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Destinations, Dreams and Dogs - International adventure with a fast-track family (& dogs) of Old World values, adopting the Russian-Italian-American good life on the go…!

Where Have All the Americans Gone?

us-passportWhat’s happening to our country when thousands of Americans are renouncing their citizenship?  Yes, I know we generally think of our Russian children coming of age and possibly renouncing their Russian citizenship, but here we are with thousands of Americans doing the same in the last calendar year.

Why is that?  Taxes.

Some are seeking safe haven for their money, and so they move to a country where the taxes are minimal.  However, moving abroad is not enough, because Americans are taxed on all income they earn anywhere, having to pay taxes abroad and taxes to the U.S. on the same income.

And it’s no longer enough just to send your money abroad, while you continuetaxes to reside in the U.S.  A new American law, the Foreign Account Tax Compliance Act, requires foreign institutions to report all assets owned by Americans.  So even if you’re an American working abroad, or holding money abroad, Uncle Sam is going to get his piece of the pie, like it or not.

Hence, more and more Americans are turning in their passports and saying, “Thanks, but no thanks.”  The double dipping done by this government and that, has conspired to push them over the edge, and so they decide to give up one citizenship.

When we speak of doing things for love or money, would you ever think to give up American citizenship for the love of money?  When is enough, enough?

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