Tax-Related Citizenship Renuciation

I found this article in the Houston Chronicle, and thought it was interesting.
http://www.chron.com/disp/story.mpl/headline/nation/4422524.html

The link didn't work for me?

I think you may need to register with the site.

It says the article is not found though. Nothing about registering.

Here is a similar article.

PARIS, Dec. 17 — She is a former marine, a native Californian and, now, an ex-American who prefers to remain discreet about abandoning her citizenship. After 10 years of warily considering options, she turned in her United States passport last month without ceremony, becoming an alien in the view of her homeland.


http://www.nytimes.com/2006/12/18/world/18expat.html

Jules, that was the same way the article I linked started.  It's probably the same one in a different publication. 

Thanks!

Jules, that was the same way the article I linked started.  It's probably the same one in a different publication. 

Yes, the link that you provided did work for me the day you posted it. It didn't go into detail about what the new changes were so I went out on the web to search. The link I posted was very similar to yours. When your link didn't work anymore I went back out and found the one that I saw. Interesting....makes you wonder how one paper has a story and another prints a very similar but not exactly the same article?

Interesting....makes you wonder how one paper has a story and another prints a very similar but not exactly the same article?

If it is the same story (about the same person), both papers probably got the story off the same newswire, then each edited slightly to fit the style of the newspaper.

If it is a different story (two different people who've each renounced citizenship),  certain topics tend to become "hot" at certain times.

edit: Oh, I see that the New York Times article is not about one particular person, but a general article on renouncing citizenship for tax purposes. Both papers must have got it off the same wire.

edit2: correction, the New York Times is considered to be the original source, as stated in this version of the article in The Expatica from the Netherlands. The same article is also in the International Herald Tribune.

By the way, you  should click on the link in the Expatica article re new rules.  The foreign earned income exclusion will be linked to inflation (not surprising), but more importantly, the article states that your tax bracket will be based on your US income plus your foreign excluded income.

Interesting that USA is the only country that Tax its citizens while living abroad and not resident in USA

Interesting that USA is the only country that Tax its citizens while living abroad and not resident in USA

I actually had an argument with an actuary I work with who didn't believe this is possible.

Also, someone spammed another forum I happened to be looking at, offering some deal for US Citizens to move abroad so as not to pay US taxes. I almost wanted to reply and say that Americans are still taxed by the US when they move abroad, but I didn't want to reply to spam.

Canada has NO exemptions for 'residents' living outside the country.  (They decide if you're a resident, then tax you as they see fit).  If they decide to audit me, I'll owe them money... both federal and provincial tax.

The US is pretty decent, at least now.  The people who gave up their passports due to tax issues must be making a ton of cash... and not living in the UK.  (Reading the article now, I see they are after the really rich.)

I hear rumours that the exemptions for expats will be discontinued every now and then.  If that ever happens, the US will lose a pile of citizens. 

The UK is still a tax haven for non-UK domiciliaries so indeed there are many former US citizens living in the UK.

This includes children born in the US or children of US citizens.

Don't forget it has in history been very easy to pass US citizenship on through having 1 US citizen parent (thus Winston Churchill and Linda McCartney's children were all born as US citizens even though doubtless this has been long renounced).

The 'really rich' who are caught includes long-term green card holders plus US citizens who have over $2 million of assets - which includes UK pension plans and houses and jewellery etc.

I hear rumours that the exemptions for expats will be discontinued every now and then.  If that ever happens, the US will lose a pile of citizens. 

Let them go for it....I would assign all of my assets to my dog in an irrevocable trust!  Not that I have any valuable assets...nor do I have a dog. 

I suppose if I were rich I would have tax advisors to shelter my wealth. Dream on!