that you are not allowed to reverse the renunciation.

      


Post Reply  

Reply 1 - Posted by: supersid, 8/10/2013 9:38:55 AM     (No. 9467160)

FTA The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside,

So who can blame those who renounce their citizenship? If you live in Germany, work their and make your money there, by what logic should you have to pay taxes to the US? probably an easy decision if you live an OECD country, as you can still travel to US whenever you want without all these hassles.

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Reply 2 - Posted by: O.S. Banker, 8/10/2013 9:40:29 AM     (No. 9467164)

The US Government refuses to protect its employees overseas or at home.

The US Government refuses to comply fully with its own laws.

The US Government refuses to protect or respect the privacy of its citizens.

So if you have the financial resources to leave, why would you bother to stay>

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: bighambone, 8/10/2013 9:41:02 AM     (No. 9467165)

I bet a lot of those people who are giving up their US citizenship status are really duel-nationals, born abroad, who retained their home country citizenship and foreign allegiances when they were naturalized as US citizens. To those foreign born people, in the past being granted US citizenship was seen as a convenience, that among other things allowed them free access to the USA as being exempt from the US immigration and visa laws. Now with all those bank reporting requirements, having US citizenship is no longer convenient for them so they are simply giving it back. They no longer need US citizenship to come and go from the USA because as long as they can financially support themselves, they know that they will always be able to get a temporary US visa or come in under the constantly expanding visa waiver program.

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Reply 4 - Posted by: Uno, 8/10/2013 9:56:05 AM     (No. 9467190)

AKA- Money leaves America

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Reply 5 - Posted by: terrywhite, 8/10/2013 10:39:43 AM     (No. 9467260)

All this hassle for Americans, but if you cross the southern border illegally, the government wants you to have all kinds of free stuff!

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Reply 6 - Posted by: BeatleJeff, 8/10/2013 11:03:11 AM     (No. 9467294)

Excellent! They all vote Demonrat anyway, so good riddance!

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Reply 7 - Posted by: Rumblehog, 8/10/2013 11:53:23 AM     (No. 9467375)

Sounds like Atlas is Shrugging...

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Reply 8 - Posted by: M Stuart, 8/10/2013 12:03:40 PM     (No. 9467392)

That´s not a lot of people.



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Reply 9 - Posted by: kate318, 8/10/2013 12:08:06 PM     (No. 9467403)

FTA: "The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside..."

That is an astounding statement.

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Reply 10 - Posted by: jar, 8/10/2013 12:33:46 PM     (No. 9467448)

I believe the US still taxes those who relinquish their citizenship for the next ten years, another outrage.

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Reply 11 - Posted by: absalom, 8/10/2013 12:42:34 PM     (No. 9467465)

#7. Utter balderdash. These are members of the entrepreneurial/wealth creating class.
Their exit is a vote of no confidence in the future of the USA. Harsh reality.

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Reply 12 - Posted by: trapper, 8/10/2013 12:57:14 PM     (No. 9467500)

Good riddance. Anyone with so little regard for their country does not deserve to have one. For most of us it is "God family country." For them it is just "money money money." They love their money more than anything else. Take it and get out and don´t come back.

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Reply 13 - Posted by: absalom, 8/10/2013 4:42:28 PM     (No. 9467728)

#13. We´ve got low skilled masses swarming across our border and high skilled entrepreneurial risk taker heading in the other direction; a disastrous exchange! And you say; ´good riddance´. Wow. Hope your ´God, family, country´ mantra keeps you warm when the lights go out.

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