The U.S. chief technology officer notes that American needs skilled immigrants. He suggests:
“Why not staple a green card to every PhD in certain fields?”
“Welcome To America” and obligations of U.S. GreenCardShip!
The U.S. tax and reporting requirements (once known) will mean that nobody will want to come to the U.S. Skilled people can go to a number of better places – Australia, New Zealand, Canada, etc. Why would they want to “sign in” to IRS harassment? This idea is captured very well in the following blog post in which a U.S. expat expresses wonder at how complicated, punitive and dangerous the U.S. government has become. Those thinking that they might want to immigrate to the U.S. need to pay close attention to this.
Clearly a potential immigrant to the U.S. with assets in the home or a third country would have to have a special kind of insanity to subject himself to this system with all the paperwork and potential for double-taxation. And it would do this person absolutely no good whatsoever to become a U.S. citizen since this would change nothing. On the contrary, being a citizen would actually make it worse – one might shed a Green Card relatively easily (if done before the immigrant acquired too many assets in the U.S. or abroad) but U.S. citizenship is forever unless one renounces.
You know, if I were tasked with designing a system with the maximum number of disincentives in order to prevent educated immigrants with existing assets to come to the U.S., I doubt could have done better than this. While this system has existed for some time, it was not well known until FATCA brought all these issues to light and the IRS actually started enforcing the rules. Most immigrants were never aware of them and many are now in a terrible position made all the worse because they cannot vote. I wonder if the French diaspora in the U.S. has brought this up with Mr. Courtial.
As for potential immigrants like my spouse, they have a lot of thinking to do. I suspect that the young, educated, childless ones will continue to go to the U.S. but I doubt they will naturalize and surely they will have every interest in limiting their stay. Older experienced workers with families and assets in the home country will probably avoid the U.S. in favor of places like Singapore or Canada.
The immigrant community in the U.S. has been raped by the IRS over the FBAR issues. Their crime? Maintaining a bank account in their home country to send money home. The collateral damage that OVDI has inflicted on immigrants has been unforgivable. How in God’s name can the IRS behave this way?
For those who are thinking of immigrating to the U.S. I have one piece of advice.
Don’t even consider immigrating to the United States! You can’t imagine the danger.