More and more are saying bye.

[riverbendviewgal]

More than 3,100 Americans shed their citizenship last year, FBI figures show.

The numbers come from published statistics and documents obtained by Global News under U.S. freedom-of-information laws.

The total of 3,128 is lower than the 4,652 people added to an FBI database of ex-citizens. But the 2012 total includes about 2,900 names entered in October, 2012 as the State Department cleared a backlog, FBI spokesperson Stephen G. Fischer Jr. explained in an e-mail. Deducting those names brings 2012?s total down to 1,752, and makes last year’s total the highest since at least 2006. In 2011, 958 names were

http://globalnews.ca/news/1072303/over-3100-americans-renounced-citizenship-last-year-fbi/

This is what the US Chamber of Commerce says about FATCA
https://www.uschamber.com/blog/next-obamacare-fatca-roll-out-flounders


And this is what the US Tax advocate writes.
http://www.taxpayeradvocate.irs.gov/userfiles/file/2013FullReport/REPORTING-REQUIREMENTS-The-Foreign-Account-Tax-Compliance-Act-Has-the-Potential-to-Be-Burdensome%2C-Overly-Broad%2C-and-Detrimental-to-Taxpayer-Rights.pdf


Especially for Canadians

http://maplesandbox.ca/2014/us-chamber-of-commerce-joins-tas-in-dumping-on-fatca/

[WhiteTara]

1. If they don't want to contribute

then great, they don't need to live here. I can sure understand why "they" are delaying implementation because clawing back money is always most painful to the one who is hoarding.

[riverbendviewgal]

5. the point is these American expatriates

Do not live in the USA and do not plan to return to the USA.

[WhiteTara]

7. So?

[riverbendviewgal]

8. they have no income from the usa, no usa assets nor usa investments.

Their banking is around the corner where they live in the country they have citizenship and have the curse of also having American citizenship. The usa is the only country where one is a tax slave for life, even if one was not born in the USA and never lived there but has a American parent. Usa persons abroad have to file very, very expensive usa tax returns even though they owe no taxes to the usa. Plus they may have huge penalties if errors are made plus they must list every bank account they have and what it is them, plus they are not allowed to invest in mutual funds or have tax exempt savings for their child's education or disabled child like homelsnders have.Ted Cruz does not have to file income taxes to Canada just because he was born in Canada. The usa is exceptional in being a tax slave owner of people who do not live in the USA. Canada is like the rest of the world, resident based taxation. Usa is citizen based taxation. The only country in the world who has it.
Homelanders are so uninformed because they refuse to know what the rest of the world is like. It is very expensive and time consuming to renounce citizenship. Canada does not do this to those who wish to renounce their Canadian citizenship. It is a very sane country and does not make it revengeful or hard.

The usa should go after homelanders who have accounts in other countries they DO NOT LIVE IN.
The usa should go after their own tax havens in Delaware, Nevada and South Dakota.

[WhiteTara]

9. You can't be an expat if you never lived here

so, if they don't live here and don't plan to return, it's time to get on. I noticed somewhere in the op that the american citizenship is a "curse" so renounce already.

[riverbendviewgal]

10. many are

And FATCA is the extortion law for all American persons, whether they ever lived in the usa or not. It also effects no American spouses, snow birds and green card holders. The American Tax advocate and US chamber of commerce has said it is a bad law. The solution is resident based taxation. America should jiun the world.

The American government makes it very very difficult and expensive to renounce but many are doing it.

[WhiteTara]

11. So, you were born in another country

hold dual citizenship and expect to receive all the rights and benefits thereof; do not wish to renounce the benefits but denounce the cost. Got it. BTW, if the CoC is for it, it's usually terrible for the rest of us fwiw

[riverbendviewgal]

12. What rights and benefits?

You do not know what you are talking about. For someone interested in spirituality I do not see your emphathy showing.


And those born in another country and having dual American citizenship, often do not want it. It is forced on to them.
And they must endure the cost and trouble of renouncing.

[WhiteTara]

13. Well,

it's not like anyone will come and get you, so don't worry about it. In another country you can only get nasty letters which you don't have to open, or is extradition even a possibility? That might be a worry. But how much does it cost to renounce? It might amortize in a year or two of taxes?

My sister had dual citizenship and at the age of 21 she was required to chose. Wasn't that an option for you?

[NoOneMan]

2. I never thought I'd renounce

But heavily considering it lately, and primarily due to taxation. If the business I'm building takes off anymore then I won't be able to avoid it.

[feathateathn]

3. shameful!

Shameful attitude. If you are rich enough to build a business, you can afford to pay the taxes. It is your duty to stay and pay your taxes to pay for unemployment, welfare, food stamps, etc.

[NoOneMan]

4. I do pay taxes to pay for unemployment, welfare, food stamps, etc. in another country

If you are rich enough to build a business

I'm not. I'm talented and attracted some friends.

It is your duty to stay and pay your taxes

I don't have a duty to stay in the country I was born in. Thats ridiculous. No one would ever leave any country. I've already left. The issue is that its my "duty" to keep paying taxes even if I don't live there AS WELL as pay taxes on the same income to another country. That's a duty I am considering rejecting.

Just to let you know about the business, I've put no money into it; just my time. I've am being allocated stock per each year. If I lived in the USA, I could file an election and pay taxes on day 1 for the unallocated stock at the current stock price (which is nothing). I don't live in the USA. That isn't an option. So when that stock is allocated, it is earned income in the country I live in. Subsequently, it becomes earned income in the US as well, because it is part of my worldwide income. So already, maybe you see the inequality of that situation: since I am subjected to different tax laws, I can't use US loopholes to avoid US taxes that US residents can use. So in the future, if the business takes off and stock grows, then not only do I have to pay Canadian taxes on this stock (taxes which may in fact exceed my income) I will be subjected to US taxes on the same "income". There are many scenarios where this can bankrupt me. If I lived in the US, I'd pay a few dollars on the unvested stock when taking an election and forget about it.

So, that's my problem. I don't live in the US so I can't dodge that tax on assets that are not liquid. So I would pay for welfare and unemployment and healthcare in Canada, then Uncle Sam will knock on my door and ask for my military industrial complex contribution. Frankly, the amounts I am subjected to pay the US simply subsidize the tax loopholes the US already has. Why are you asking non-residents to pay for your freeloading?

Yep, what a duty.

[riverbendviewgal]

6. look at

The isaacbrocksociety.com
You may find information to guide you.

[WhiteTara]

14. Just found this information

and unless you have lots of US cash under your control, you owe nothing.
The Two Principal Provisions of FATCA

FATCA is a complicated piece of legislation and the way some of its provisions are interpreted is in constant flux. What follows is a summary of its two basic components.

Reporting Requirement for Foreign Financial Institutions (FFIs)
Most Foreign Financial Institutions—such as banks and brokerage houses—are required to enter into an agreement with the IRS to identify their US account holders, disclosing their names, addresses and account details. Any US financial institution making a payment to a non-compliant FFI must withhold 30% of the gross payment.

Reporting requirement for individual US citizens and their families
A US citizen living outside the US must file the FATCA Form 8938 if he or she holds or has signatory control over funds in FFIs totaling $200,000 in aggregate at the end of the year or $300,000 in aggregate at any time during the year. The thresholds for couples filing jointly are $400,000 and $600,000, respectively. There are severe penalties for under-reporting income in any FFI. The thresholds for US-based citizens are much lower and US residents with signature power over jointly held overseas accounts may have to report even though the overseas citizen may not have to.(3)