422% hike on renouncing citizenship following FATCA and global tax reporting laws!

[RHL]

http://www.forbes.com/fdc/welcome_mjx.shtml

Unbelievable. You know the US is a place where wealthy people want to live when they charge you more to leave than to enter.

 

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[Solrac]

Crazy stuff

 

[Trivium iz rC]

Economic times are changing and people are starting to wake up to the fact that there are more opportunities outside then US then in it.

 

[splok]

Economic times are changing and people are starting to wake up to the fact that there are more opportunities outside then US then in it.

That and people are terrified of the reporting requirements, or more specifically, the penalties for accidentally screwing something up.

 

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[Trivium iz rC]

That and people are terrified of the reporting requirements, or more specifically, the penalties for accidentally screwing something up.

True, It's funny how people get so scared of messing up taxes I've never done my own always have my CPA do it.

It's also funny how all the new small businesses that are being created by the millennials are all mostly digital, I had a couple of friends that used to have fairly nice small businesses that employed 8-12 people (Did 8 figures of revenue every year). He got sick and tired of being jerked around by his employees & government regulation. "I'm overworked & underpaid" one of his employees even tried to litigate against him because he though he was getting unequal pay compared to other workers. Or maybe it was just that he never showed up on time and was lazy as hell.

Never less he ended up renouncing his citizenship about a year ago. Runs a corporation out of Hong Kong and is basically running that same business overseas. Happier then hell, employs hard working people that don't complain and come to work thankful they have a job and pays them very well. He's never been happier.

 

[CashFlowDepot]

Even a CPA can screw up your tax returns. Mine did. I knew the return was not right and tried to point out various problems. I owed $26,000. He did not seem wiling to make the corrections and was insulted that I did not think he did the return correctly. So I hired a different CPA to do the the return. It saved me $26,000!

Unfortunately, you cannot renounce your citizenship until you get another citizenship first.

 

[Trivium iz rC]

Unfortunately, you cannot renounce your citizenship until you get another citizenship first.

Lucky for me I can get citizenship in Greece & Australia because of my parents.

 

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[Justin.p]

Link just goes to the Forbes front page...

 

[nzerinto]

Presumably the link should be: http://www.forbes.com/sites/robertwood/2014/08/28/u-s-hikes-fee-to-renounce-citizenship-by-422/ ?

 

[RHL]

Yeah, I loused it up. It had been FP, so I stupidly linked there.

 

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[GlobalWealth]

Even a CPA can screw up your tax returns. Mine did. I knew the return was not right and tried to point out various problems. I owed $26,000. He did not seem wiling to make the corrections and was insulted that I did not think he did the return correctly. So I hired a different CPA to do the the return. It saved me $26,000!

Unfortunately, you cannot renounce your citizenship until you get another citizenship first.

Actually that is not true. You an in fact be stateless. I have one client who moved to New Zealand and obtained residency thru their investor program. The week after he got his residency card he went to the US embassy and renounced. It was a process and he had to convince them to allow it, but it was done. He is now officially stateless. He will obtain NZ citizenship in about 3 more years.

 

[GlobalWealth]

Our editor wrote an article about the same topic, different perspective. You may enjoy:

http://www.globalwealthprotection.com/expat-expense-brace/

 

[CashFlowDepot]

If you are stateless, you cannot travel outside the country. That would not cut it for me. I love to travel ... often.

With my residency visa, I only have about 18 months to go until I qualify for a passport. But it sure would be great to get one faster.

 

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[GlobalWealth]

If you are stateless, you cannot travel outside the country. That would not cut it for me. I love to travel ... often.

With my residency visa, I only have about 18 months to go until I qualify for a passport. But it sure would be great to get one faster.

Sure, for you it wouldn't be feasible. It wouldn't be for me either. I average 40,000 airmiles per month visiting 30-40 countries per year. A passport is a valuable asset for me.

But for some, like my ex-American, NZ resident client, it is perfect. He runs a b&b and rarely even goes into town. He has no interest in travel. He will get his NZ passport in a couple of years, but for now he has no need for it.