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There are moral and practical arguments for renouncing US citizenship. It's not just about saving on taxes.
by javert 4y ago
There are moral and practical arguments for renouncing US citizenship. It's not just about saving on taxes.
- sgjohnson 4y ago> practical arguments Such as? All of them stem from FATCA, and we’re back to taxes. And in a lot of situations not even renouncing the US citizenship will help you there, as you’ll be scrutinized for having a US birthplace.
- FooBarBizBazz 4y ago>> practical arguments > Such as? All of them stem from FATCA, and we’re back to taxes. I understand that FATCA's reporting requirements are onerous enough for banks that they reject US account holders. Then, the inability to get a local bank account may cause problems. This is where I ask, "can't you just use a US bank account, then? One with good international support? (No fees, etc.)" I suspect this is feasible in many countries? I do know, however, that in India, many activities require an Indian credit card (regular Visa &etc cards work fine for many things, but for others -- particularly if they touch the government in any way -- they are rejected). And the way to get an Indian credit card is to have an Indian bank account. You see where this is going. So e.g., you end up unable to buy train tickets without bugging an Indian citizen to do it for you. I would also suspect that, the minute you need to deal with an account with any kind of special government classification -- say, a retirement account -- then you need that account to be at an institution that knows about those laws, which again would require a local bank.
- jen20 4y agoThere isn’t even a US bank that functions well in the US, let alone abroad. Absolutely nothing like Monzo available (until Monzo itself becomes more broadly available…)