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Re:Wealthy people are renouncing American citizenship by fmajid on Thursday August 05, 2021 @09:53AM (#28073757)
Some are "accidental Americans" like UK Prime Minister Boris Johnson, born in the US, who discovered as a US citizen he had to pay capital gains taxes when he sold his London apartment. Australia requires its parliamentarians to have only Australian citizenship and some discovered for the same reason they were not eligible.

Furthermore, the burden of FATCA is sufficiently onerous that many banks etc. just refuse to deal with it and close the accounts of US persons. A number of long-time expat Americans, e.g. in Germany, have renounced their citizenship because they are unable to function due to this.

Re:Wealthy people are renouncing American citizenship by yawaworht1978 on Thursday August 05, 2021 @01:57PM (#28077236)
Alexander Boris de Pfeffel Johnson aka Boris Johnson is not as clumsy as his haircut makes him look to be. The guy keeps fit, doesn't look like Rambo but he is fit with a bit a sticky build. He is intelligent, he survived the muddy waters of politics, affairs and is prime minister. Of course he always knew he is American dual citizen, a person like him does not handle an apartment sale himself, he has handlers and advisors. And he was in a very high income bracket for a while and it's safe to say he fell into a us taxable segment before that sale. He is a showman and this was just the event where the tax bill was too high and he said "no more".
Re:Wealthy people are renouncing American citizenship by didntknowya on Thursday August 05, 2021 @06:29PM (#28080869)
hah yes this. the buffoon act really makes people underestimate- and if i dare say, sympathize with him. but he's much more competent (at getting what he wants) than people give him credit for.
Re:Wealthy people are renouncing American citizenship by zarzavat on Thursday August 05, 2021 @07:54PM (#28081585)
That's what he wants you to think. In reality he really is just a buffoon.
Re:Wealthy people are renouncing American citizenship by ithkuil on Friday August 06, 2021 @04:41AM (#28084652)
Nobody will ever know, not even him!

Good read: Kim Philby as a Real Case of Indeterminacy of Radical Interpretation:

http://polatulet.narod.ru/dvc/ddbs/dennett_breaking.html#ch_...

Re:Wealthy people are renouncing American citizenship by Evgeny on Saturday August 07, 2021 @05:51PM (#28102193)
Wow, narod.ru still alive. One of the first websites I remember.
Re:Wealthy people are renouncing American citizenship by ithkuil on Sunday August 08, 2021 @11:48AM (#28107572)
(I read Dennett's book in print, and then googled for the content and found it posted there)
Re:Wealthy people are renouncing American citizenship by ramblerman on Friday August 06, 2021 @03:35AM (#28084281)
He might be smarter than he looks, but he certainly isn't "fit".
Re:Wealthy people are renouncing American citizenship by yawaworht1978 on Friday August 06, 2021 @04:45AM (#28084689)
Apologies, I did not mean the English expression of fit, rather the status of sports fitness levels, he's doing ok for his age.
Re:Wealthy people are renouncing American citizenship by Aicy on Friday August 06, 2021 @05:56AM (#28085115)
I don't think that term applies either. He appears to be quite overweight.
Re:Wealthy people are renouncing American citizenship by withinboredom on Monday August 09, 2021 @06:57AM (#28115101)
In the military I saw people get kicked out for being “overweight.” Interestingly, they could run circles around you for 12 miles, throw you several yards, or otherwise destroy a Physical Fitness Test.

Looking “overweight” can be quite deceiving.

Re:Wealthy people are renouncing American citizenship by tim333 on Friday August 06, 2021 @05:26AM (#28084926)
He's also not terribly organised or rule following. He probably just thought he could ignore the US tax and no one would notice. I'm not sure if he paid in the end or got around it by renouncing his citizenship?
Re:Wealthy people are renouncing American citizenship by spoonjim on Thursday August 05, 2021 @05:46PM (#28080375)
Boris Johnson is a Ted Cruz who knew the appeal of a Donald Trump.
Re:Wealthy people are renouncing American citizenship by mywittyname on Thursday August 05, 2021 @01:25PM (#28076780)
Is it possible to operate using a business account in other countries? It's pretty cheap and easy to do in the USA.
Re:Wealthy people are renouncing American citizenship by noodlesUK on Thursday August 05, 2021 @02:42PM (#28077801)
Yeah, it is in theory, but even small businesses incorporated abroad with US persons involved in them put huge reporting burdens on the US person. Form 5471 and friends make this stuff look straightforward. Most of the time I find my frustration isn’t about how much money I am paying in taxes, but just how much dull and confusing paperwork I have to understand. Even trained professionals who spend their whole lives doing this get confused by US tax compliance for people who have international lives. The US needs to realise how important the a positive reputation in its expat community would be for its soft power.
Re:Wealthy people are renouncing American citizenship by sunshineforever on Thursday August 05, 2021 @08:07PM (#28081670)
I've always wondered of it was possible to move to the UK by starting a business that required a UK presence and using that as a reason for an indefinate residence permit?
Re:Wealthy people are renouncing American citizenship by fennecfoxy on Monday August 09, 2021 @05:31AM (#28114399)
Nope. You cannot really sponsor yourself working for you own company, that would be such an obvious loophole.

I've been living here 3.5 years, 2 on a YM visa, 1.5 on a work visa. Unfortunately, my 2 years on YM don't even count towards the 5 required to get ILR. You can build up an entire life here & all it takes is for your work visa to be disappeared and then you have 1 month notice to gtfo the country otherwise you're "overstaying".

After 3.5 years somewhere you definitely build up "a life" there, but the UK gov offers no protections at all. Until you hit that 5 year mark they don't give a toss about you.

Re:Wealthy people are renouncing American citizenship by londons_explore on Thursday August 05, 2021 @11:36PM (#28083041)
Yes. The UK has pretty open borders for anyone willing to put effort in.
Re:Wealthy people are renouncing American citizenship by fennecfoxy on Monday August 09, 2021 @05:33AM (#28114413)
As long as you mean 5 years of uninterrupted work visa (YM doesn't count) where losing your visa forces to to leave w/ 1 month's notice, then sure, they have "open borders".
Re:Wealthy people are renouncing American citizenship by mellavora on Thursday August 05, 2021 @04:06PM (#28078945)
I assume you mean a business bank account for the banking?

Challenging, and potentially criminal.

If you have any management authority over the bank accounts owned by the business, then those accounts fall under FACTA.

Hell, if you are even just an employee, but can sign on the bank account, then you have to report it to the US authorities.

So a 'business account' doesn't get you out of the US required reporting.

Also, the implication is that you'd use this for 'day to day' banking. Using a business's funds (a business bank account) to cover personal spending is typically criminal (embezzlement).

So not a solution.

And this doesn't solve the other problems, like pension savings or other financial products.

Re:Wealthy people are renouncing American citizenship by erikw on Thursday August 05, 2021 @02:13PM (#28077429)
Unfortunately if you have equity in the business, you'll get taxed. However, if you are only an employee, you get an exemption on something like $150,000 of income, housing, and other expenses. So as a US citizen, you can avoid taxes only by living outside the US, and being an employee of a non-US company. If anyone knows otherwise, please correct me as I'd greatly benefit!
Re:Wealthy people are renouncing American citizenship by mellavora on Thursday August 05, 2021 @04:09PM (#28078997)
nitpicking. You don't get out of taxes, you get out of paying US taxes (on earned income, you still have to pay capital gains).

But you still have to file US taxes. As an expat, you have more forms to fill out.

AND the bigger challenges are banking. You still have to find a bank willing to open an account for you, and good luck getting more complex financial services.

Re:Wealthy people are renouncing American citizenship by Maursault on Thursday August 05, 2021 @03:34PM (#28078438)
Re:Wealthy people are renouncing American citizenship by aarchi on Thursday August 05, 2021 @01:22PM (#28076741)
Well Germany also requires that you surrender other citizenships when you get a German citizenship, unless you are a German dual citizen through ancestry.
Re:Wealthy people are renouncing American citizenship by rsstack on Thursday August 05, 2021 @01:34PM (#28076915)
Re:Wealthy people are renouncing American citizenship by anticristi on Thursday August 05, 2021 @04:20PM (#28079157)
I heard rumours that this law is basically to put a thorn in the eye of Turkish immigrants minus what the EU does not allow. Is there any truth in this?
Re:Wealthy people are renouncing American citizenship by rolleiflex on Thursday August 05, 2021 @04:30PM (#28079322)
Yes, and Turkey moved to nullify this by creating a system in which if you are otherwise a valid Turkish citizen that has to give up because of a requirement from a foreign country like this, you can get on a special status in which you cannot vote, but have all the other privileges of Turkish citizenship. That status is not citizenship in theory, but practically you have everything as usual, and can participate in the Turkish social security, retirement, health system and all else. It’s called the blue card.
Re:Wealthy people are renouncing American citizenship by throwaway2037 on Friday August 06, 2021 @10:00AM (#28087257)
This sounds similar to the Overseas Citizen of India (OCI) card. Can any Indian nationals comment?
Re:Wealthy people are renouncing American citizenship by rolleiflex on Saturday August 07, 2021 @12:04AM (#28095597)
I think the main difference is that Turkey does not require you to relinquish your Turkish citizenship if you get another, while India does. In a way TRs system is entirely to help out with an issue a foreign country creates, while India’s is primarily an attempt to recover from an own goal — assuming you believe people having multiple citizenships is a good thing.
Re:Wealthy people are renouncing American citizenship by bakuninsbart on Thursday August 05, 2021 @05:07PM (#28079850)
It got really awkward when the large minority of turkish Germans living in Germany with turkish citizenry overwhelmingly voted for Erdogan in the last elections. I'd really wish Germany was able to adopt an immigrant culture similar to the US, but the current situation is a semi-failure, but neither side of the political spectrum seems to be able to implement good policies to solve the issues.
Re:Wealthy people are renouncing American citizenship by ulucs on Friday August 06, 2021 @01:54AM (#28083767)
First import uneducated Turkish workers for unskilled jobs so they will work for cheap, and then discriminate against educated workers because you think it's being Turkish (rather than education) that makes the previously-arrived workers have trouble integrating. So Germany and Europe in general keeps getting more Erdogan voters while others just don't want to deal with racism and immigrate to other places like US or Canada.

If you really want to fix this, you have change the main demographic of Turkish immigrants, probably by offering a clear immigration path to students who come to Europe for graduate programs or such.

Re:Wealthy people are renouncing American citizenship by markdown on Thursday August 05, 2021 @05:33PM (#28080201)
> the current situation is a semi-failure

WOuld you care to expand on that? I'm curious what in particular about the US immigrant culture you would like to see adopted, and what about the current German system prevents that culture from developing.

Re:Wealthy people are renouncing American citizenship by bakuninsbart on Friday August 06, 2021 @05:26AM (#28084928)
Sadly I can't find good polls on some of the things I want to talk about, so this has a bit of an anecdotal note. But I've been living in a majority turkish subdistrict for most of my life, and have many german-turkish friends, as well as friends and family teaching in schools with many turkish and arab descendant kids. But first some facts: "People with a migration background", which includes their children and children's children even if they were born here, make up 21% of the population. Half of these hold german citizenship. 40% of all kids have a migrant background. 12.5% of people with a migrant background are so called Spätaussiedler, ethnic germans who migrated to Germany after WWII.[1]

Attidudes of Germans at large towards immigration are very mixed: 71% think that it leads to higher strain on the welfare state, 69% think it leads to conflicts with "the natives", 63% think it leads to problems in schools. At the same time, 67% think that it makes life in Germany more interesting, and 64% think immigration is important to combat the effects of our quickly aging population.[2]

Now on to what I think is the biggest failure, which is now very hard to correct: Many second or third generation immigrants still don't feel like they are "real" germans. There's still a strong class divide, which in urban areas also leads to segregated communities. They are underrepresented in politics (except for the Spätaussiedler) and white collar jobs, and there is whitespread employment discrimination, especially against people of turkish, arab and african descent.[3] While the current government declared a "welcome culture" in 2015 during the refugee crisis, in the heads of the majority of the population, there's still a very clear picture of how a "real german" looks and acts. - While close to half of the population admits that "Islam is a part of german culture now", they will still ask Ahmed "where he is really from", and rather hire Oscar over him.

This also partially explains why Erdogan is so popular among turkish Germans: They feel disrespected here, so the vision (delusion) of Erdogan making Turkey into this powerful and strong state is very appealing to them.

I do think things are getting slightly better, but there's a long way to go, and there's also risks of things turning really sour: Anti-democratic ideology is relatively widespread among the muslim minority, in contrast to the rest of the population, their level of religiousness stays about the same, the current money policy of the ECB leads to an enormous rise in living cost in urban areas, and the divide between rich and poor in Germany is increasing.

[1]https://www.bpb.de/nachschlagen/zahlen-und-fakten/soziale-si...

[2] https://mediendienst-integration.de/integration/einstellunge...

[3] https://bibliothek.wzb.eu/pdf/2018/vi18-104.pdf

Re:Wealthy people are renouncing American citizenship by throwaway2037 on Friday August 06, 2021 @10:08AM (#28087344)
@markdown: +9000 for this answer! I agree: It is very thoughtful.

I re-read this part a few times: << Attidudes of Germans at large towards immigration are very mixed: 71% think that it leads to higher strain on the welfare state, 69% think it leads to conflicts with "the natives", 63% think it leads to problems in schools. At the same time, 67% think that it makes life in Germany more interesting, and 64% think immigration is important to combat the effects of our quickly aging population.[2] >>

At first blush, I think "Oh come on people, pick one side or the other!" Then I think again: Each one can be independently true. Taken as a whole, these opinions appear conflicted. This is the reality of large scale immigration: It is complex is any society.

When I think about immigration, I try to separate high-income/-education/-skill from the low- counterpart. Germany should be doing everything possible to attract the high side. It's a great place to raise a family.

Re:Wealthy people are renouncing American citizenship by markdown on Friday August 06, 2021 @07:46AM (#28085810)
Thank you for taking the time to explain your point of view.

I suppose this is just the unavoidable result of too many immigrants arriving around the same time. And when they have their own communities, they have no reason to integrate into the host culture.

Has Germany done anything to reduce the number of new immigrants coming in?

Re:Wealthy people are renouncing American citizenship by throwaway2037 on Friday August 06, 2021 @10:14AM (#28087409)
Also, I assume there is a special exception for Jewish families of German descent who were unfairly stripped of their nationality during the National Socialist period (early 1940s). There is a programme to help people re-gain their citizenship. I've read a few long-form jounalism articles (in English) about people who don't speak German and are not German residents applying under this programme.
Re:Wealthy people are renouncing American citizenship by rsstack on Friday August 06, 2021 @10:19AM (#28087458)
Pretty much anyone whose citizenship was revoked by the Nazi government, or descendants of those victims who would have had citizenship today had it not been for the Nazi government, can apply to have the citizenship reinstated. Numerically it's likely mostly Jewish families in Israel and the US, but it applies to all of the Nazis' German victims.

https://en.wikipedia.org/wiki/German_nationality_law#Victims...

Re:Wealthy people are renouncing American citizenship by wolverine876 on Thursday August 05, 2021 @11:48PM (#28083127)
The parent sounds authoritative, but its source, Wikipedia, isn't. It's not much better than a comment on HN.
Re:Wealthy people are renouncing American citizenship by skeeter2020 on Thursday August 05, 2021 @02:54PM (#28077953)
Doesn't the Netherlands do this as well? As a Canadian I think not allowing dual citizenship might solve a lot of issues with both the very rich and the very poor.
Re:Wealthy people are renouncing American citizenship by Muromec on Thursday August 05, 2021 @04:35PM (#28079375)
Unless you marry a citizen or get citizenship by option , you have to surrender previous one.
Re:Wealthy people are renouncing American citizenship by mistrial9 on Thursday August 05, 2021 @05:28PM (#28080122)
unless you have special wealth status?
Re:Wealthy people are renouncing American citizenship by disabled on Thursday August 05, 2021 @02:44PM (#28077834)
Or your other citizenships are solely from the European Union. (You can be a dual/tri/quad EU|German citizen)
Re:Wealthy people are renouncing American citizenship by eduardo_f on Thursday August 05, 2021 @01:32PM (#28076888)
This is incorrect.