International Living

Should Americans Emigrate Or Defect?

"America still allows emigration; the door has not yet slammed. But America punishes the act and it is proposing legislation to punish it more. For example, a bill called the Ex-PATRIOT Act would ban anyone who expatriates from ever setting foot again on American soil. As the law stands today, the 'exit tax' for those who emigrate without renouncing citizenship is to be saddled with a US tax liability in perpetuity; in short, double taxation. The 'exit tax' for those who renounce citizenship is the complexity of the process and a confiscation of wealth from those who have it. This is a fiscal Berlin Wall." Continue reading →

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Cost of Dropping Citizenship Keeps U.S. Earners From Exit

"The U.S. taxes citizens on their worldwide income even if they live in another country. This year, Congress raised the maximum tax rate to 39.6 percent from 35 percent. The increase is coupled with higher levies on capital gains and dividends for top earners of as much as 23.8 percent compared with 15 percent in 2012. States including California also have raised taxes on top earners. The U.S. government generally imposes an exit tax on high earners to discourage them from expatriating as a way of avoiding taxes. If parents move to another country and leave money upon death to their U.S. citizen children, levies similar to the estate tax apply." Continue reading →

Continue ReadingCost of Dropping Citizenship Keeps U.S. Earners From Exit

Islands trade quick citizenship for investment

"Turmoil in the Middle East and North Africa has led to a surge of interest in programs that let investors buy citizenship or residence in countries around the world in return for a healthy contribution or investment. Most are seeking a second passport for hassle-free travel or a ready escape hatch in case things get worse at home. Nowhere is it easier or faster than in the minuscule Eastern Caribbean nations of Dominica and St. Kitts & Nevis. It's such a booming business that a Dubai-based company is building a 4-square-mile community in St. Kitts where investors can buy property and citizenship at the same time." Continue reading →

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Yes, You Are A Criminal… You Just Don’t Know It Yet

"How many felonies have you committed today? If you’re like most Americans, you probably violate federal or state law several times each day, without even knowing it. Anyone can inadvertently run afoul of America’s metastasizing network of criminal laws. Spilling a drink in a nightclub is hardly what anyone would consider a criminal offense. Neither is purchasing medication over-the-counter. Once you have a criminal record, especially a felony conviction, you’ll find it much more difficult to live outside the United States, or to acquire a second citizenship and passport." Continue reading →

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Renewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

"Traditionally, the functions of the US Treasury and the Department of State were completely separate. However, we are seeing a continued erosion of this distinction as troubling economic times continue. The US passport renewal form mandates that the applicant supply his Social Security Number (SSN) if he has one. A $500 penalty applies for failure of a passport applicant to provide the SSN, unless reasonable cause can be established. In addition, the statute mandates that the State Department must provide your SSN and foreign residence information to the Department of Treasury, and to notify the IRS if you refuse. So, you lose either way." Continue reading →

Continue ReadingRenewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

Renewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

"Traditionally, the functions of the US Treasury and the Department of State were completely separate. However, we are seeing a continued erosion of this distinction as troubling economic times continue. The US passport renewal form mandates that the applicant supply his Social Security Number (SSN) if he has one. A $500 penalty applies for failure of a passport applicant to provide the SSN, unless reasonable cause can be established. In addition, the statute mandates that the State Department must provide your SSN and foreign residence information to the Department of Treasury, and to notify the IRS if you refuse. So, you lose either way." Continue reading →

Continue ReadingRenewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

Americans: One Divorce You’ll Never Get

"Some people are worried about the future of the U.S. dollar and they believe that moving from the States is a way to distance themselves from its possible decline. Well, yes and no. While diversifying your asset holdings by currency is often a wise move, the truth is that if you're a U.S. citizen you'll never be able to walk away from the dollar completely -- even if you move overseas. Likewise if you're a Canadian or citizen of any other country -- it's hard to totally divorce yourself from your national currency. Here are two reasons why." Continue reading →

Continue ReadingAmericans: One Divorce You’ll Never Get

Americans: One Divorce You’ll Never Get

"Some people are worried about the future of the U.S. dollar and they believe that moving from the States is a way to distance themselves from its possible decline. Well, yes and no. While diversifying your asset holdings by currency is often a wise move, the truth is that if you're a U.S. citizen you'll never be able to walk away from the dollar completely -- even if you move overseas. Likewise if you're a Canadian or citizen of any other country -- it's hard to totally divorce yourself from your national currency. Here are two reasons why." Continue reading →

Continue ReadingAmericans: One Divorce You’ll Never Get

Americans find it difficult to open bank accounts in UAE

"The recently enacted Foreign Account Tax Compliance Act (Fatca) by the US government is the reason for banks to close its doors to US citizens. When institutions fail to report or disclose information the consequences can be grave, one of the penalties being the withdrawal of US Dollar clearing rights in New York, a penalty feared by banks. Meanwhile, US citizens are reported to have been refused by banks when they wanted to open a new bank account." Continue reading →

Continue ReadingAmericans find it difficult to open bank accounts in UAE

Americans find it difficult to open bank accounts in UAE

"The recently enacted Foreign Account Tax Compliance Act (Fatca) by the US government is the reason for banks to close its doors to US citizens. When institutions fail to report or disclose information the consequences can be grave, one of the penalties being the withdrawal of US Dollar clearing rights in New York, a penalty feared by banks. Meanwhile, US citizens are reported to have been refused by banks when they wanted to open a new bank account." Continue reading →

Continue ReadingAmericans find it difficult to open bank accounts in UAE