So long, farewell, Auf Wiedersehen, goodbye!

The number of U.S. citizens who renounced their citizenship reached a record number last year:

2013 expatsWhy are American citizens renouncing their citizenship?  A few of the possible reasons include NSA spying, Obamacare, and the FATCA law that takes effect in July of this year.

What is FATCA, and what does it do?

The 2010 law, to be phased in starting Jan. 1, 2013, requires financial institutions based outside the U.S. to obtain and report information about income and interest payments accrued to the accounts of American clients. It means additional compliance costs for banks and fewer investment options and advisers for all U.S. citizens living abroad, which could affect their ability to generate returns.

***

Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, the IRS reported.

Read that again.  The U.S. government passed a law that requires foreign banks to comply with the U.S. government’s wishes.  Congress and FedGov now believe that they can force foreign businesses to comply with U.S. laws.  The net result is that, if you are an American citizen and live outside of the U.S., you will be denied access to such basic necessities as a bank account in the country you live in.

Yet again, we see the Imperial Congress passing a law and expecting that Americans will not change their behavior even though incentives have changed.  The only peaceful solution is to get out.  Not only have U.S. corporations outsourced their operations and their profits, now Americans have been forced to outsource themselves as well.

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Categories: Government Shenanigans

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