3 ms·

I would love if there was an option to buy their citizenship for that $2350 fee, hell even double would be a no-brainer. Strange how some people want to get ri

I would love if there was an option to buy their citizenship for that $2350 fee, hell even double would be a no-brainer. Strange how some people want to get rid of it and how others want it no matter what.

throwawayiionqz 6y ago
Not so strange after you experience it. Walk into a bank to open an account where to receive your salary. In no time after mentioning your US citizenship, you are shown the exit door. Try every bank until you eventually lie about it as the only way go on with your life.
- Mediterraneo10 6y ago
  > Walk into a bank to open an account where to receive your salary. In no time after mentioning your US citizenship, you are shown the exit door. Try every bank until you eventually lie about it as the only way go on with your life. Things are highly inconvenient, but not this hopeless. In most EU countries there is at least one bank that will open an account for (locally resident) US citizens, although the process does involve some extra forms where you have to write down your American Social Security Number as your “tax information number”.
  - throwawayiionqz 6y ago
    Regular bank accounts may not be hopeleless after some paperwork fights. Investments accounts on the other hand are actually hopeless. Source: Googling the bogleheads forums for investments options for US citizens residing in the EU.
- blaser-waffle 6y ago
  Wasn't too bad in Australia or Canada -- but those are also US allies who have long cultural ties and tax + immigration treaties. My brother is in Denmark (previously France) and has mentioned it was a PITA but solvable.
KLexpat 6y ago
If you are a finance company that wants to take on US clients: https://www.irs.gov/pub/irs-drop/rp-14-38.pdf https://www.irs.gov/pub/irs-drop/rp-14-38.pdf, from the IRS. Then lets say you're a company in... Germany https://www.internationaltaxreview.com/article/b1f7nd0q58rfhf/us-fatca-the-german-perspective https://www.internationaltaxreview.com/article/b1f7nd0q58rfh... It's such a nightmare. And if you don't get it right the US government will come after you - and the have the international treaty agreements in place where most national governments will shaft you on behalf of the IRS, because of another relevant aspect of US culture: https://nationalinterest.org/sites/default/files/main_images/G89%20%281%29.jpg https://nationalinterest.org/sites/default/files/main_images...
Someone 6y ago
That $2350 fee is just the tip of the tip of the iceberg. Asking to become a non-American also is an admission that you know you are an American. https://americansoverseas.org/en/how-to-renounce-us-citizenship/ https://americansoverseas.org/en/how-to-renounce-us-citizens...: “Renouncing your U.S. citizenship will not automatically cancel your tax obligations. Prior obligations remain, so you would only be a non-resident on an ongoing basis. You must notify the IRS of the change in your status by filing Form 8854 and then filing a copy with the Department of Treasury as well. You will be treated as a U.S. citizen for tax purposes until you file this form. The same rules apply to green card holders. You must file the form as soon as possible after you renounce your citizenship.“ To make matters worse, there’s an exit tax (https://americansoverseas.org/en/knowledge-centre/us-taxes-and-liability/exit-tax-us/ https://americansoverseas.org/en/knowledge-centre/us-taxes-a...). That applies only if you have over $2 million of net worth or “if you have not complied with your US tax obligations for the last five years.” You pay it over all your assets, including houses and future pensions, and it’s up to 23.8%.
- spacedcowboy 6y ago
  Small correction. You pay it on the gain on your assets. It is, for example, any increase on your house value that matters, not the value itself.

throwawayiionqz 6y ago

Not so strange after you experience it. Walk into a bank to open an account where to receive your salary. In no time after mentioning your US citizenship, you are shown the exit door. Try every bank until you eventually lie about it as the only way go on with your life.

Mediterraneo10 6y ago
> Walk into a bank to open an account where to receive your salary. In no time after mentioning your US citizenship, you are shown the exit door. Try every bank until you eventually lie about it as the only way go on with your life. Things are highly inconvenient, but not this hopeless. In most EU countries there is at least one bank that will open an account for (locally resident) US citizens, although the process does involve some extra forms where you have to write down your American Social Security Number as your “tax information number”.
- throwawayiionqz 6y ago
  Regular bank accounts may not be hopeleless after some paperwork fights. Investments accounts on the other hand are actually hopeless. Source: Googling the bogleheads forums for investments options for US citizens residing in the EU.
blaser-waffle 6y ago
Wasn't too bad in Australia or Canada -- but those are also US allies who have long cultural ties and tax + immigration treaties. My brother is in Denmark (previously France) and has mentioned it was a PITA but solvable.

KLexpat 6y ago

If you are a finance company that wants to take on US clients: https://www.irs.gov/pub/irs-drop/rp-14-38.pdf https://www.irs.gov/pub/irs-drop/rp-14-38.pdf, from the IRS. Then lets say you're a company in... Germany https://www.internationaltaxreview.com/article/b1f7nd0q58rfhf/us-fatca-the-german-perspective https://www.internationaltaxreview.com/article/b1f7nd0q58rfh... It's such a nightmare. And if you don't get it right the US government will come after you - and the have the international treaty agreements in place where most national governments will shaft you on behalf of the IRS, because of another relevant aspect of US culture: https://nationalinterest.org/sites/default/files/main_images/G89%20%281%29.jpg https://nationalinterest.org/sites/default/files/main_images...

Someone 6y ago

That $2350 fee is just the tip of the tip of the iceberg. Asking to become a non-American also is an admission that you know you are an American. https://americansoverseas.org/en/how-to-renounce-us-citizenship/ https://americansoverseas.org/en/how-to-renounce-us-citizens...: “Renouncing your U.S. citizenship will not automatically cancel your tax obligations. Prior obligations remain, so you would only be a non-resident on an ongoing basis. You must notify the IRS of the change in your status by filing Form 8854 and then filing a copy with the Department of Treasury as well. You will be treated as a U.S. citizen for tax purposes until you file this form. The same rules apply to green card holders. You must file the form as soon as possible after you renounce your citizenship.“ To make matters worse, there’s an exit tax (https://americansoverseas.org/en/knowledge-centre/us-taxes-and-liability/exit-tax-us/ https://americansoverseas.org/en/knowledge-centre/us-taxes-a...). That applies only if you have over $2 million of net worth or “if you have not complied with your US tax obligations for the last five years.” You pay it over all your assets, including houses and future pensions, and it’s up to 23.8%.

spacedcowboy 6y ago
Small correction. You pay it on the gain on your assets. It is, for example, any increase on your house value that matters, not the value itself.