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Marco Sewald
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Maybe we should recalculate the FATCA business case: if only 1% of all U.S. Citizens living abroad will annually renounce their U.S. Citizenship at the given price of $2.350 each and given the fact that a constant inflow of new accidental U.S. Citizens is provided by birth abroad or U.S. Citizens leaving the homeland, the State Department will collect a minimum of $209,150,00 in fees!
FATCA: LIKE FATHER, LIKE SON -- RAND PAUL CONTINUES RON PAUL'S WORK
Update: A number of well-meaning and knowledgeable people have urged me to go beyond the fact that it is Ron and Rand Paul championing this issue and look deeper into how this may affect innocent, law-abiding ex-pats living in foreign countries. Many of them were generous with their offers to he...
I didn't know that I was U.S. Citizen until I first met my U.S. father when I was adult and it took several more years and a hint from the U.S. Embassy on a visa question to learn, that I already became a U.S. Citizen at birth from the U.S. lawmakers point of view. Therefore I'm a dual national by U.S. lawmakers choice and should better move to the U.S. according to the same U.S. lawmakers, because I might face denial of banking services in my home country - I will most likely not be accepted as a partner/managing director outside the U.S., because of the complex U.S. reporting requirements. But the worst is still to come: I have to pay $2.350 in fees to the State Department to get rid off the dual national status.
I strongly agree with your viewpoint on dual citizenship! I will not try to live in the U.S. - the only benefit my U.S. Citizenship would provide to me. Maybe I dislike the "at-will" right-to-work doctrine provided with the working contracts, maybe I feel sorry for the low social security benefits provided and I do like my six weeks paid vacation plus the same numbers of days for sick leave provided here. But I would like the low U.S. income tax.
ANOTHER LOOK AT FATCA --
Full disclosure … I have little patience or sympathy with tax evaders, be they individuals or corporations, who use offshore banking institutions to escape paying their fair share of taxes. Likewise, I am dead set against politicians who offer-up taxpayers money in the form of subsidies or tax ...
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Jul 23, 2015
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