gunDriller
21st July 2010, 02:24 PM
http://www.caseyresearch.com/crpmkt/freeSignUp/?p=AmEx.php&pub=cdd&ppref=KIT067BN0610A&success=true
Everybody has their own personal reasons for expatriating, but here are some of the benefits:
1) Freedom from the global U.S. tax net.
2) Freedom from the death tax.
3) Freedom from the U.S. government's War on Solvency.
4) Freedom from being treated like a “toxic citizen.†When traveling abroad, being a U.S. passport holder used to be a positive thing. Now it‘s an albatross. The New York Times article I cited earlier explains it plainly: Americans abroad are being treated like “toxic citizens.†They're cut off from banking and other business and investing opportunities solely because of their U.S. citizenship.
Typical currency controls don‘t permit you to take money out of a country. The U.S. doesn‘t have that (yet). Instead, and this is quite clever, the government enacts laws and regulations that function as indirect currency controls. There are so many Patriot Act and other costly impositions forced on foreign banks that handle U.S. customers that they're simply refusing to put up with the harassment. Here's the upshot: Your money isn't fenced in; it's fenced out.
If you seek firsthand evidence, visit a major banking center outside the U.S. and try to open a bank account. Odds are you'll be turned away when the bank finds out you‘re a U.S. citizen. Reports abound of U.S. citizens' long-held accounts at foreign banks being summarily terminated. The U.S. government has made its subjects, along with their money, persona non grata.
I‘ve read that some foreign banks are now setting up, in essence, holding pens designed to handle U.S. citizens who want to bank offshore. But, really, what‘s the point? You‘re burdened with having to file extra IRS paperwork, along with FBAR forms to the Treasury Department. And even if you don‘t file all the extra papers (not a smart move), new laws force foreign banks who accept U.S. customers to report on you anyway. They are pressured to sign “information reporting agreements†to have U.S. citizens as customers. Google “FATCA†and “qualified intermediary agreements†if you want details.
Currency Controls are here.
There's a total of 10 categories in their web page, and it's basically an ad. But it's pretty thought provoking for an ad !
Everybody has their own personal reasons for expatriating, but here are some of the benefits:
1) Freedom from the global U.S. tax net.
2) Freedom from the death tax.
3) Freedom from the U.S. government's War on Solvency.
4) Freedom from being treated like a “toxic citizen.†When traveling abroad, being a U.S. passport holder used to be a positive thing. Now it‘s an albatross. The New York Times article I cited earlier explains it plainly: Americans abroad are being treated like “toxic citizens.†They're cut off from banking and other business and investing opportunities solely because of their U.S. citizenship.
Typical currency controls don‘t permit you to take money out of a country. The U.S. doesn‘t have that (yet). Instead, and this is quite clever, the government enacts laws and regulations that function as indirect currency controls. There are so many Patriot Act and other costly impositions forced on foreign banks that handle U.S. customers that they're simply refusing to put up with the harassment. Here's the upshot: Your money isn't fenced in; it's fenced out.
If you seek firsthand evidence, visit a major banking center outside the U.S. and try to open a bank account. Odds are you'll be turned away when the bank finds out you‘re a U.S. citizen. Reports abound of U.S. citizens' long-held accounts at foreign banks being summarily terminated. The U.S. government has made its subjects, along with their money, persona non grata.
I‘ve read that some foreign banks are now setting up, in essence, holding pens designed to handle U.S. citizens who want to bank offshore. But, really, what‘s the point? You‘re burdened with having to file extra IRS paperwork, along with FBAR forms to the Treasury Department. And even if you don‘t file all the extra papers (not a smart move), new laws force foreign banks who accept U.S. customers to report on you anyway. They are pressured to sign “information reporting agreements†to have U.S. citizens as customers. Google “FATCA†and “qualified intermediary agreements†if you want details.
Currency Controls are here.
There's a total of 10 categories in their web page, and it's basically an ad. But it's pretty thought provoking for an ad !