Posted At : November 14, 2013 12:25 AM | Posted By : Iris Mack
The Treasury Department published the names of 560 Americans who renounced their citizenship or are long-term residents who gave back their green cards during the third quarter of 2013, The Wall Street Journal reported. According to tax lawyer Andrew Mitchel who tracks the data, these expatriations reached a record high of 2,369 for the year. The prior highest number of published expatriates was in 2011, said Mitchel.
Posted At : August 10, 2013 2:57 PM | Posted By : Iris Mack
by Dylan Griffiths
Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules.
Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Register figures published today. That brought the first-half total to 1,810 compared with 235 for the whole of 2008.
The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside, is searching for tax cheats in offshore centers, including Switzerland, as the government tries to curb the budget deficit. Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act, more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport.
“With the looming deadline for Fatca, more and more U.S. citizens are becoming aware that they have U.S. tax reporting obligations,” said Matthew Ledvina, a U.S. tax lawyer at Anaford AG in Zurich. “Once aware, they decide to renounce their U.S. citizenship.”
Fatca requires foreign financial institutions to report to the Internal Revenue Service information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest. It was estimated to generate $8.7 billion over 10 years, according to the congressional Joint Committee on Taxation.
Posted At : January 27, 2013 12:24 AM | Posted By : Iris Mack
AFP - US pop legend Tina Turner, who has been living in Switzerland since 1995, will soon receive Swiss citizenship and will give up her US passport, Swiss media reported Friday.
"I'm very happy in Switzerland and I feel at home here. ... I cannot imagine a better place to live," Turner told German language daily Blick.
Turner, 73, who was born Anna Mae Bullock, lives in picturesque town of Kuesnacht, on the shores of Lake Zurich in northern Switzerland, and has passed a local civics test and interview, according to an official announcement published in the Zuerichsee-Zeitung daily.
The woman behind such hits as "Private Dancer", "Simply the Best" and "What's Love Got to Do With It?" will still need a green light from the canton of Zurich as well was federal authorities before she can receive red passport, the two papers reported.
Turner spokeswoman Karin Rhomberg told the Zuerichsee-Zeitung that the singer wanted to "clarify her situation".
"Tina Turner will therefore also give back her US citizenship," she said.
Turner, who has learned German, reportedly moved to Switzerland in 1995 when her longtime partner, German record executive Erwin Bach, was transferred here.
Posted At : May 16, 2012 12:10 PM | Posted By : Iris Mack
Will Smith is an ardent supporter of Obama's proposal to raise income taxes on high earners in the U.S. from 36% to 39%. Smith enthusiastically preached the gospel of paying one's fair share of taxes in a French TV interview.
But when asked about his take on the tax policy of French president-elect François Hollande, Smith was shocked silly by the suggestion of a 75% tax rate on those earning above €1 million annually.