Big hike in US passport fees, $450 to renounce citizenship!
in [Europe]
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From: David Horne on 7 Jul 2010 18:05 Earl Evleth <evleth(a)wanadoo.fr> wrote: > On 7/07/10 18:19, in article Q6SdnctZEJttNanRnZ2dnUVZ8v6dnZ2d(a)giganews.com, > "John Rennie" <john-rennie(a)talktalk.net> wrote: > > > Passport applications have declined by 50% since 2007 - > > must be a recession about. > > > On the other hand French ID cards are free and one can > travel the EU one these. They're not free. You just don't have to pay for them (assuming you're right.) Happen to know the actual cost of them? -- (*) of the royal duchy of city south and deansgate www.davidhorne.net (email address on website) "[Do you think the world learned anything from the first world war?] No. They never learn." -Harry Patch (1898-2009)
From: AndyS on 7 Jul 2010 18:13 On Jul 7, 3:27 pm, Earl Evleth <evl...(a)wanadoo.fr> wrote: > On 7/07/10 19:22, in article > 8cd422d1-0b8f-40f3-8bff-2962fe3de...(a)v6g2000prd.googlegroups.com, "PeterL" > > <po.n...(a)gmail.com> wrote: > > Plus, one has to continue to pay US income tax for > > the next 10 years. > > On paper, in the case I know of the individual had a 10 million > dollar US tax to pay, he walked away from it and essentially > bought his new citizenship in an European country. Being now > a citizen of that country its fiscal service merely ignore the > IRS claim. Yet the 10 yr rule was in their tax treaty with the > US. Rich people have piston. Andy comments: That's OK until they try to leave something to an American relative, or maybe sell some American property to an American. Lots of things can be "gotten away with" regarding the IRS, but, once someone gets their attention, they will probably find a way to inject themselves in the economic equation..... Depending on the political climate, the European country may cooperate with the US IRS and seize assetts. I wouldn't risk it . Andy in Eureka, Texas
From: Mxsmanic on 8 Jul 2010 01:05 Earl Evleth writes: > (CNN) -- Get ready to open your wallet a little wider to satisfy your travel > bug: It is soon going to cost more to apply for a new U.S. passport or renew > an old one -- a move criticized by the public and some lawmakers. I believe there's a private company that actually makes the passports. They probably need more profit. Never give private enterprise a monopoly. > There's even a new fee if you'd like formally to renounce your U.S. > citizenship -- it costs nothing now, but the price tag will be $450 starting > Tuesday. And if a citizen renounces it without paying, what's the penalty? Charging a fee is likely billing for a will: whether it's paid for or not, it's still valid.
From: Mxsmanic on 8 Jul 2010 01:07 PeterL writes: > The $450 was just the start of the cost. US don't want people to > escape taxes by renouncing citizenships. In order to renounce US > citizenship, aside from the $450 initial cost, one has to pay capital > gains taxes on all holdings as though all stocks and real estates were > sold, immediately. Plus, one has to continue to pay US income tax for > the next 10 years. Or else what?
From: Mxsmanic on 8 Jul 2010 01:08
AndyS writes: > Depending on the political climate, the European > country may cooperate with the US IRS and seize > assetts. How often does the IRS cooperate with the tax authorities of other countries in this way for resident American citizens? |