Homelanders and #Americansabroad debate the status of US citizens abroad in a FATCA world

Wary Swiss Banks Shun Yanks

is an article that appeared in the Wall Street Journal on October 19, 2012. The article was reported at the Isaac Brock Society. The article is fairly good. But, what is really interesting are comments. The comments reveal that “Homelanders” and US citizens abroad life in “different worlds”. If you have the time, I suggest reading all the comments. But, since you don’t I have tweeted some of the more interesting ones.

To me, the comments confirm that one can understand the problems of life as a US citizen abroad if you have actually lived the life of one. I find the comments very discouraging. It seems to me that there are now two kinds of US citizens abroad:

1. Those who are not tax compliant and will keep their heads buried in the sand. This group is just hiding.

2. Those who are tax compliant and cannot live with the expense and time that continued US tax compliance requires. This group is renouncing their citizenship.

Either way, unless you live in the Homeland, US citizenship is a difficult cross to bear.

Here are tweets (which necessarily include my commentary) to some of the more interesting comments from the article:

And finally, those of you seeking an EU passport:

In closing …

This is based on comments to October 20, 2012. If you find more that should be included, leave a comment. Also, here is why I think Obama loses on November 6.

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3 thoughts on “Homelanders and #Americansabroad debate the status of US citizens abroad in a FATCA world

  1. dmsb 001

    Do those desirous of expatriating realize they are barred forever from setting foot in the USA under the Reed Amendment and under the proposed Ex-patriot Act?

    Reply
    1. renounceuscitizenship Post author

      Thanks for your reminder of terms of the Reed Amendment. I suspect that some are aware of it and some are not. My understanding of the Reed amendment is that it could be applied only in the event that there were a determination that one renounced to avoid US taxes. Absent a showing of that motivation, the Reed amendment can’t be applied. Although the Reed amendment has never been applied (to my knowledge) I suspect that the US (out of vindictiveness) will begin to apply it. (Those who are renouncing should keep your statements to a minimum.)

      As a matter of simple fact, few people are renouncing because of US taxes. They are renouncing because US citizenship makes it impossible (try it) to live outside of the US under tolerable conditions.

      Reply
    2. renounceuscitizenship Post author

      The Ex-Patriot Act is of course not the law. What you need to understand is that the US has put many US citizens abroad in a position of having to choose between US citizenship and having a meaningful life.

      Reply

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