Offshore Banks Accepting Americans
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Well USD is the reserve currency and all banks need correspondence account in USD. It has the largest economy and threatens banks all over the world as it is the most powerful country in the world today since the Roman Empire. A 200 year old Swiss bank had to shut down its door just because of US sanctions. Anyone read about Wegellin ?
i am sorry for all amerikans trap by their own comunist government , R.I.P AMERICA , wellcome to the binden new AMERIKA
Binden or Biden ? Actually Republicans and Trump made things worst for expats by introducing GILTI tax which effected Canadian American dual nationals mostly. I am not into both parties as both are same in terrorizing US expats while leaving big fish alone as they get their pockets lined up from whales.
I doubt many of us will just for this matter. Many of us cherish our citizenship too much. If US congress can't understand this then it's their problem. However this is a very fast changing world and you never know what happens next. If I had millions of dollars I would have renounced a long time ago as I have been living outside US for more than a decade now.
Actually they are paid by cpa firms and international attorneys who specialize in international compliances for expats and for them FATCA is bread and butter. They will not let it go or even residency based citizenship. IRS is simply wasting its resources due to this and unnecessarily squandering their budgets. Both parties will be labeled as traitors if they do stop FATCA or resident based taxation. Simple laws of economics.
I'd renounce even if you have mid 6 figures the FATCA fines and everything are too high to risk and US accounting is costing me about $3K a year already︀ to tell the US I owe them nothing lol and then I still have the︁ accounting cost in the country i live in. In an ideal world I would never︂ have to give up my US passport but in the world we live in I︃ most likely will. I'd like to do more with my money than sit 6 figures︄ in a savings account but no US broker wants me and I cannot buy US︅ funds due to EU KITs regulations.. I essentially cant invest unless I buy foreign funds︆ and then screw myself via PFICs. I'm in my early 20s The easiest solution is︇ to renounce the US passport and the treatment you get from the US as an︈ american overseas makes it to where I despise the IRS so much I'd just like︉ out of the system entirely regardless.
It all depends on︅ your situation. You are very young and know all the pitfalls already. My costs for︆ accounting are costing me a lot too and no tax due on anything I earn.︇ If I had EU or U.K. passport I would have renounced from US as they︈ are better than US. I simply want to avoid carribean passports as they are not︉ beneficial for an average American. If you are very HNW only it makes sense.
ill have an EU passport in under 2 years luckily, if I was going to have a Caribbean passport or a lower︀ tier country I would probably not give my citizenship up then even with all the︁ burdens that come with US citizenship. I look at my girlfriends EU passport though and︂ laugh because she travels into every country I can with me with ease and yet︃ has none of our burdens. I wish desperately the US situation would change but as︄ you know it will likely never. It's sad to think I will never be able︅ to have the opportunity to live in the country all my family is from again︆ if I wanted it but im 99.9% sure I have no desire to return to︇ the US.. High taxes, nothing in return for it(poor infrastructure, very expensive healthcare, government is︈ a nightmare to deal with if you ever need to).
I pay under half my︉ US tax bill legally in the EU country I am in, I have private health︊ insurance at 1/3 the monthly cost I was paying in the US, infrastructure is very︋ good and roads aren't in disarray. I do pay some taxes but least I can︌ feel I am somewhat getting something for it in return. My visa process was smooth︍ I had the help of a lawyer but even still every interaction with the government︎ was smooth, appointments with immigration were on time and straight forward. I can access government️ services through a app on my phone, dealing with the tax office a "long wait time" to them was 7 minutes on hold while dealing with the IRS over the phone may as well be impossible lol. Every EU country is different and I wouldn't want to live in 90% of them but least where I am now I like.
The only desire to ever be in America I feel is to just return to where I grew up and what I knew but every April when my tax bill hits I cant stand living in the US especially the high state tax state I︀ am from.🙄
I pay under half my︉ US tax bill legally in the EU country I am in, I have private health︊ insurance at 1/3 the monthly cost I was paying in the US, infrastructure is very︋ good and roads aren't in disarray. I do pay some taxes but least I can︌ feel I am somewhat getting something for it in return. My visa process was smooth︍ I had the help of a lawyer but even still every interaction with the government︎ was smooth, appointments with immigration were on time and straight forward. I can access government️ services through a app on my phone, dealing with the tax office a "long wait time" to them was 7 minutes on hold while dealing with the IRS over the phone may as well be impossible lol. Every EU country is different and I wouldn't want to live in 90% of them but least where I am now I like.
The only desire to ever be in America I feel is to just return to where I grew up and what I knew but every April when my tax bill hits I cant stand living in the US especially the high state tax state I︀ am from.🙄
If EU ever passes the citizenship taxation similar to USA which they are now seriously considering then you will have to rethink your plan again 🙂. We don't have a crystal ball for future. Maybe if you renounce then you can't change your mind again as very difficult if not impossible to get US citizenship back again.
if they passed it, it would of course be stupid but since im living in the EU I dont foresee it causing me any issues in the same way an American citizen living in Kansas doesn't even know what FATCA is or about Citizenship based taxation. I plan to remain living in the EU country ill be a︀ citizen of or to live on one of their Caribbean territories. 🙂
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