U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 04-29-2014, 07:50 AM
Location: Fayetteville, NC
437 posts, read 618,642 times
Reputation: 662


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.
Quick reply to this message

Old 04-29-2014, 09:50 AM
741 posts, read 642,858 times
Reputation: 576
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.
Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top