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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!
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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.
Toggle Commented Jul 23, 2015 on ANOTHER LOOK AT FATCA -- at One Citizen Speaking
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Jul 23, 2015