US Passport: From one of the most valuable Assets in the World to a Liability that many don't want

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US citizenship used to be considered one of the most valuable assets you could have. Apparently lot fewer people think so today! Many Americans are renouncing their US citizenship.

In 2013. about 1000 Americans would renounce their passport yearly. In the past year, this number passed 10 000 individuals!

Here at Offshore Citizen, we are being contacted by many people who are considering renouncing their US citizenship. Why does this happen? Is this a rising trend?

There are about 2 million Americans living abroad. According to some stats, about 23% of them are considering renouncing their US citizenship. The biggest driver for this behavior is US filing and reporting obligations. All of that is making life abroad very hard for Americans. It's hard for them to open bank accounts, get mortgages, insurance, etc.

If you're an American you MUST report all the bank accounts that you own no matter where they are. If you fail to do so, they can fine you by taking 50% of funds that have been in your unreported bank account, per year not reported.
There was a case of a person who had $750 000 in a Swiss bank, and he didn't report that account for 4 years. The penalty for that was 1.5 million dollars!

If you're an American living abroad you'll need to file your taxes locally in a country where you live, at the same time you'll need to report to the US as well. And no matter where you live, you will have to pay American taxes, as long as you hold their passport.

All of that lead to many Americans renouncing their US citizenship. However, renouncing US citizenship is not so easy and smooth. If you're thinking of renouncing your citizenship you need to make sure you have another one before you do it.

Who are we and what do we do?

We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.

We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer

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