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Scared to turning my permanent residency into citizenship now.
This means that you're completely subject to US tax law, even if you leave the US. Congratulations! You're now subject to FATCA!
America is one of the few countries that could get away with this, as being American has such a premium. It'd be nice to see them use their clout to force through legislation that stopped companies from playing silly beggars with their offshore profits if they wanted access to US markets.
>"I'm very proud of being an American. It's what I am when I look in the mirror.
>"If it weren't for Fatca [the Foreign Account Tax Compliance Act] and the decision by the bank, I'd never be doing this. Never ever. It's just breaking me in half."
Caterwauling by the 1%.
This affects my girlfriend. She has a dual passport but only lived in the US to the age of six months. We are are British but live in Spain which already makes for complex tax arrangements, and this on top of things is just crazy. How the hell does the US think it has the right to tax people who haven't lived there for over 30 years?
FATCA is utterly bonkers though.
Don't get me wrong here. I love my country but hot damn do I hate our government. HK or UK or Canadian passport would probably be nearly as good but without any of the bullshit.
America is one of the few countries that could get away with this, as being American has such a premium. It'd be nice to see them use their clout to force through legislation that stopped companies from playing silly beggars with their offshore profits if they wanted access to US markets.
Does it have such a premium? Having an EU passport works preeeetty well too.
He has successfully evaded both the US and UK tax authorities to the tune of half a billion or so, he tells me.
The guy gives crazy amounts to philanthropic causes instead. He doesn't want his hard earned wealth pissed away by clueless bureaucrats.
So. Anyone who tells you fatca has been a success is full of it. It penalises "normal" people, and the evaders keep on evading. Uruguay is where they've all now got citizenship.
America is one of the few countries that could get away with this, as being American has such a premium. It'd be nice to see them use their clout to force through legislation that stopped companies from playing silly beggars with their offshore profits if they wanted access to US markets.
>> "America is one of the few countries that could get away with this" There are actually only two countries that do it - the US and Eritrea.
Doesn't US have bilateral tax treaties with (at least) Western European counties? And shouldn't such a treaty strive to protect American citizens from paying double taxes?
As the article points out, the problem is FATCA which doesn't come close to fixing the issue it's supposed to fix (income tax evasion) and completely breaks expats under the standard deduction limit.
Scared to turning my permanent residency into citizenship now.
Sorry to break it to you, but if you're a non-US citizen but a permanent resident in the US, you're a "US person": https://www.law.cornell.edu/cfr/text/22/120.15 This means that you're completely subject to US tax law, even if you leave the US. Congratulations! You're now subject to FATCA!