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Will the last person to leave the US please turn off the light


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The number of Americans giving up their citizenship has rocketed this year - partly, it's thought, because of a new tax law that is frustrating many expats.

Goodbye, US passport.

That's not a concept that Americans contemplate lightly. But it's one that many of them seem to be considering - and acting on.

The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012. It's still a small proportion of the estimated six million Americans abroad, but it's a significant rise.

The list is compiled by the Federal Register and while no reasons are given, the big looming factor seems to be tax.

A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply.

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It's an attempt by the US authorities to recover an estimated $100bn a year in unpaid taxes on US citizens' assets overseas. Unlike other countries, Americans are taxed not only as residents of the US but also as citizens, wherever they live.

FULL STORY.....http://www.bbc.co.uk/news/magazine-24135021

 

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JamesMusslewhite

Sorry, I could never give up my Texas citizenship...

 

A-Texan-s-map-of-the-United-States-texas

Edited by JamesMusslewhite
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Salty Dog

The US could withhold 30% of dividends and interest payments due to the banks that don't comply.

 

 

 Why would banks like BPI or BDO be getting dividends or interest from the U.S.?

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 Why would banks like BPI or BDO be getting dividends or interest from the U.S.?

 

Sure if they have Dollar investments.

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Terrance

If BPI and BDO do business with western banks, then why can't they learn decent customer service skills? 

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bahalina buong

LOL at some of you guys getting all giddy when the US has a problem.  You're like a conniving gossip queen falling all over herself with joy when the most success family in the barangay has a minor setback.  Pathetic.

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The core issue is that the US has a growing disregard for foreign sovereignty. Most of the rest stems from that.

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broden

LOL at some of you guys getting all giddy when the US has a problem.  You're like a conniving gossip queen falling all over herself with joy when the most success family in the barangay has a minor setback.  Pathetic.

sometimes people laugh so they won't cry

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Knowdafish

 

 

the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books.

 

:ROFLMAO:  :ROFLMAO:  :ROFLMAO:

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