More Americans Give Up Citizenship As IRS Gets Aggressive Overseas

Discussion in 'Economics' started by misterno, Apr 5, 2010.

  1. I accept the correction for 2. I should have been more precise and mentioned that there are rules regarding exemptions etc.

    You're incorrect on 3. A former US citizen is subject to immigration laws of the US same as any other alien (with a special exception for citizens who renounced before they reached the age of 18). Furthermore, there's the 1996 "Reed Amendment", which would, if properly enforced, mean that a former citizen who is determined to renounce their US citizenship for purposes of avoiding taxation may be inadmissible to the US and ineligible for a visa.
     
    #21     Apr 5, 2010
  2. This doesn't sound right. If my money was moved all over the place, and I lied in the interview, what would the embassy do (remember, I'd be doing this in a foreign nation's US embassy)? Would they say "Sorry, you have to remain American until you're truthful."

    LOL! I know so many expats in Russia that simply fell off the radar in the US. None of them pay - or have paid - any income taxes at all and the IRS has no knowledge of their making any money.
     
    #22     Apr 5, 2010
  3. I used to know many dual citizen Americans living in middle east and none of them ever filed taxes for US. There is no way this can be implemented globally.
     
    #23     Apr 5, 2010
  4. This is true, to the extent that the IRS simply doesn't have the resources to go after citizens abroad, just like they don't have the resources to check and audit every taxpayer who cheats on their tax returns here in the U.S. But I will say that if the people you speak of never even bothered filing returns at all, they will have big problems if and when they ever return to the U.S.
     
    #24     Apr 5, 2010
  5. This has never been used against anyone, most likely b/c it would be rather difficult to prove..
     
    #25     Apr 5, 2010
  6. luckily we still have the supreme court. In commonwealth countries, i have heard cases where they issue a mareva injunction and freeze your assets worldwide
     
    #26     Apr 5, 2010

  7. 1. Depends. Like for me my dad was Irish so I easily obtained Irish citizenship (they let you obtain citizenship through your grandfather too) Most 3rd world countries will give you a retirement visa if you can prove you have 50k in assets.

    2. You file taxes in both countries, but if i remember right, the US lets you deduct whatever you paid in that country off your taxes here. So like if you lived in europe where taxes are higher, you wouldnt have to pay taxes in the US (but you still have to file)

    3. If you are a citizen of a european country its pretty easy to get a green card. Actually, you dont even need a visa to come here if you are a citizen of europe...you get to stay visa free for 90 days. Once you are here, its not like you really need to get a green card. Any job is not going to question a white guy with an american accent if he is really a citizen or not. You just get a DMV ID card and go. You can probably use your old SS # also.
     
    #27     Apr 5, 2010
  8. True, it hasn't, not yet anyways... However, you know what they say about desperate times? All it takes is a decision by Attorney General's office and you probably would have a hard time appealing it, given you won't have access to a US court.
     
    #28     Apr 6, 2010