More Americans abroad giving up citizenship for lower taxes info
PARIS: She is a former U.S. Marine, a native Californian and, now, a former American who prefers to remain discreet about abandoning her citizenship. After 10 years of warily considering options, she turned in her U.S. passport last month without ceremony, becoming an alien in the view of her homeland. |
"It's a really hard thing to do," said the woman, a 16-year resident of Geneva who had tired of the cost and time of filing yearly U.S. tax returns on top of her Swiss taxes. "I just kept putting this off. But it's my kids and the estate tax. I don't care if I die with only one Swiss franc to my name, but the U.S. shouldn't get money I earned here when I die."
Historically, small numbers of Americans have turned in their passports every year for political and economic reasons, with the numbers reaching a high of about 2,000 during a Vietnam War-era boom in the 1970s.
But with new tax pressures facing American expatriates due to legislation enacted in Washington this year, some international tax lawyers say they detect rising demand from citizens to renounce ties with the United States — the only developed country that taxes it citizens while they are overseas. Americans abroad are also taxed in foreign countries where they reside.
"The administrative costs of being an American and living outside the U.S. have gone up dramatically," said Marnin Michaels, a tax lawyer with Baker & McKenzie in Zurich....
It continues at http://www.iht.com/articles/2006/12/17/news/expat.php
This sucks. Double jeapordy on taxation. This is not the way to solve the fiscal irresponsibility of Washington. MMarsh, you still going to carry both passports?
"The purpose of fighting is to win. There is no possible victory in defense. The sword is more important than the shield and skill is more important than either. The final weapon is the brain. All else is supplemental." - John Steinbeck