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August 13, 2013

U.S. Expats Balk at Tax Law : American Citizenship Renunciations Are Soaring

Topics: Political News and commentaries

Giving up one's U.S. Citizenship is not something that an intelligent individual does on a whim.

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Apparently, the so-called " The Smart" money and the super-rich doesn't see any other exit strategy to protecting their wealth.

That they are telling us, that should the Republicans run the table in 2014 and 16, we have already reached the tipping point, i.e. the point of no return.

Mariko Sanchanta and Jason Chow write in the Wall Street Journal:

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(Photo courtesy Wall Street Journal Today: Asia)

More U.S. citizens are giving up their American passports as the government cracks down on tax evaders. The WSJ's Deborah Kan speaks to lawyer Eugene Chow about the main reason why many don't want to be American anymore.

HONG KONG - The U.S.'s crackdown on global tax evaders is prompting some Americans in Asia to rethink their citizenship, attorneys there say, in part amid an increasing burden of paperwork required by U.S. tax law.

"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates in Hong Kong. "My mentor, who is in his early 80s, said to me, 'You became an immigration lawyer to fulfill the American dream, and now you are helping people leave.' "

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(Image - Bloomberg News)
A growing number of wealthy Americans in Asia -- and others with green cards are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.

Some U.S. citizens say they are exasperated by a growing raft of paperwork that forces U.S. citizens living abroad to declare the minutiae of their financial holdings and other assets. That has increased the attraction of becoming a citizen in places such as Hong Kong, where the individual tax rate is capped at 15%.

More here.

Cross posted from WeThePeople

Posted by DancingCzars at August 13, 2013 11:22 AM



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