Tag Archives: renounce US citizenship

Q. Who are the #Americansabroad “forced” to renounce US citizenship A. Those who are tax compliant

The above tweet references the following comment on the RenounceUSCitizenship blog that is worth a “stand alone” post:

I renounce June 8. I have not lived in the US at all since 1992. I did know about the ludicrous requirement to keep filing taxes annually and did so. Last year when I moved to France (from Australia), my “non-US person” husband and I opened a joint bank account. I did consider leaving my name off (to stop having to file fbars), but why should the one fact that I happen to be a US citizen dictate simple, everyday, choices like that? So we opened a joint acount. About a week later, the bank called us in–we didn’t know why. Our account representative (yes, a REAL person – in France people are still treated as humans – not as consumers with numbers and no faces) explained that because I had indicated on my application that I had been born in the US, I had to sign a form required by the US. This was the first I had ever heard of FBAR. Being called in and having to sign the form made me feel as if I had been raped by Uncle Sam! Only me–my husband was not a “US person” so no problem with him. That’s when I started really looking into it. And really thinking. Since 1992, when I started filing, things have just gotten so ridiculousy complex, and I can no longer suffer the intrusion on my time, health and freedom. Yes, I am forced to renounce because I happen to live overseas. For me, I had always seen the hypocrisy of the US–I remember in the 70s when I was in high school in the US reading things in the newspaper that the US did, and recognizing that what ‘we’ were doing was so often the exact things that ‘we’ criticized the Soviets for. doing, I could go on. I find that it is the US citizens who are worldly, can think deeply and widely to see various sides of issues (not just “You’re either with us or you’re against us!”) and are HONEST (i.e, file US taxes once they find out it is a responsibility to do so) who are the ones to renounce. Sadly for the US, we are exactly the type of people needed to make a country great in this globalizing world.

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And Homelanders wonder why #Americansabroad are renouncing US citizenship

 

The above tweet references a comment at the MapleSandbox.ca blog that is worth turning into a post. And they wonder why people renounce U.S. citizenship!

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Time for #Americansabroad forced to renounce citizenship to pursue legal remedies in US courts

This post is motivated in part by Robert Wood’s latest post titled:

Record Numbers Renounce U.S. Citizenship – And Many Aren’t Counted

Of course Mr. Wood’s article is based on “Official Relinquishments”. As explained by FromPatriotToExpatriate in a comment to Mr. Wood’s post:

Robert:

As always, thank you for keeping this issue “front and center”.

Thank you also for suggesting (this is unquestionably true) that the number of “reported renunciations” is well below the reality. The “reported renunciations” are based on those who are seeking a CLN based on the conditions of S. 349 of the Immigration and Nationality Act. In other words, they go to a U.S. consulate and either:

1. Formally renounce; or
2. Inform the consulate they have previously committed a relinquishing act.

In either case, they are asking the consulate to help them obtain – what is the most sought after document in the world today – that is a certificate of loss of U.S. nationality (CLN). Furthermore, some are paying “big money” to achieve this. There is NO QUESTION that the numbers of those actively seeking the CLN are under-reported.

But, as one commenter has correctly suggested, the number of Americans who are actively seeking the CLN, is very small relative to the people who have simply “unofficially relinquished their U.S. citizenship” by taking the position that:

A. They are no longer U.S. citizens in their minds and hearts.

B. They are willing to never return to the United States.

C. They will simply live life attempting to “hide their U.S.ness”

This is by far the largest number and at the end of the day, this is the greatest tragedy.

The very rich and the very poor can afford to formally relinquish. The “middle class” can’t afford to come into tax compliance or if they are in tax compliance, they can’t afford the “Exit Tax”. The simple truth is that a person who owns a “mortgage free” house in most major cities coupled with any attempt to save for retirement, means they will exceed the two million threshold on paper. In other words, for the middle class to officially “relinquish citizenship” means they will have to turn their retirement assets (which were never earned in the U.S.) over to the IRS.

So, that’s the deal. Barack Obama promised “change we can believe in”. What he delivered was “change we could never imagine”.

Also, Americans abroad have traditionally been good ambassadors for America. Obviously, that is no longer so. In fact many Americans abroad are now very “anti-American”. In a world where the U.S. is widely disliked, where it’s official ambassadors are distrusted and ridiculed, the U.S. needs all the “unofficial ambassadors” it can get. In the past the U.S. has had benefited from its citizens abroad – who have (on the whole) been loyal and patriotic citizens.

Finally, although Homeland Americans don’t care about this, if they paid attention, they would see how the U.S. government has put an “iron curtain” around the U.S.

This is how we treat those who have already left the U.S. This is what will happen to you if you leave the U.S.

 

Perceptions of U.S. citizenship abroad – How you will be treated if you leave the U.S.

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Why Sir John Templeton may have renounced US citizenship

johntempleton

John Marks Templeton, the pioneer global investor who founded the Templeton Mutual Funds and for the past three decades devoted his fortune to his Foundation’s work on the “Big Questions” of science, religion, and human purpose, passed away on July 8, 2008, at Doctors Hospital in Nassau, Bahamas, of pneumonia.

As a pioneer in both financial investments and philanthropy, John Templeton spent a lifetime encouraging open-mindedness. If he hadn’t sought new paths, he once said, “he would have been unable to attain so many goals.” The motto that Templeton created for his Foundation, “How little we know, how eager to learn,” exemplified his philosophy in the financial markets and his groundbreaking methods of philanthropy.

Templeton started his Wall Street career in 1937 and went on to create some of the world’s largest and most successful international investment funds. Called by Money magazine “arguably the greatest global stock picker of the century” (January 1999), he sold the Templeton Funds in 1992 to the Franklin Group for $440 million.

A naturalized British citizen who lived in Nassau, the Bahamas, Templeton was created a Knight Bachelor by Queen Elizabeth II in 1987 for his many philanthropic accomplishments, including his endowment of the former Oxford Centre for Management Studies as a full college, Templeton College, at the University of Oxford in 1983.

http://www.sirjohntempleton.org/biography.asp

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