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The American Expatriation Guide
Submitted by Tyler Durden on 05/05/2010 02:52 -0500
A reader and former US citizen provides this extensive guide for American expatriation. As noted, "For Americans, reliable information about how to exercise the right of expatriation is very difficult to find without incurring substantial costs. Many high net worth individuals never consider it simply because the subject seems so mysterious and intimidating. Yet freeing yourself from the global U.S. tax net provides the highest guaranteed return on capital that any American will ever know. The purpose of this guide is to demystify expatriation, highlight its many benefits, and provide a roadmap to follow should Americans choose to exercise the right. I hope it will be an invaluable resource to your readers. I am the sole author of the guide, and it is my desire to remain anonymous. As I note in the document, I give unrestricted, royalty- free permission to any and all parties to reproduce, publish and distribute this guide, in whole or in part, on any form of media in all territories throughout the world."
Pearse wrote: I am US national with PR and have been living in Japan for nearly two decades. I am thinking about getting Japanese citizenship
Fullback wrote:There are new "exit" taxes (since 2009) for people renouncing American citizenship and new rules meant to punish you. You would be placed into a database (you would now be considered a traitor) and harassed by immigration upon any future entry or transit through the country. Expect all laptops, ipads, memory sticks, phones and electronic devises to be confiscated.
You can't simply walk into the embassy and hand in your passport anymore. You'll have to endure multiple interrogations by Homeland Security, IRS, and the even the FBI at the embassy during weekdays. The new rules require those who renounce citizenship to pay thousands of dollars of "expenses," which are really just fees to harass you.
You'll be audited by the IRS for all the years you've been in Japan. There are new rules also about investments and property. I understand that you must now pay a special tax for all (personal) property you have acquired while out of the country.
After these and other hoops are jumped through, you still are not considered free of any obligations to the US. You are still subject to the same tax obligations for another ten years after you renounce your citizenship.
FG Lurker wrote:Fullback wrote:There are new "exit" taxes (since 2009) for people renouncing American citizenship and new rules meant to punish you. You would be placed into a database (you would now be considered a traitor) and harassed by immigration upon any future entry or transit through the country. Expect all laptops, ipads, memory sticks, phones and electronic devises to be confiscated.
You can't simply walk into the embassy and hand in your passport anymore. You'll have to endure multiple interrogations by Homeland Security, IRS, and the even the FBI at the embassy during weekdays. The new rules require those who renounce citizenship to pay thousands of dollars of "expenses," which are really just fees to harass you.
You'll be audited by the IRS for all the years you've been in Japan. There are new rules also about investments and property. I understand that you must now pay a special tax for all (personal) property you have acquired while out of the country.
After these and other hoops are jumped through, you still are not considered free of any obligations to the US. You are still subject to the same tax obligations for another ten years after you renounce your citizenship.
I've never wanted to be American but things like this make me damn glad I'm not.
FG Lurker wrote:Fullback wrote:There are new "exit" taxes (since 2009) for people renouncing American citizenship and new rules meant to punish you. You would be placed into a database (you would now be considered a traitor) and harassed by immigration upon any future entry or transit through the country. Expect all laptops, ipads, memory sticks, phones and electronic devises to be confiscated.
You can't simply walk into the embassy and hand in your passport anymore. You'll have to endure multiple interrogations by Homeland Security, IRS, and the even the FBI at the embassy during weekdays. The new rules require those who renounce citizenship to pay thousands of dollars of "expenses," which are really just fees to harass you.
You'll be audited by the IRS for all the years you've been in Japan. There are new rules also about investments and property. I understand that you must now pay a special tax for all (personal) property you have acquired while out of the country.
After these and other hoops are jumped through, you still are not considered free of any obligations to the US. You are still subject to the same tax obligations for another ten years after you renounce your citizenship.
I've never wanted to be American but things like this make me damn glad I'm not.
American Oyaji wrote:FG Lurker wrote:Fullback wrote:There are new "exit" taxes (since 2009) for people renouncing American citizenship and new rules meant to punish you. You would be placed into a database (you would now be considered a traitor) and harassed by immigration upon any future entry or transit through the country. Expect all laptops, ipads, memory sticks, phones and electronic devises to be confiscated.
You can't simply walk into the embassy and hand in your passport anymore. You'll have to endure multiple interrogations by Homeland Security, IRS, and the even the FBI at the embassy during weekdays. The new rules require those who renounce citizenship to pay thousands of dollars of "expenses," which are really just fees to harass you.
You'll be audited by the IRS for all the years you've been in Japan. There are new rules also about investments and property. I understand that you must now pay a special tax for all (personal) property you have acquired while out of the country.
After these and other hoops are jumped through, you still are not considered free of any obligations to the US. You are still subject to the same tax obligations for another ten years after you renounce your citizenship.
I've never wanted to be American but things like this make me damn glad I'm not.
Ya know, I would never jump through those hoops. If the U.S. went so far that I would want to renounce my citizenship, I wouldn't renounce it. I'd just become a citizen someplace else and tell the U.S. to EF itself if they came asking and mail them a microwaved passport.
The. U.S. is no longer the country I swore to protect.
American Oyaji wrote:Yeah, America can be a vindictive bitch like that.
Coligny wrote:Guys, had we known that you'd become such a wreck we'd let the english haz you...
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