Archive for February 2013
Cost of dropping citizenship keeps U.S. earners from exit
Bloomberg (22 Feb 2013)
A Miami-based tax attorney reports “about a dozen calls … about exiting the U.S. or moving assets abroad” so far in 2013, a record high volume. “Exit taxes and other costs make it prohibitive for most high-income taxpayers and small-business owners to leave the U.S.”
The privacy price to cross the border
Forbes (21 Feb 2013)
In late January 2013 Canadian actor Chad Rook was detained at the U.S.-Canada border for nine hours. Data on his smartphone and iPad was examined. Rook plans to fight his five-year ban on entering the United States. Privacy rights in a border crossing are limited.
Switzerland, U.S. sign pact on fighting tax evasion
Reuters U.S. (14 Feb 2013)
For residents of Canada, the interest of this article lies in the sidelight on negotiation status: “The Treasury is working with more than 50 countries to complete deals, but negotiations have not progressed with key U.S. trading partners Canada and China.”
FBI statistics say three thousand renounced U.S. citizenship in September and October 2012
Isaac Brock Society (9 Feb 2013)
From a key web site, a posting that deserves special mention. Statistics on renunciation of US citizenship are notoriously muddled and spun. This painstaking research opens a window onto disgraceful reporting discrepancy on the part of the United States government.
Exclusive: Foreigners’ accounts in U.S. banks eyed in tax crackdown
Reuters U.S. (4 Feb 2013)
FATCA implementation has seen “only four bilateral pacts … fully completed, with the United Kingdom, Denmark, Ireland and Mexico.” France, Germany, and China are still unaccounted for. Reciprocal reporting out by the United States is an issue.
2014: Too late to leave the U.S.?
WendyMcElroy.com (1 Feb 2013)
Five reasons that the EX-PATRIOT Act to tax and bar renouncers of U.S. citizenship seems likely to pass into law in 2013.