Re:I renounced my US citizenship
by skywhopper on Friday June 24, 2016 @07:30PM
(#11974302)
I'm curious, what is stopping expats with foreign citizenship and an objection to the paperwork from just letting their US passports expire (or for the "accidental americans" not ever establishing one) and just not complying with all the annoying rules?
[ Parent
| on HN ]
Foreign Banks will refuse you service if they discover you are a US person with no intention/ability to comply. If they don't they face tax penalties on any US holding and possibly local penalties due to treaties with the US.
*Over time the US will enlist more and more help with these kinds of methods (for example many foreign employers would have obligations from paperwork they signed to accept US customer payments) so at some point you will probably have to come into compliance if you aren't somewhere totally at odds with the US.
Holding a passport is simply an indication of your citizenship, it is not considered the sole record of it. You can't fail to be a citizen by ignoring rules and not having the right piece of paper.
You could find yourself having a great deal of trouble coming back across the border.
So kiss vacations or business travel to the USA goodbye.
If you can live without that, I suspect you are fine.
Re:I renounced my US citizenship
by cmrdporcupine on Friday June 24, 2016 @07:43PM
(#11974366)
Nope, if you are in Canada for example they'll just take your assets. They strongarmed the Canadian banks into forcing disclosure of all US citizens bank account contents.
And there are plenty of people around the world who have discovered they have US citizenship without knowing it before. And now they have to file with the IRS.
Glad I never got dual citizenship through my grandmother. In the past having USian citizenship would be nice. Now it would just be a pain.