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Bloomberg: Americans Living Abroad Set Record for Giving Up Citizenship

by Joe Mobley
19 replies
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The 1,335 expatriations topped the previous record by 18 percent, according to data compiled by Bloomberg. Those Americans are driven to turn in their passports in part because of laws that have expanded bank reporting and tax compliance requirements for expatriates.
Americans Living Abroad Set Record for Giving Up Citizenship - Bloomberg Business


Joe Mobley
  • Profile picture of the author whateverpedia
    The article didn't say where those giving up their citizenship are choosing to live so I guess it's pretty much all over the world. It'd be interesting to know the most popular nation(s) for ex-Americans.
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    • Profile picture of the author Kay King
      I expect the trend to continue and think it's logical. People don't romanticize "country" as much as they used to. There are ex-pat populations in so many foreign countries and if you don't plan to live in the US again - why keep the citizenship?

      I think the number is still fairly small but I think it's going to increase of nothing is done about the expanding IRS power grab. The paperwork and reporting is too time consuming and invasive - I don't blame them for moving "out" completely.
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      • Profile picture of the author whateverpedia
        Originally Posted by Kay King View Post

        I think the number is still fairly small but I think it's going to increase of nothing is done about the expanding IRS power grab. The paperwork and reporting is too time consuming and invasive - I don't blame them for moving "out" completely.
        Perhaps it might not have anything to do with taxes at all. Perhaps it's just people who don't want to live in places like Detroit or Baltimore any more. It's possible.
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        • Profile picture of the author BigFrank
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          Originally Posted by whateverpedia View Post

          Perhaps it's just people who don't want to live in places like Detroit or Baltimore any more. It's possible.
          That still leaves 99.99% of the country as a viable option.

          Perhaps with them gone, America hasn't lost anything of value.

          It's possible.

          Cheers. - Frank
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          • Profile picture of the author lanfear63
            The US trying to tax citizens who live abroad, work abroad and already pay taxes to the country they live in is an abomination and threatening other countries institutions to get the info on these people is also outrageous.

            If I was in that situation and had no intention of returning my passport would be cut in half and mailed back to the INS (or whoever deals with this crap) with no hesitation.

            If you don't depend on or use anything related to the country of your birth anymore then you should not pay taxes to them.
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  • Profile picture of the author Kurt
    In other news, due to population increases, a record number of Americans didn't become ex-patriots.
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    • Profile picture of the author Frank Donovan
      Originally Posted by Kurt View Post

      In other news, due to population increases, a record number of Americans didn't become ex-patriots.
      Exactly. Sloppy journalism seems to be on the increase these days even in the most august of publications.

      Citing "record" numbers without putting that record into context (e.g. as a percentage of the whole) is just headlining. There may or may not be a story underlying the figures, but the article's author (or its editor) didn't see fit to take it any further. Although this sentence:
      In many cases, those choosing to give up their citizenship have limited connections to the U.S. and have lived outside of the country for most of their lives.
      ..goes somewhat against the sensationalist implications of the piece.

      .
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      • Profile picture of the author MikeAmbrosio
        Originally Posted by Frank Donovan View Post

        Exactly. Sloppy journalism seems to be on the increase these days even in the most august of publications.

        Citing "record" numbers without putting that record into context (e.g. as a percentage of the whole) is just headlining. There may or may not be a story underlying the figures, but the article's author (or its editor) didn't see fit to take it any further. Although this sentence:
        ..goes somewhat against the sensationalist implications of the piece.

        .
        With all the competition for attention due to the number of "news" outlets, sensationalism over accuracy (or at least decent research) seems to be the rule.

        See what a 24 hour news cycle has done for us?
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      • Profile picture of the author TimPhelan
        Originally Posted by Frank Donovan View Post


        Citing "record" numbers without putting that record into context (e.g. as a percentage of the whole)
        Yes. The percentage of the 6 million living abroad who gave up their citizenship is less than one tenth of one percent and the 6 million is less than 2% of the total population. It's a very small number.

        Also, although the US is unique in taxing expatriates, as the article points out, expats can exclude as much as $100,800 in earned income and also can receive tax credits for payments to foreign governments. So the % of expats really affected by taxes is probably fairly small also I would guess.
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  • Profile picture of the author yukon
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    Originally Posted by Joe Mobley View Post

    The 1,335 expatriations topped the previous record by 18 percent, according to data compiled by Bloomberg. Those Americans are driven to turn in their passports in part because of laws that have expanded bank reporting and tax compliance requirements for expatriates.
    Americans Living Abroad Set Record for Giving Up Citizenship - Bloomberg Business


    Joe Mobley
    There's approx. 10,500 births every single day in the US.

    Don't forget the millions of people trying to get into the US.
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    • Profile picture of the author BigFrank
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      Originally Posted by yukon View Post

      There's approx. 10,500 births every single day in the US.
      Yes, but every single one of them are penniless citizens for at least two decades and some for life.
      Don't forget the millions of people trying to get into the US.
      Unfortunately, so are the majority of these folks, I'd wager. :-)

      Cheers. - Frank
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      • Profile picture of the author yukon
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        Originally Posted by BigFrank View Post

        Yes, but every single one of them are penniless citizens for at least two decades and some for life.
        Unfortunately, so are the majority of these folks, I'd wager. :-)

        Cheers. - Frank
        It cost a boat load of money to raise a child for 18 years.
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        • Profile picture of the author BigFrank
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          Originally Posted by yukon View Post

          It cost a boat load of money to raise a child for 18 years.
          That's the parent's money - or perhaps I should say 'parent.' I maintain that the kids are penniless for decades and the way things are going, they have a great shot at dieing penniless.

          Sorry - on this one I'm afraid my glass is half-empty.

          Cheers. - Frank
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          • Profile picture of the author Kay King
            I said I think it's logical because not everyone has the same priorities. Not everyone has the same patriotic viewpoint or practical viewpoint for that matter.

            I've only known 3 people (that I'm aware of) who chose to live permanently outside the US. Two of them have no family here and no plans to return - they should do what suits their life and their priorities.
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          • Profile picture of the author yukon
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            Originally Posted by BigFrank View Post

            That's the parent's money - or perhaps I should say 'parent.' I maintain that the kids are penniless for decades and the way things are going, they have a great shot at dieing penniless.
            Nonsense...
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      • Profile picture of the author sbucciarel
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        I would do it in a heartbeat if I weren't tied to this country by 4 children and 7 grandchildren.
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        • Profile picture of the author MikeAmbrosio
          Originally Posted by sbucciarel View Post

          I would do it in a heartbeat if I weren't tied to this country by 4 children and 7 grandchildren.

          Same here - 4 kids (no grandkids yet, but could happen anytime). So we're stuck.

          Which is fine too since there are a LOT of nice places to live here. NY isn't one of them - the taxes alone suck.
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        • Profile picture of the author HeySal
          Originally Posted by sbucciarel View Post

          I would do it in a heartbeat if I weren't tied to this country by 4 children and 7 grandchildren.
          I would, too. America is no longer the political philosophy that I prefer to be bound to. And I mean bound. How free are we when they continue to tax people who want nothing to do with this country to the point of renouncing citizenship? That's owned, not free. The people I know that have left haven't had financial reasons - it was purely political....except for one person, and they just went bonkers over some Island country - Costa Rica if I remember right.
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          • Profile picture of the author sbucciarel
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            Originally Posted by HeySal View Post

            I would, too. America is no longer the political philosophy that I prefer to be bound to. And I mean bound. How free are we when they continue to tax people who want nothing to do with this country to the point of renouncing citizenship? That's owned, not free. The people I know that have left haven't had financial reasons - it was purely political....except for one person, and they just went bonkers over some Island country - Costa Rica if I remember right.
            I don't care much either way about political philosophy. I've been here all my life. I'd like to spend the rest of it with no roots, traveling all over seeing the world. The US has been good to me. There's much I dislike and much I love.

            It's all a moot point anyway. I've got 11 people I wouldn't leave behind.
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