The Donald is evil, the US cannot be stood, I’m leaving!
‘I don’t want to be part of a dictatorship’: the Americans queueing up to renounce their citizenship
OK.
In the 00s, the numbers of US citizens renouncing were in the hundreds annually; since 2014, they’ve been in the thousands. This is expected to be a bumper year (matching 2020’s 6,000-plus)
OK.
0.0017% are tryig to leave in any one year.
There are about 800,000 naturalisations each year….the queue running the other way, to get in. If you’re running at 133x the number trying to get in as get out then, well, you know, you might be doing OK?
Still gives Zoe something to write about, no?
Neither figure comes close to the true cost of renouncing if you get a lawyer, which, with no complications at all, will cost $7,000 to $10,000, says Alexander Marino, who heads Moody’s, the largest renunciation law practice in the world.
Blimey. Wonder who suggesated this article to Zoe/the Editor then?
Friends are trying to ditch their US citizenship ( British but born there or something ) because their children will be absolutely hammered with two lots of inheritance tax.
I’m not sure it works like that, but take their word for it.
It sounds like quite a pricey process and a lot of bureaucracy and hassle.
IHT liability is determined by domicile/residence rather than citizenship. However if the estate includes UK based assets there will still be a liability on that portion even if the deceased was non domiciled and non resident. Double taxation relief should apply as long as there is a treaty in place. Federal estate tax in the US tops out at 40% but if they’re living in somewhere like DC or Hawaii there will be a lumpy state add-on to the federal charge.
In that scenario I can understand the wish to avoid punitive US federal and State estate/inheritance taxes. However although it’s perfectly possible for someone living in the US to have dual citizenship I wonder if renouncing the US part to avoid paying tax might affect their right to remain there permanently. Something about having cake and eating it?
They are of an age where moving back permanently to the US is unlikely.
I applied for a green card in 2016 (I-130 sibling sponsored) and my case is due to be considered in 2031.
It’s a shame there isn’t some form of swap process. I’d even be prepared to contribute towards the costs.
Trump is likely to see them departing as a good thing and all part of “making America great again.”
Trump will be gone in a couple of years. Anyone spending a deal of money on an irreversible gesture because of Trump alone is loony or lying for effect.
Gone in a couple of years,
Utterly hamstrung in 6 months as SCOTUS and the RINOs obstinately refuse to do anything about redistricting, drop-off voting, dead and decaying people still on the electoral register and no id checks at poll stations. The mid-terms are as good as lost.
The following morning multiple impeachment hearings will be convened and DJT will be the lamest of ducks as, unlike with Obama and Biden, his EOs will be challenged and negated by partisan federal district judges before the ink dries. Unlike Obama he lacks the bare-faced effrontery to press ahead regardless.
The Graun is clutching at straws, desperate for Orange Hitler bad news. This is exacerbated by their innumeracy. They think 6,000-odd is a big number, but have no idea of the context.
In short, it is like every other Zoe Williams article, all you learn is that she is a moron.
Didn’t Boris decide to renounce after being hit by a large US bill for Capital Gains Tax?
Over the years I’ve gained the impression that you must never put yourself at the mercy of the Internal Revenue Service. I wouldn’t even use a US stockbroker if I had enough money for that sort of lark.
Though decades ago I earned some dollars that weren’t taxed in the US but instead in the UK. I don’t claim to understand how that came about. The last revenue stream I had from the US was routed through the company’s British branch so I paid HMRC.
‘I don’t want to be part of a ‘_______’
(Select word from commie list of words focus groups to them were bad. Connection to reality not required.)
The People’s Republic of California lost net 240,000 people last year.
Zoe is easily captured. If you don’t want to be part of a BLAH, leave. Public announcement betrays your sincerity.
Most Americans renounce because they live outside of the USA and they need to get out of dealing with the American system of citizen based taxation. The UK (and most of the civilised world) use residence based taxation.
If you think the UK tax returns are bad, wait until you see the American tax returns, especially the ones an American ex-pat has to fill out. It is not unusual for am American to pay thousands of dollars in accountancy fees simply to tell the IRS that they owe no taxes. And this assumes that there is a good double taxation treaty between the country of residence and the USA. If there is no tax treaty then you can be really screwed, especially when it comes to pensions or running a business.
If you are a dual national and you have no real ties to the USA and you have no intention of ever living there, then you may as well renounce and save yourself the aggravation.
If you are a dual national and you have no real ties to the USA and you have no intention of ever living there, then you may as well renounce and save yourself the aggravation.
In that case, isn’t μολὼν λαβέ a perfectly reasonable response to a request for your £s?
It’s funny watching the videos of some of these people who are now crying that they can not afford to live in their ‘refuge’;)