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  Canada Immigration Forum > General > USA > Americans in Canada racing to give up passports
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Americans in Canada racing to give up passports




Hi

I was surprised to read this news article signifying a reverse trend of sorts... Interesting :)

https://ca.news.yahoo.com/americans-in-canada-racing-to-give-up-their-passports-132339567.html

In every U.S. election, there are always threats by Americans that they’ll flee to Canada if the candidate they hate wins. Those threats rarely come to anything.

But thanks to a 2014 intergovernmental agreement committing Canada to provide the banking information of Americans living here to the IRS, there appears to be mad rush by some Americans to renounce their U.S. citizenship, and stay here - forever.

According to Global News, almost four times as many U.S. citizens as normal dumped their citizenship in March. The reason is an obscure regulation that forces Americans to fill out a Foreign Bank Account Report if they have an account abroad that totals over $10,000 in a year, according to the Wall Street Journal. While income earned abroad is mostly exempt from U.S. taxes, the penalty for not filling out the necessary paperwork can equal up to 50 per cent of the value of the account. In 2010, the U.S. passed FATCA, a law forcing Americans abroad to turn over banking information, and started going after people who weren’t reporting their money.

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Fido.

 
Fido

Senior Desi
Member since: Aug 06
Posts: 5277
Location: Canada

Post ID: 221167 24-04-15 15:01:10
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chandresh
Senior Desi
Member since: Mar 03




Posts: 2603
Location: Toronto


And imagine, the creation or development of the BVI, Cayman Islands, Isle of Man, Gibraltar etc. is due to the Americans putting in their wealth in foreign countries!
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Chandresh

Advice is free – lessons I charge for!!

 
Post ID: 227194 09-09-15 13:11:13
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