Archive for August 2013
No one’s exempt from the U.S. tax man
BC Business (27 Aug 2013)
Canadian financial institutions will be asking all clients about their possible status as US persons.
U.S. expatriates flee taxman’s reach
Japan Times (20 Aug 2013)
Gulf War veteran Scott Schmith renounced US citizenship after twenty years of residence in Switzerland. Four named academics and professionals comment on the increasing rate of renunciation.
Snowbirds may have to pay income tax in the USA
Montreal CTV (19 Aug 2013)
IRS Form 8840 may determine that a Canadian snowbird has become subject to US income tax.
Why so many Swiss nationals are giving up U.S. citizenship
Le Temps via Worldcrunch (18 Aug 2013)
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Ces Suisses qui rendent leur passeport américain
Le Temps (16 Aug 2013)
Wife of Swiss lawyer personally knows seven Swiss citizens “among the 200 people who have renounced their American nationality in the last three months of this year [2012?].”
Patrick Cain / Anna Mehler Paperny / Leslie Young
Why are so many American expats giving up citizenship? It’s a taxing issue
Global News (15 Aug 2013)
Ruth Freeborn in Kingston, Ontario is preparing to renounce US citizenship. Comment from Toronto CPA Kevyn Nightingale and McGill tax professor Allison Christians. Calgary tax lawyer Roy Berg says his firm has “as many as 50 U.S. citizenship renunciation files on the go.” Two graphs: FBI vs State Department totals for citizenship renunciation 2006-2013; Quarterly totals of published names of people renouncing U.S. citizenship 2003-2013.
Exposed: IRS is colluding with banks to unfairly target U.S. citizens abroad
Occupy.com (14 Aug 2013)
Extensive reporting relies on interviews with renunciant Genette Eysselinck in France, Victoria Ferauge of American Citizens Abroad, FBAR activist Marvin Van Horn, Georgetown law professor Itai Grinberg, and OECD tax attorney Keith Lawson.
Americans giving up passports jump sixfold as tougher rules loom
Bloomberg (9 Aug 2013)
Just-released second quarter figures on U.S. citizenship renunciations total 1131, a sixfold increase compared to the same quarter from 2012. Tax lawyer Matthew Ledvina in Zurich mentions annual corporate compliance costs of $5000 per US person, and individual filing costs of $2000.