Fascinating 2008 post on the 2008 Heart Act – interesting that it comes from the U.K>
Link in post is not working – here is another one:
Non US citizens applying for a US passport/green card need to be put on notice that the HEART Act will impose a US exit tax exposure when and if they give up their green card/US citizenship.
A detailed summary of the proposed legislation can be found here:
In essence this article tells us that when the proposed legislation described is signed into law by George Bush, citizens AND green card holders will be exposed to a US capital gains tax exit charge to the extent of their accrued gains on their world-wide assets if/when they give up their US citizenship/green card.
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