““We’ve seen people relinquish their citizenship in the past, so it’s not that these are extremely large numbers,” said Sabates. “What’s startling is that it’s happening at all. It’s not necessarily the expat that moves to Switzerland for a job, gets married, and ends up staying longer than they were thinking. It’s the children of that expat who have acquired citizenship by birth through their parents, and they may have no connections with the United States. They’re finding out that they have these tax-filing requirements at the same time that they’re finding out what being a U.S. citizen means. We’ve seen a lot of family-based citizenship abandonment where you’ve got a couple of kids who have gotten citizenship through their parents. Before they start getting into the working world and developing their wealth, the U.S. tax issues crop up and they’re relinquishing their citizenship.”
This article from Accounting Today online. I especially like the quote from Roland Sabates, H&R Block director of expat services who said, “In the last year a lot of the potential clients that are contacting us are terrified.” I can understand this for an freshman expat newly exposed to the myriad of regulations, forms, and filing requirements over and above what the ordinary stateside filer has been exposed to and become accustomed. FBAR, FATCA, ACA, FinCEN, BSA, E-Filing and FIGMO. Just kidding about that last one. If you have a US military background, you know what I mean. If no, I have provided a link to help you understand my feelings about this whole thing. So here’s the article……..
Nearly 6 million Americans living abroad are facing a June 16 deadline to file…
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