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sumanitha
04-05-2010, 10:55 PM
I read this article in Morningstar and felt bad!

More Americans Give Up Citizenship As IRS Gets Aggressive Overseas (http://news.morningstar.com/newsnet/ViewNews.aspx?article=/DJ/201004050814DOWJONESDJONLINE000053_univ.xml)

The number of American citizens and green-card holders severing their ties with the U.S. soared in the latter part of 2009, amid looming U.S. tax increases and a more aggressive posture by the Internal Revenue Service towards Americans living overseas.

According to public records, just over 500 people worldwide renounced U.S. citizenship or permanent residency in the fourth quarter of 2009, the most recent period for which data are available. That is more people than have cut ties with the U.S. during all of 2007, and more than double the total expatriations in 2008.

An Ohio-born entrepreneur, now based in Switzerland, told Dow Jones he is considering turning in his U.S. passport. Mounting U.S. tax and reporting requirements are making potential business partners hesitate to do business with him, he said.

and the story continues................... :mad:

sanz
04-05-2010, 11:50 PM
why is the grass always green on the other side :D

ashkam
04-06-2010, 08:30 AM
What is so surprising about giving up citizenship of a country you don't live in?

Pagal
04-06-2010, 09:18 AM
Hello,

As was discussed in the past on this forum, USC may have meant something for 20th century, but in 21st, USC does not offer any preferential advantage over other passports (unless you hold passport of problem childs like Iran, Sudan, Cuba etc).

At the end of day, its a personal choice, so let people be happy with whatever citizenship they choose... :)