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Posted On: 02/12/2019 6:05:01 PM
Post# of 65629
I have a close friend whose son was employed at a U.S. drug research company. He worked in Switzerland for over ten years and had no plans to return to the U.S.
After paying US taxes AND Switzerland taxes, he was being taxed to death.
He gave up his U.S. citizenship and became a citizen of Switzerland. He never paid a cent in U..S. taxes again.
The difference from your post is that he didn't give up any US residency, he gave up his citizenship.
More Americans Renounce Citizenship, New List Released
Every three months, the U.S. Treasury Department publishes a list of people who have renounced their U.S. citizenship. The latest list names the individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency during the first three months of 2017. Although the list is meant to be of all those who expatriated, there has long been debate about how complete these numbers are. The number of this quarter's list was 1,313. The total for calendar 2016 was 5,411, up 26% from 2015, when the total was 4,279 published expatriates. The 2015 total was 58% more than 2014.
These numbers may seem small, but expatriations have historically been much lower than these figures. There is no single explanation for the increase, although some renouncers write why they gave up their U.S. citizenship. The reasons for renouncing can be family, tax and legal complications. The numbers are small compared to the influx of immigrants. However, giving up citizenship is a solemn step. Expatriating is rarely about politics, unless you call worldwide tax reporting and FATCA politics. The Foreign Account Tax Compliance Act was enacted in 2010, and took years to implement. It is having an impact bigger than these expat numbers reveal.
https://www.forbes.com/sites/robertwood/2017/...248cf6fe95
After paying US taxes AND Switzerland taxes, he was being taxed to death.
He gave up his U.S. citizenship and became a citizen of Switzerland. He never paid a cent in U..S. taxes again.
The difference from your post is that he didn't give up any US residency, he gave up his citizenship.
More Americans Renounce Citizenship, New List Released
Every three months, the U.S. Treasury Department publishes a list of people who have renounced their U.S. citizenship. The latest list names the individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency during the first three months of 2017. Although the list is meant to be of all those who expatriated, there has long been debate about how complete these numbers are. The number of this quarter's list was 1,313. The total for calendar 2016 was 5,411, up 26% from 2015, when the total was 4,279 published expatriates. The 2015 total was 58% more than 2014.
These numbers may seem small, but expatriations have historically been much lower than these figures. There is no single explanation for the increase, although some renouncers write why they gave up their U.S. citizenship. The reasons for renouncing can be family, tax and legal complications. The numbers are small compared to the influx of immigrants. However, giving up citizenship is a solemn step. Expatriating is rarely about politics, unless you call worldwide tax reporting and FATCA politics. The Foreign Account Tax Compliance Act was enacted in 2010, and took years to implement. It is having an impact bigger than these expat numbers reveal.
https://www.forbes.com/sites/robertwood/2017/...248cf6fe95
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