That is now what it costs to renounce your American citizenship up from $450. If you have over $2 million it's a major percentage of your assets.
Meanwhile expats who live permanently overseas (or temporarily on assignments) are being trapped by their bank accounts being closed in their resident country and then not being allowed to have bank accounts in the US.
Huge fines are being levied for failure to fill out this or that form, sometimes into six figures.
The cost of getting someone to do American taxes for an expat can exceed the amount of tax owed.
Personally on about $50,000 in income I paid four figures to accountants for my US taxes while only paying $700 to the government. Certainly better than the fines that could occur if I don't know about a new form being required. We won't discuss being double taxed on two social securities and pensions.
Article 15 of the Universal Declaration of Human Rights says a human has the right to change nationality...nothing is mentioned about buying one's freedom.
The problem hits accidental Americans, people born in the US because their parents were there at the time and never spent any time there afterward. Every cent, centime, pence, etc. that they earn all their lives will be taxable in the US and in their real home country.
Single nationality Americans have rough choices, such as give up lives they've built overseas or try and exist under these conditions.
Duals at least have the choice of giving up their American nationality or going back to the States and giving up their current life.
I believe in taxes. It is my dues to living in a civilized taxes. I don't believe in paying taxes in countries where I don't live.
Saturday, August 30, 2014
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment