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Old 04-29-2014, 07:50 AM
 
Location: Fayetteville, NC
437 posts, read 618,642 times
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Originally Posted by Wwanderer View Post
I frankly don't understand why anyone would renounce their citizenship for financial reasons, unless they were super wealthy and wanted to shelter their money from taxes. Why do people do this?
This article might shed some light.

Why More Americans Are Renouncing U.S. Citizenship : Parallels : NPR

Many people living overseas are being shut out of their foreign banks that they've been banking with for years because the banks simply don't want to deal with the red tape that has been somewhat recently imposed upon them by the US tax authorities. If you can't bank overseas, and have no intention of moving back to the US, it almost makes sense. What would make more sense, instead of alienating all of these Americans who live overseas, is to make the laws more user friendly so foreign banks don't feel the need to close out the accounts of all their American customers.
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Old 04-29-2014, 09:50 AM
 
741 posts, read 642,858 times
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Tax evasion and money laundering are, supposedly, the two principal reasons governments (not just in the USA) are imposing stricter banking regulations. Mexico has some very strict regulations on money transfers/withdrawals from accounts.
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