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Post by congregatio on Feb 8, 2021 6:44:35 GMT 4
Treasury Department records show that 2020 set a new record for the number of Americans who renounced their U.S. citizenship or gave up their long-term green cards. Common reasons for renouncing can be family, tax and legal complications for people who generally live outside the United States. There is an official list published quarterly, and the names for the fourth quarter 2020 made the annual total 6,707, a 237% increase from 2019. That may not sound like many, but the actual number of expatriates is often assumed to be higher, with many apparently not counted. Both the IRS and FBI track Americans who renounce. Some renouncers write why they gave up their U.S. citizenship, but tax considerations are often part of the equation. Expats have long clamored for tax relief. Adding fuel to the fire is FATCA, the Foreign Account Tax Compliance Act. This U.S. tax law was passed in 2010 and requires an annual Form 8938 filed with the IRS if your foreign assets meet a threshold.
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Post by anenro on Mar 18, 2021 18:14:37 GMT 4
Treasury Department records show that 2020 set a new record for the number of Americans who renounced their U.S. citizenship or gave up their long-term green cards. Common reasons for renouncing can be family, tax and legal complications for people who generally live outside the United States. There is an official list published quarterly, and the names for the fourth quarter 2020 made the annual total 6,707, a 237% increase from 2019. That may not sound like many, but the actual number of expatriates is often assumed to be higher, with many apparently not counted. Both the IRS and FBI track Americans who renounce. Some renouncers write why they gave up their U.S. citizenship, but tax considerations are often part of the equation. Expats have long clamored for tax relief. Adding fuel to the fire is FATCA, the Foreign Account Tax Compliance Act. This U.S. tax law was passed in 2010 and requires an annual Form 8938 filed with the IRS if your foreign assets meet a threshold. And things are not getting any better. Taxes will increase this year (2021) by Biden. Which many people had enough. I know of several ultra-HNWIs who are moving out of New York and New Jersey and will be renouncing U.S. citizenship. Who will be next?
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