The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Renouncing citizenship for tax purposes||Date: 8/22/2013 8:48 PM|
|Author: 2gifts||Number: 119060 of 121219|
Well, at the risk of stating the obvious, such people might consider complying with the US tax rules, filing the required documents, and paying their fair share like the rest of us do. Why is this such a problem?
I suspect it is a problem because, since they live and work in a foreign country, they're not getting much in the way of value or services for their tax dollars.
And if having accounts in foreign countries causes problems with documentation, here is another thought, keep your accounts in a US bank.
That doesn't work for people living in a foreign country. You cannot spend US dollars in a foreign country. You can only spend their currency. You also get paid in the foreign currency, and you can't get that to a US bank or keep it there.
I agree with the earlier comment, someone who renounces citizenship for tax purposes is unworthy of citizenship in this country, good riddance, just don't ever ask to be welcomed back.
Why? If someone is living in another country and wishes to have that citizenship, then they should be treated like any other citizen from that country in terms of being able to visit the US.
Do you think that people who come here and get US citizenship are banned from ever returning to the country of their birth to visit? I doubt that very much, and don't think it should be any different for a US citizen who becomes a citizen of another country.
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