FATCA, U.S. citizenship-based taxation (which includes much more than taxation) and restrictions on financial and retirement planning are causing many Americans abroad to renounce their U.S. citizenship.
The US Government is well aware of the problem that FATCA (coupled with US “citizenship-based taxation) has caused for Americans abroad.
The proof comes from the following two tweets:
1. 2014 – Don Beyer (currently a Member of Congress) was the US Ambassador to Switzerland from 2009 – 2014. In this interview he acknowledges some of the problems of FATCA (incredibly acknowledging that FATCA has led to divorces.
Considering renouncing US citizenship? Former US Ambassador to Switzerland Don Beyer had early notice and was well aware of the problems that #FATCA was causing #Americansabroad who were simply trying to live in Switzerland. A fascinating interview. https://t.co/wcN7sPqqOi pic.twitter.com/MpZEDGgdeQ
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) October 14, 2018
2. September 24, 2018 – A comment by a Foreign Service Officer in Frankfurt acknowledging the problems the United States has caused for its citizens living living abroad. He also acknowledges that people are renouncing their valued U.S. citizenship. I have linked directly to his comment. But, I suggest that you take the time to watch the whole video. You will see “heart breaking” stories of people who feel that they can no longer remain U.S. citizens. (Thanks to Solomon Yue for his tireless efforts in advocating for tax changes to “Save U.S. Citizenship” for Americans abroad!)
Must see and reach your own conclusion: A US Foreign Service Officer in Germany attending @SolomonYue session in Frankfurt discusses relationship between #FATCA and US citizenship renunciations https://t.co/BGIRjMmImD
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) October 13, 2018
The United States would rather have FATCA than have Americans living abroad.
FATCA is a tool to enforce (what the United States refers to as) “citizenship-based taxation”. In practice (as patriotic as it sounds), “citizenship-based taxation” is actually the U.S. policy of:
Imposing “worldwide taxation” on people who are “tax residents” of other countries and who do not live in the United States.
I will be conducting information sessions (some formal presentations and some informal discussions) during the next few weeks as follows:
Bangalore, India – October 22
Brisbane, Australia – October 25 (with Karen Alpert) – 19:00 – 21:00
Auckland, New Zealand – October 31
Sydney, Australia – November 1 – 19:00 – 21:00 The address is 58A Macleay Street – Entrance near Baroda Street – Potts Point NSW 2011 – There is a train you can get to Kings Cross Station.
Dubai, UAE – November 4
Limassol, Cyprus – November 7
Who: John Richardson, B.A., LL.B., JD (Toronto based lawyer)
When: 19:00 – 21:00
Cost: Free, but preregistration is required for all sessions except the October 25 session in Brisbane (where you can just appear)
Registration: Please send an email to: citizenshipsessions at citizenshipsolutions.ca
This post will be updated as further information becomes available. Feel free to check back!
Although there will be variation from location to location, the topics covered are likely to include: