I renounced my US citizenship
medium.com
I renounced my US citizenship
1–10 of 83 posts
Re: I renounced my US citizenship
#2Her biggest complaint is that she has to report her overseas bank accounts. If she had done some basic research, she would have realized that this isn't specific to people residing outside the US, but any US national even within the US has to report foreign bank accounts with balances >$10k.
The rest of her post reads like whining about having to fill out forms.
Re: I renounced my US citizenship
#3Having spent 10% of my life as a resident of another country, this hits home. If I leave the U.S. a second time, it will likely be a permanent departure with renunciation of citizenship. I know others who feel the same.
Re: I renounced my US citizenship
#4This is one of those things that should be repealed. I've frankly gotten tired of the punishing of normal people by dumb privacy invading laws[1], or frankly, taxing them when they are not in the US. There are easier ways of going after people and companies (looking at you Monster Cable) that play fast an lose with our tax laws. I am all for only taxing income / revenue earned in the US.
1) we can get rid of all the BS $10,000 stuff in deposits in the US.
Re: I renounced my US citizenship
#5Her biggest complaint is that she has to report her overseas bank accounts. If she had done some basic research, she would have realized that this isn't specific to people residing outside the US, but any US national even within the US has to report foreign bank accounts with balances >$10k. The rest of her post reads like whining about having to fill out forms.
I think you miss the part where the foreign bank does its own reporting, and how said banks are starting to refuse to have US Citizens as customers.
Re: I renounced my US citizenship
#6This is one of those things that should be repealed. I've frankly gotten tired of the punishing of normal people by dumb privacy invading laws[1], or frankly, taxing them when they are not in the US. There are easier ways of going after people and companies (looking at you Monster Cable) that play fast an lose with our tax laws. I am all for only taxing income / revenue earned in the US. 1) we can get rid of all the…
Really FATCA is one of the most excellent laws that has been passed. Prior to this, you had expats who had milked the US and then they wanted to waltz off with their proceeds.
Americans gain huge benefits from the taxes paid by prior generations. The entire US system is the envy of much of the world--and how did it get that way? Americans paying their taxes. Whether or not you have kids--you must pay property taxes that fund your local schools. Unfair? Hardly. Those schools don't come out of thin air--taxpayers who came before you paid for them. Stop your whining. If you were born in the US, then you benefitted. If you are a US citizen and you get in trouble somewhere on earth, the US government will come to your aid. That's what you're paying for, in addition to paying for the next generation of Americans to have schools, roads, public utilities and the like.
Really, whining about having to pay your share--no matter where you have run off to--is ridiculous.
Re: I renounced my US citizenship
#7Her biggest complaint is that she has to report her overseas bank accounts. If she had done some basic research, she would have realized that this isn't specific to people residing outside the US, but any US national even within the US has to report foreign bank accounts with balances >$10k. The rest of her post reads like whining about having to fill out forms.
I think you miss the part where the foreign bank does its own reporting, and how said banks are starting to refuse to have US Citizens as customers.
The author herself doesn't seem to be experiencing outrageous banking pain, though. She's paying no US taxes, and could almost certainly fill out her own tax forms if the thousand-Euro fee is onerous. It's completely unclear what, exactly, is so burdensome about her citizenship.
Re: I renounced my US citizenship
#8Her biggest complaint is that she has to report her overseas bank accounts. If she had done some basic research, she would have realized that this isn't specific to people residing outside the US, but any US national even within the US has to report foreign bank accounts with balances >$10k. The rest of her post reads like whining about having to fill out forms.
Yup, if you work for a non-US based company that offers stock you have to file an FBAR as well. It's not overly complicated(although the timing is different than taxes which can be a tad annoying).
You already have to disclose your income so I don't see bank account balances as a large step up from that. I'm pretty certain all US based banks already do this so the FBAR just covers foreign accounts.
Re: I renounced my US citizenship
#9Want to reduce stress and frustration in your life? Add this to your personal philosophy:
"If it's stupid, get away from it."
- dumb boss? job transfer or new job
- dumb family members causing you problems? Avoid them.
- dumb taxation? get away from the legal clutches of the taxing authority
Everything detrimental in life that can be avoided, should be avoided if possible.
There is enough unhappy other stuff that comes up in our lives that if you're not at least bailing on crappy situations, you're missing a chance at a happier less stressful life.
Re: I renounced my US citizenship
#10Her biggest complaint is that she has to report her overseas bank accounts. If she had done some basic research, she would have realized that this isn't specific to people residing outside the US, but any US national even within the US has to report foreign bank accounts with balances >$10k. The rest of her post reads like whining about having to fill out forms.
I think you miss the part where the foreign bank does its own reporting, and how said banks are starting to refuse to have US Citizens as customers.
Can confirm. US (dual) citizen living in Europe. Increasingly banks here will not take US citizens as customers as it is too annoying for them to deal with.