20 people who gave up their US citizenship
- Thread starter Fatbat
- Start date
yeah I know nothing <sigh> moving on
None of your statements hold 100% fact either, so we'll leave it that it's unclear and hard to determine. BTW, if the international company ownership is by a company and not an individual, you don't fall within those rules.
And you can't pay tax on money that wasn't paid to you, true story....otherwise you're paying tax on air.
Cheers
No point for a citizen already of the EU to get citizenship from another EU country, so no.
Interesting to see people from Scandinavian countries renouncing citizenship as well, considering they have some of the most-livable cities in the world.
The grass is always greener.
The grass is always greener.
Whatever floats your boat. Some people don't feel like giving out 60% of their income to live in a cold ass country.
Theyre basically watching the US making all these deals, like switzerland, and think the concept is ready to be sold to the public.
^^ very true...although only 10 out of 192 countries have agreed to FATCA, so I don't think that will really be catching on anytime soon.
Countries don't need to agree to FATCA; that's the whole point. The banks are responsible to report client info to the IRS rather than the country or they are subject to a 30% withholding tax for all their USA revenue.
Also your suggestion of having an "international company" own the shares makes no sense if the final beneficiary of these private corporations is an American. Even if you use proxy shareholders, if the final beneficiary is American then the 10% rule applies.
At best you are obstruficating things which isn't the same thing are being compliant with the law. Maybe you won't get caught or maybe you will be charged with additional counts of fraud for using shell corporations to hide the true beneficial owner.
Also how does this evade the FATCA problem?
If you going to play this kind of game, it's better for you never to travel to the USA. At that point you are better off just renouncing your citizenship.
Your misunderstanding of FATCA proves my initial post: you don't know what the fuck you are talking about. Americans taking your advice seriously could get themselves into serious trouble.
Shut the fuck up and stop pretending that you are an expert.
Actually this is literally what the IRS tax code says. So yeah actually it is 100% fact. The IRS also claims it is irrelevant how you try to hide ownership as long as the final 10% or greater beneficiary is American. The American doesn't need to even be a shareholder; establishing that they are a beneficiary is all that is needed.
cpapimp said:
Actually the 10% rules holds the corporation and not the individual who is the beneficiary liable to us income tax. Evading it will simply allow the IRS to pierce your whole corporate structure and cause the American beneficiary to be held criminally liable for tax fraud.
FATCA pretty much changed everything.
You aren't as clever as you think you are. Guys talk to a us talk lawyer and don't listen to some moron on the Internet.
Yep. I have no problem with paying taxes, if they go to something useful. Foreign oil wars and carpet bombing arabs isn't my idea of useful.
I've contemplating gtfo of this country.
Shits only getting worse, and people are only getting dumber here. Fact.
I've contemplating gtfo of this country.
Shits only getting worse, and people are only getting dumber here. Fact.
Actually since I am a lay person myself and not a lawyer, I could very well be wrong and CPApimp might be right. You just never know because the tax code is so complicated.
There are plenty of publicly traded companies who are getting away with paying almost no taxes with offshore structures. Problem is that I am not sure if a private individual can take advantage. Publicly traded companies have an unfair advantage because:
1. Usually less than 10% is owned by a single American, but they can use different share classes to still wield significantly control despite minority ownership.
2. Offshore corporate bank accounts are held by non us signatories
3. They have money available to hire tax lawyers, accountants, etc that can establish a structure that allows for legal tax avoidance.
It's really unfair. CPA pimp might be right, but you should have everything checked out if you are American. It sucks because non Americans are immune and all this tax money is going into building more bombs.
There are plenty of publicly traded companies who are getting away with paying almost no taxes with offshore structures. Problem is that I am not sure if a private individual can take advantage. Publicly traded companies have an unfair advantage because:
1. Usually less than 10% is owned by a single American, but they can use different share classes to still wield significantly control despite minority ownership.
2. Offshore corporate bank accounts are held by non us signatories
3. They have money available to hire tax lawyers, accountants, etc that can establish a structure that allows for legal tax avoidance.
It's really unfair. CPA pimp might be right, but you should have everything checked out if you are American. It sucks because non Americans are immune and all this tax money is going into building more bombs.
Great, then I'll say GFY...with a smile 
I won't take the moron comment to serious ;-) And I'm not trying to avoid any taxes, just stating how things are over here. Also read that FATCA doesn't care about if you are a resident of the other country that you work in, and your assets have a total net worth less than $400k.
I get the laws, and I see what they're doing. Getting hot and bothered over a stupid forum is idiotic, but I'll take that with a grain of salt. Assuming you know what I'm doing, who I am, or how I run my personal financial setup is also idiotic, but again, grain of salt.
All I do know, and you'll agree, is FATCA is BS, and in fact another way for the US to get a piece of every pie even though they don't deserve it. I feel bad for high paid salaried employees outside the US, since that is who it bites first and hardest. I did read though that Switzerland has started a lawsuit against the US & FATCA saying it's not legal. I do find it strange that this was started in 2010 yet not implemented until the summer of 2014...oh wait, no I'm not
Cheers Pariah, don't take things so seriously
I won't take the moron comment to serious ;-) And I'm not trying to avoid any taxes, just stating how things are over here. Also read that FATCA doesn't care about if you are a resident of the other country that you work in, and your assets have a total net worth less than $400k.I get the laws, and I see what they're doing. Getting hot and bothered over a stupid forum is idiotic, but I'll take that with a grain of salt. Assuming you know what I'm doing, who I am, or how I run my personal financial setup is also idiotic, but again, grain of salt.
All I do know, and you'll agree, is FATCA is BS, and in fact another way for the US to get a piece of every pie even though they don't deserve it. I feel bad for high paid salaried employees outside the US, since that is who it bites first and hardest. I did read though that Switzerland has started a lawsuit against the US & FATCA saying it's not legal. I do find it strange that this was started in 2010 yet not implemented until the summer of 2014...oh wait, no I'm not
Cheers Pariah, don't take things so seriously