OMG I feel this guy's pain. Honestly living abroad and wanting to invest and venture into new opportunities IT IS SO CONFUSING! Every step you take you have to think 100 times, Wait am I allowed to do this? Is there a tax consequence? Should I have to report this? Am I doing this the right way for tax filing? Should I bother with this if it's going give me a tax hit with little gain?
And then getting 100 different answers, because no one really knows that well.
FUCK! I hate it. Even if I owed taxes, no big deal, but it is so Goddamn confusing!!!! And there is so much resistance from the rest of the world thanks to FACTCA and the GLOBAL tax that SO FEW other countries have and all the restrictions and regulations from USA.
And then Foreign banks saying, OH Shit US citizen. Ough, not one of you! Or foreign investors telling me...Oh wait...US Citizen, sorry I'm not gonna partner with you, I don't want IRS sniffing into my books.
I have a few friends that have dumped their green cards, and I know a few that dumped citizenship. It's not so easy, that have a 10 year rule anyway. Even if you dump citizenship you still owe taxes for the next 10 years.
And this guy A billionaire, there are HUGE EXIT taxes!!!! He has to pay a HUGE HUGE HUGE penalty for leaving the country, revoking citizenship AND he's on the hook for 10 years.
But He's YOUNG, maybe in his eyes he can get through a decade and still be in the peak of his earning years.
Oh, you guys think IRS is bad in USA, try living abroad with a new country's tax code, plus COMPLETELY 100% different rules for USA citizens living abroad. Double taxation, and new rules which no one seems to get, and 1000 rules and regulations about what you can do and can't do and half the fucking time you don't know if you should go ahead with an opportunity or not because you don't know what the fuck Uncle Sam has to say about it.
I COMPLETELY understand WHY this guy would want to just say, "OK FUCK IT! Take the chains off, and let me invest in new opportunities, I'll pay whatever penalty I have to, just let me invest into new global markets without 1000 different goddamn restrictions!"
I love how the Treasury department says, "Uhh...we don't see a problem. No one is complaining Americans abroad have any issues...." BULLSHIT!!!
When I'm with my USA friends we always talk about it!!!!
It's honestly not all about the taxes, it's the FUCKING confusing ass rules and restrictions that get you fucking frustrated. The world is changing, the opportunities are BOOMING in Asia and other parts of the world, I would love to take part in it, and give back to good old USA, but they are handcuffing US citizens from getting involved. A lot of the US folks are going to miss the boat while new millionaires are popping up every day in the East.
http://finance.yahoo.com/news/faceb...ca-is-ok--it’s-the-rules-that-are-a-pain.html
Eduardo Saverin, the Facebook co-founder who gave up his U.S. citizenship, has nothing against the U.S., just its complicated rules on U.S. citizens holding money overseas, a spokesman said.
Mr. Saverin, who now lives in Singapore, decided last year to renounce his U.S. citizenship, a decision that was made public a few days ago. The move sparked an outcry among some tax experts who suspect he’s aiming to save on taxes. Although Mr. Saverin will have to pay a hefty exit tax for renouncing his citizenship, based on some calculation of his assets, Singapore is a relatively low-tax jurisdiction, particularly for foreign investors, and does not levy capital gains tax. Thus he could save in the longer term.
[More from WSJ.com: How Facebook's Elite Skirt Estate Tax]
In a political environment that’s rife with talk of raising taxes on the wealthy, Mr. Saverin’s case could become another flash point.
Saverin spokesman Tom Goodman said Sunday his renunciation was prompted not by tax considerations but by U.S. rules that make it more difficult for U.S. citizens to live and invest overseas.
“U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts,” said spokesman Tom Goodman. “Many foreign funds and banks won’t accept Americans. This was a financial rather than a tax motive.”
[More from WSJ.com: The Facebook-Free Baby]
It’s true many U.S. expats complain that American rules are making life more difficult for them. Those include the U.S. tax system’s global reach (many countries tax based on residency); foreign bank account reporting rules; and the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to start reporting to the IRS on U.S. citizens’ accounts.
Expats say as a result of all the regulations, some foreign banks are dumping more U.S. customers. Mr. Goodman also cited FATCA, among other rules, as a problem for Mr. Saverin.
[More from WSJ.com: How Facebook Could Trip Up Investors]
Treasury Department officials say they don’t see evidence of a systemic problem for Americans living abroad arising from FATCA. People as wealthy as Mr. Saverin tend to have an easier time untangling red tape than the average U.S. retiree living abroad.
The spokesman said Mr. Saverin plans to continue to invest in tech companies around the world, including the U.S.
“His decision had nothing to do with dissatisfaction here, but with his strong desire to do business there,” Mr. Goodman said. He also plans a charitable foundation.
And then getting 100 different answers, because no one really knows that well.
FUCK! I hate it. Even if I owed taxes, no big deal, but it is so Goddamn confusing!!!! And there is so much resistance from the rest of the world thanks to FACTCA and the GLOBAL tax that SO FEW other countries have and all the restrictions and regulations from USA.
And then Foreign banks saying, OH Shit US citizen. Ough, not one of you! Or foreign investors telling me...Oh wait...US Citizen, sorry I'm not gonna partner with you, I don't want IRS sniffing into my books.
I have a few friends that have dumped their green cards, and I know a few that dumped citizenship. It's not so easy, that have a 10 year rule anyway. Even if you dump citizenship you still owe taxes for the next 10 years.
And this guy A billionaire, there are HUGE EXIT taxes!!!! He has to pay a HUGE HUGE HUGE penalty for leaving the country, revoking citizenship AND he's on the hook for 10 years.
But He's YOUNG, maybe in his eyes he can get through a decade and still be in the peak of his earning years.
Oh, you guys think IRS is bad in USA, try living abroad with a new country's tax code, plus COMPLETELY 100% different rules for USA citizens living abroad. Double taxation, and new rules which no one seems to get, and 1000 rules and regulations about what you can do and can't do and half the fucking time you don't know if you should go ahead with an opportunity or not because you don't know what the fuck Uncle Sam has to say about it.
I COMPLETELY understand WHY this guy would want to just say, "OK FUCK IT! Take the chains off, and let me invest in new opportunities, I'll pay whatever penalty I have to, just let me invest into new global markets without 1000 different goddamn restrictions!"
I love how the Treasury department says, "Uhh...we don't see a problem. No one is complaining Americans abroad have any issues...." BULLSHIT!!!
When I'm with my USA friends we always talk about it!!!!
It's honestly not all about the taxes, it's the FUCKING confusing ass rules and restrictions that get you fucking frustrated. The world is changing, the opportunities are BOOMING in Asia and other parts of the world, I would love to take part in it, and give back to good old USA, but they are handcuffing US citizens from getting involved. A lot of the US folks are going to miss the boat while new millionaires are popping up every day in the East.
http://finance.yahoo.com/news/faceb...ca-is-ok--it’s-the-rules-that-are-a-pain.html
Eduardo Saverin, the Facebook co-founder who gave up his U.S. citizenship, has nothing against the U.S., just its complicated rules on U.S. citizens holding money overseas, a spokesman said.
Mr. Saverin, who now lives in Singapore, decided last year to renounce his U.S. citizenship, a decision that was made public a few days ago. The move sparked an outcry among some tax experts who suspect he’s aiming to save on taxes. Although Mr. Saverin will have to pay a hefty exit tax for renouncing his citizenship, based on some calculation of his assets, Singapore is a relatively low-tax jurisdiction, particularly for foreign investors, and does not levy capital gains tax. Thus he could save in the longer term.
[More from WSJ.com: How Facebook's Elite Skirt Estate Tax]
In a political environment that’s rife with talk of raising taxes on the wealthy, Mr. Saverin’s case could become another flash point.
Saverin spokesman Tom Goodman said Sunday his renunciation was prompted not by tax considerations but by U.S. rules that make it more difficult for U.S. citizens to live and invest overseas.
“U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts,” said spokesman Tom Goodman. “Many foreign funds and banks won’t accept Americans. This was a financial rather than a tax motive.”
[More from WSJ.com: The Facebook-Free Baby]
It’s true many U.S. expats complain that American rules are making life more difficult for them. Those include the U.S. tax system’s global reach (many countries tax based on residency); foreign bank account reporting rules; and the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to start reporting to the IRS on U.S. citizens’ accounts.
Expats say as a result of all the regulations, some foreign banks are dumping more U.S. customers. Mr. Goodman also cited FATCA, among other rules, as a problem for Mr. Saverin.
[More from WSJ.com: How Facebook Could Trip Up Investors]
Treasury Department officials say they don’t see evidence of a systemic problem for Americans living abroad arising from FATCA. People as wealthy as Mr. Saverin tend to have an easier time untangling red tape than the average U.S. retiree living abroad.
The spokesman said Mr. Saverin plans to continue to invest in tech companies around the world, including the U.S.
“His decision had nothing to do with dissatisfaction here, but with his strong desire to do business there,” Mr. Goodman said. He also plans a charitable foundation.
