Last year I read several articles where people described the process to renounce…all sounded pretty simple. Fill out a form, talk to the local office in person about your intentions and understanding of consequences…that was it. The people who renounced said they were surprised how easy it was…and even the embassies interviewed said the process was kept simple in order to not cause trouble to those trying to renounce.
Now sounds like the government is trying to make it sound like they are doing more than they might actually be doing…
I hadn’t read any of those, but the articles I have read said it’s a royal pain in the butt. They must have changed it from easy to ridiculously stupid. The US now has the world’s highest fees for renunciation. Here’s a great list of what it costs people around the world to renounce. isaacbrocksociety.ca/2014/08/22/ … nt-page-1/
I read about a Canadian woman who said she hoped she could get a loan to pay for her renunciation fees. She said she had no choice as the tax penalties already assessed by IRS put her close to bankuptcy.
I wouldn’t doubt it, but the general consensus I am hearing is that people are not bitten by the cost, they will do anything to rid themselves of a burdensome passport at any cost at this point. I can see the storm coming.
I read that those Canadian “snowbirds” wintering in the U.S. have to worry about being deemed U.S. “persons” if they stay longer than 183 days per year in U.S. (I guess all foreigners can have this problem if staying long time in U.S.) The IRS needs them to provide form establishing a closer relationship with a foreign country…even if no U.S. passport. “Closer Connection Statement for Aliens” All this to avoid being taxed by IRS.
C’mon. Asking a foreigner traveling in U.S. to provide a form about their relationship with their home country? The U.S. wants the money from overseas travelers but doesn’t stop there…why not try to tax them from every angle like a real U.S. citizen? Ridiculous. Just welcome them to spend as much money as possible to prop up the economy without pissing them off. If I was Mexico I would set up a safe zone in Acapulco for Canadians and set up a great incentive package for them to spend 6 months per year there.
[quote=“Flakman”]I read that those Canadian “snowbirds” wintering in the U.S. have to worry about being deemed U.S. “persons” if they stay longer than 183 days per year in U.S. (I guess all foreigners can have this problem if staying long time in U.S.) The IRS needs them to provide form establishing a closer relationship with a foreign country…even if no U.S. passport. “Closer Connection Statement for Aliens” All this to avoid being taxed by IRS.
C’mon. Asking a foreigner traveling in U.S. to provide a form about their relationship with their home country? The U.S. wants the money from overseas travelers but doesn’t stop there…why not try to tax them from every angle like a real U.S. citizen? Ridiculous. Just welcome them to spend as much money as possible to prop up the economy without pissing them off. If I was Mexico I would set up a safe zone in Acapulco for Canadians and set up a great incentive package for them to spend 6 months per year there.[/quote]
Oh please, not more forms! There are already too many as it is! They don’t need more forms, what they need is a repeal of FATCA and implement RBT and that would solve nearly 100% of the problems. But of course that won’t happen. I’m telling ya, the storm is coming.
According to the article, “However, as a Chinese-language translation of the agreement is still pending, its signing has been delayed. In response to criticism that such an IGA is unfair to Taiwan because Taiwan would be providing information to the U.S. without getting anything in return, Tseng said Taiwan is seeking a “mutually beneficial” agreement with the U.S. under which exchange of information will be done in a reciprocal way”
This is an interesting development if it is true, perhaps all those letters sent to the FSC helped? I have no idea, but this may be good news. I highly doubt the US is going to reciprocate, but you never know.
According to the article, “However, as a Chinese-language translation of the agreement is still pending, its signing has been delayed. In response to criticism that such an IGA is unfair to Taiwan because Taiwan would be providing information to the U.S. without getting anything in return, Tseng said Taiwan is seeking a “mutually beneficial” agreement with the U.S. under which exchange of information will be done in a reciprocal way”
This is an interesting development if it is true, perhaps all those letters sent to the FSC helped? I have no idea, but this may be good news. I highly doubt the US is going to reciprocate, but you never know.[/quote]
According to the article, there are exactly 4,273 accounts held by U.S. persons that meet FATCA reporting criteria. That’s a pretty precise figure for one that sounds like it was pulled out of someone’s ass. I’m thinking the real number has to be much higher. There appears to be more going on here than meets the eye.
You have to remember though that these are the accounts with over US$50,000 in them. 4000 something does seem like a low number considering the number of greencard holders there are in Taiwan, but who knows… chinapost.com.tw/taiwan/nati … -gains.htm This article is a little different than the one I posted last night. And the government is finally admitting that FATCA IGAs violate Taiwan privacy laws, yet they still are working on signing this. I don’t get it. A violation is a violation, but as usual the government overlooks whatever it has to. Apparently it has to go through the Legislative Yuan because of it. And with the elections coming and Taiwan tied up in oil scandals, I am hoping this just continually drags out. Maybe the whole thing will explode sooner or later. Obama is in Australia now I think trying to sell them the GATCA garbage, maybe the media will finally pick up on all this crap.
Oh and before I forget, I had the other thread locked, USA laws to be implemented in Taiwan! 121 questions for the Taiwan Government Concerning FATCA!!! — forumosa.com/taiwan/viewtop … 9&t=126132 because the two threads were starting to overlap each other. Both threads are stickied for the time being.
GIven the number of rich Taiwanese with green cards, I don’t believe that number for a second. And considering that Taiwan depends on the U.S. for its continued existence, I’m not at all surprised that they would knuckle under. Basically, FATCA needs to be repealed. The fact that the GOP has made this part of their platform offers some hope. I’ve never voted Republican before, but you can bet I will come 2016. The Dems really need to be punished for passing this ridiculous law.
GIven the number of rich Taiwanese with green cards, I don’t believe that number for a second. And considering that Taiwan depends on the U.S. for its continued existence, I’m not at all surprised that they would knuckle under. Basically, FATCA needs to be repealed. The fact that the GOP has made this part of their platform offers some hope. I’ve never voted Republican before, but you can bet I will come 2016. The Dems really need to be punished for passing this ridiculous law.[/quote]
You are problem right. But who knows, maybe they opened a bunch of accounts in order to avoid FATCA? Who knows… But yes, 4000 seems awefully low, as the last count I got was 100-200k in Taiwan with dual citizenship. Oh if you have read the rest of this thread and my other thread, you will see I let them have it several times, but their replies were sort of threatening, and yes, Taiwan would not exist otherwise, so of course they want to bow down, but in recent years Taiwan has taken a stance, getting free visa status to many countries. This is different and will eventually be signed, but it may take awhile. FATCA has to be repealed yes, and with all the lawsuits current ongoing and more groups getting involved and putting pressure on the government, it may happen, but I am not holding my breath. The GOP is trying, and now that they have control of the house and senate I am hoping at the very least they can push this through. Rand Paul has always been an advocate against this insane law, but few listened, but now they are taking notice, it is a positive thing.
Check this little gem out: Treasury Faces a Labor of Sisyphus to get FATCA Infrastructure in Place — blogs.angloinfo.com/us-tax/2014/ … -in-place/ simply signing FATCA into effect doesn’t make it really signed… There is so much more BS that has to be done before it really takes effect.
The number of bank accounts found and reported will certainly rise over time. However, will take some time to find the accounts of Taiwanese green card holders and dual citizens. From my conversation with one bank manager the U.S. has let his bank know that the U.S. will be later expecting the bank to help the IRS find the accounts of green card holders and dual citizens. By this I mean the bank must provide more information for the IRS to try to match the data with what the IRS has one file or can find through their own sources.
That’s interesting, because those dual citizens who didn’t open accounts with a US passport probably have nothing to worry about, at least for the time being. If the bank tries to match what the IRS has on file than the bank would be breaking Taiwan privacy laws, and this is where it gets hairy. Maybe one of these wealthy dual citizens will sue the Taiwan government, wouldn’t that be halarious!
That has nothing to do with the survey, if Americans living abroad really cared and knew what was going on they would sign, the problem is the vast majority of Americans abroad still don’t know what is going on or feel none of this affects them… It’s a sad state…