Americans Giving Up Passports Jump Sixfold as Tougher Rules Loom
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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, including Switzerland, as the government tries to curb the budget deficit. Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act, more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport.
"With the looming deadline for Fatca, more and more U.S. citizens are becoming aware that they have U.S. tax reporting obligations," said Matthew Ledvina, a U.S. tax lawyer at Anaford AG in Zurich. "Once aware, they decide to renounce their U.S. citizenship."
They no longer live in the USA, not using any of its services, and yet they still want their pound of flesh. Don't blame them one bit.
"With the looming deadline for Fatca, more and more U.S. citizens are becoming aware that they have U.S. tax reporting obligations," said Matthew Ledvina, a U.S. tax lawyer at Anaford AG in Zurich. "Once aware, they decide to renounce their U.S. citizenship."
They no longer live in the USA, not using any of its services, and yet they still want their pound of flesh. Don't blame them one bit.
cancel2 2022
Canceled
Even the UK which normally doesn't miss a trick to extract more tax, forgoes taxing anyone who is out of the country for over a year.