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For some benefits they did contribute towards such as a seniors pension. If they paid into it for 25 years prior to moving away is that all lost money for them. In the 70s I knew a man who got a military pension but lived in Canada, does he not deserve that. One of the reasons that a person may wish to keep both citizenships is for when visiting the States he is not a forigner in the country of his birth. If I moved down to the States I would want to keep my Canadian citiizenship even if I had no intention of moving back simply because I currently have it and am proud to be a Canadian but if I had to pay income tax to both countries I might have to reconsider.
Reading the tone and the words from some of the posts some of the posters think very low of people who would want to give up their American citizenship and even yours in saying do not insult every other US citizen, what is that to mean other than being a US citizenship is so much better than any other country and no one should think about becoming a citizen of any other country? When an American becomes a Canadian citizen they have the same rights as any other Canadian. The only benefit I can see them wanting from your country are the ones that they did contribute towards. If I am not mistaken I would be eligible to certain amounts of Canadian pensions due to the fact that I have contriubted towards them. You are sort of saying that not only are they not entiltied to any of those pensions but they are greedy if they do want some of that back.
To pay income tax to the US government without recieving a single benefit from it sounds like not having the best of all worlds. What benefits would a American living in CAnada and becoming a Canadian get from your government that you worry about? Not health care or education nor any more rights to use the roads than any other tourist.
Sorry, if you walk away from an investment that requires a term of participation too freaking bad, you're out.
This isn't some little savings account that you get to withdraw from and take your contribution with you.
The participation as a citizen comes with a condition, your country first. If you decide you want a new country, go, no one is stopping you but think twice before you believe you shluld be able to take out what you promised to put in for the shared benefit of all citizens.
Go tell your new country to make you whole, they should be more than happy to set you up nicely, bwcause that is what the USA does for all its people who become or are citizens.
Go take your free wanting self to Ireland, some country in Europe, Asia or Africa and make them give you the benefits you think you deserve. Tell everyone your exit date, the party starts the day after.
Once you get past the glitz and glam of big sexy cities like NYC, LA, Seattle, Etc and travel you quickly realize large parts of America is one giant S***hole. Full of poverty, crime, Unemployment, despair and desperation that we see in 3rd world countries
Can you give an example?
Like say Omaha Nebraska is similar to Harare Zimbabwe? Maybe Tuscon AZ is similar to Kabul Afghanistan?
Sorry, if you walk away from an investment that requires a term of participation too freaking bad, you're out.
This isn't some little savings account that you get to withdraw from and take your contribution with you.
The participation as a citizen comes with a condition, your country first. If you decide you want a new country, go, no one is stopping you but think twice before you believe you shluld be able to take out what you promised to put in for the shared benefit of all citizens.
Go tell your new country to make you whole, they should be more than happy to set you up nicely, bwcause that is what the USA does for all its people who become or are citizens.
Go take your free wanting self to Ireland, some country in Europe, Asia or Africa and make them give you the benefits you think you deserve. Tell everyone your exit date, the party starts the day after.
You don't lose your social security.
You do lose your medicare but private insurance in some countries is cheaper than the medicare premiums believe it or not.
The discussion would be so much better if people actually knew what they were talking about instead of giving their opinions of how they think the system works.
The double taxation issue is an overblown one is most cases. Most people who being it up haven't lived abroad or looked into it much. You can in most cases tax a foreign tax credit equal to the income tax you paid in another country and apply it to your US filing.
The full FACTA changes only took effect last year.
And it has more to do with loss of access to banks and other financial institutions than paying taxes or filing forms.
Do you fully understand the changes that went into effect last year ?
You don't lose your social security.
You do lose your medicare but private insurance in some countries is cheaper than the medicare premiums believe it or not.
The discussion would be so much better if people actually knew what they were talking about instead of giving their opinions of how they think the system works.
Read. You get what you get when you give your citizenship. Everything else stays.
Simple. Now understand? Go already, best of luck to you.
If you don't like the place, leave it already, all 13,000 plus and whomever else wants to go.
Get it? No one is asking anyone to stay. Go find another dinner bell, hope you like the food and service.
Like kids who want to run away hoping their parents stop them. Sorry, see ya.
The full FACTA changes only took effect last year.
And it has more to do with loss of access to banks and other financial institutions than paying taxes or filing forms.
Do you fully understand the changes that went into effect last year ?
My post had nothing to do with facta so I'm really not sure why you've quoted me to ask about it
My post had nothing to do with facta so I'm really not sure why you've quoted me to ask about it
You posted about the double taxation didn't you ?
That's FBAR and FATCA.
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