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Author Topic: citizenship VS taxes  (Read 1336 times)

space otter

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citizenship VS taxes
« on: February 11, 2015, 08:59:52 am »


Americans Abroad Top Annual Record for Turning in Passports



(Bloomberg) -- The number of Americans renouncing U.S. citizenship increased 37 percent in the three months through December and the annual total reached a record level, data published Tuesday showed.

The trend likely is accelerating because of a 2010 law that gives the Internal Revenue Service unprecedented access to U.S. citizens’ foreign bank accounts, said Stephen Flott, an attorney at Flott & Co. P.C. in Arlington, Virginia, whose clients include expatriates. The U.S. is the only country within the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.

“If they have no real desire to work or live here, then the question for them is: What’s the point?” Flott said. “For those who feel no real affinity to the U.S., it’s a no- brainer.”

People giving up their nationality at U.S. embassies rose to 1,062 in the fourth quarter from 776 in the year-earlier period, according to Federal Register data. That’s the highest quarterly total since the second quarter of 2013, according to Bloomberg News calculations based on records starting in 1998.

The annual total reached 3,415 in 2014, from 3,000 in the year-earlier period, according to Federal Register data. The five highest totals have been recorded since the U.S. Congress passed the 2010 law.

There are an estimated 6 million U.S. citizens living abroad. More than 10,000 Americans living overseas have given up their passports over the past five years.



Tax Cheats



The U.S. has increased efforts to catch tax cheats after UBS AG paid a $780 million penalty in 2009 and handed over data on about 4,700 accounts. That has led some banks to forgo doing business with people who have ties to the U.S.

One of the primary U.S. moves took effect last year as asset-disclosure rules under the Foreign Account Tax Compliance Act kicked in. The measure, known as Fatca, requires U.S. financial institutions to impose a 30 percent withholding tax on payments made to foreign banks that don’t agree to identify and provide information on U.S. account holders.

It allows the U.S. to scoop up data from more than 77,000 institutions and 80 governments about its citizens’ overseas financial activities.

In establishing the 2010 Fatca law, Congress and President Barack Obama in effect threatened to cut off banks and other companies from easy access to the U.S. market if they didn’t pass along such information. It was projected to generate $8.7 billion over 10 years, according to the congressional Joint Committee on Taxation.



Reporting Requirements



The reporting requirements under Fatca (does that stand for fatcat ;) )and foreign banks’ actions to avoid penalties made many people aware of U.S. tax obligations they didn’t know they had, Flott said.

“They wake up one morning and learn about citizenship taxation and birthright citizenship and the two together create for some people a real problem,” he said.

Obama this month proposed making it easier for those who the U.S. considers “accidental” citizens to stay out of the U.S. tax system. What the administration refers to as accidental citizens include people born in the U.S. while their parents were visiting the country from abroad or individuals whose only connection is a parent who was a U.S. citizen.

Under the proposal, such people would have to give up their citizenship in 2016 or 2017 and make sure they had complied for the past five years with federal tax laws that would have applied if they were U.S. nonresidents.



Special Rules

The special rules exempt those people from U.S. taxes and from the mark-to-market tax imposed when people expatriate, which taxes people as if they sold their assets before turning in their passports.

The Obama administration proposals would be available only to dual citizens who haven’t lived in the U.S. since age 18 1/2 and haven’t had a U.S. passport -- except for one they used to leave the U.S.

The proposal was part of Obama’s 2016 budget plan and any changes would likely have to be passed by Congress.



To contact the reporters on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net; Richard Rubin in Washington at rrubin12@bloomberg.net To contact the editors responsible for this story: Jodi Schneider at jschneider50@bloomberg.net; Fergal O’Brien at fobrien@bloomberg.net Justin Blum



http://www.msn.com/en-us/news/money/americans-abroad-top-annual-record-for-turning-in-passports/ar-AA9enIf

Offline zorgon

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Re: citizenship VS taxes
« Reply #1 on: February 11, 2015, 04:06:15 pm »
Funny..

All over the internet I see "We the people..." screaming that the rich need to pay their fair share. So now when the IRS is going after their off shore hoards of cash must likely obtainde illegally or from ripping off "We the people..."  they still complain?

Am I missing something?

:P

Offline zorgon

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Re: citizenship VS taxes
« Reply #2 on: February 11, 2015, 04:11:56 pm »
It may be bigger than just the tax issue. We should look into this..

The wealthy elite in USA are buying land in foreign countries to get away from future events!



If you think that Hollywood director James Cameron’s decision to leave America and move his entire family to a farm in New Zealand is simply to provide his kids with a “strong work ethic,” as Cameron claims, then think again.

“Cameron has successfully applied to buy 1,067 hectares(2,636 acres) of farmland in New Zealand. In an

application filed with the New Zealand Overseas Investment Office, Cameron says he and his family “intend to reside indefinitely in New Zealand and are acquiring the property to reside on and operate as a working farm,” reports the Associated Press. (link below to the report)

James Cameron and his family is leaving their $5 million dollar villa in Malibu to move to the farm in New Zealand which is a 90 minute drive from Wellington.


https://truthwilltriumph.wordpress.com/2012/02/03/the-wealthy-elite-in-usa-are-buying-land-in-foreign-countries-to-get-away-from-future-events/


This is just the first one I found  but I see it all over FB  The Rich are leaving, buying land outside the USA  and China is buying up what they leave behind

Offline zorgon

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Re: citizenship VS taxes
« Reply #3 on: February 11, 2015, 04:14:30 pm »
Bush’s Paraguay Land Grab

This was already back in OCTOBER 20-22, 2006

The land grab project of U.S. President George W. Bush in Chaco, Paraguay, has generated considerable discomfort both politically and environmentally.

The news circulating the continent about plans to buy 98,840 acres of land in Chaco, Paraguay, near the Triple Frontier (Bolivia, Brazil, Paraguay) is the talk of the town in these countries.

Although official sources have not confirmed the information that is already public, the land is reportedly located in Paso de Patria, near Bolivian gas reserves and the Guarani indigenous water region, within the Triple Border.

Alto Paraguay Gov. Erasmo Rodriguez Acosta revealed he heard that part of the land purchase consists of an ecological reserve (Fundacion Patria), with which Bush is affiliated.


http://www.counterpunch.org/2006/10/20/bush-s-paraguay-land-grab/

Offline zorgon

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Re: citizenship VS taxes
« Reply #4 on: February 11, 2015, 04:19:43 pm »
JPMorgan Sells Chase Manhattan Plaza in NYC to China’s Fosun

Oct. 18 (Bloomberg) -- JPMorgan Chase & Co. has agreed to sell 1 Chase Manhattan Plaza, the tower built by David Rockefeller, to Fosun International Ltd., the investment arm of China’s biggest closely held industrial group, for $725 million.

http://www.bloomberg.com/news/articles/2013-10-18/jpmorgan-selling-chase-manhattan-plaza-in-nyc-to-china-s-fosunhttp://www.bloomberg.com/news/articles/2013-10-18/jpmorgan-selling-chase-manhattan-plaza-in-nyc-to-china-s-fosun

Chinese investors buying up U.S. golf courses

Du and other wealthy Chinese investors are quickly adding golf courses to their growing portfolios of U.S. holdings. In the last year, Chinese investors have bought prime properties including the 2,000-acre Sea Trail Golf Resort, built around three Sunset Beach, N.C., courses, along with smaller ones, such as Rancho Duarte Golf Club, a nine-hole, par-31 course built on a former dump in the San Gabriel Valley.

http://www.latimes.com/business/la-fi-chinese-golf-investors-20140615-story.html#page=1

U.S. home market pulls in more Chinese buyers

China's great wall of cash is pouring into the struggling U.S. property market, from multi-million-dollar mansions on the West Coast to venerable hotels on the East Coast.

Stanley Lo, right, a Realtor in Burlingame, Calif., shows a $4.4 million home to China native Lee Xiao Jun.
By Jessica Brandi Lifland, for USA TODAY
Stanley Lo, right, a Realtor in Burlingame, Calif., shows a $4.4 million home to China native Lee Xiao Jun.
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By Jessica Brandi Lifland, for USA TODAY
Stanley Lo, right, a Realtor in Burlingame, Calif., shows a $4.4 million home to China native Lee Xiao Jun.
Sponsored Links
Buyers from mainland China and Hong Kong are snapping up luxury homes, often paying cash, in major U.S. cities such as New York, Los Angeles and San Francisco. They're coming by the dozens to buy foreclosed properties in downtrodden cities in Florida and Nevada. Chinese buyers are even starting to snap up pricey commercial buildings and hotels in Manhattan.

Chinese interest in U.S. real estate began climbing during the U.S. housing meltdown, when plunging property prices made the U.S. a magnet for global buyers. Today, interest is growing as a rising yuan — up more than 8% since mid-2010 — gives the Chinese greater purchasing power, and the mainland's restrictions on property purchases encourages them to look overseas. With U.S. single-family home prices a third lower since 2006, the U.S. also compares favorably with other top markets for Chinese investment, such as the United Kingdom, Australia and Canada.


http://usatoday30.usatoday.com/money/economy/housing/story/2012-04-03/us-homes-lure-chinese-buyers/53977638/1

Chinese Foreclosure Tourists Shopping In U.S.

Losing your home to bank foreclosure? The Chinese want it

A new kind of tourist package is being offered in China. Call it the "U.S. Real Estate Bottom-Fishing Tour." The first of 40 Chinese real estate shoppers are looking in the U.S. this week to buy for foreclosure properties and other housing bargains.

http://www.npr.org/templates/story/story.php?storyId=101024305

Offline zorgon

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Re: citizenship VS taxes
« Reply #5 on: February 11, 2015, 04:22:18 pm »
It’s a Buyer’s Market for Private Islands



WHEN ultrarich Americans go house-hunting outside the United States, they’ve got a Caribbean soul they can barely control, to paraphrase Jimmy Buffett.

Those were the findings of the Candy GPS Report, which focused on the home-buying habits of high net-worth individuals around the world — those with more than $30 million in assets — ranking the top 20 places where they buy additional luxury homes for leisure use.

The roster, not surprisingly, included Lake Como in Italy, the Côte d’Azur in France and Aspen and Vail in the United States, as well as a few places that might not readily come to mind, like the Seychelles, the Maldives and Emirates Hills in Dubai.

But for American buyers looking for property abroad, the roughly eight-square-mile island of St. Barts in the French West Indies, where the typical five-bedroom property changes hands for $14 million, topped the chart. In general, American buyers casting outside the United States favor homes in the Caribbean, the report found. (Although “the majority of ultra-high-net-worth Americans hold their property in the U.S.A., in excess of 80 percent,“ according to Yolande Barnes, director of Savills World Research, part of the global real estate firm Savills.)


http://www.nytimes.com/2014/02/11/your-money/its-a-buyers-market-for-private-islands.html?_r=0

 


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