Renunciation Costs To Soar

If this report in Diplopundit is accurate, the cost to renounce U.S. citizenship will soar from $450 to $2350.

The percentage increase in the renunciation fee is 422%. With an estimated 2,378 annual renunciation of citizenship cases, this increase would net the USG an estimated $4,518,200. Using the projected FY 2014 workload, Consular Afffairs’ estimated change in annual fees collected for affected consular services is $64,003,862.

U.S. Department of State is expected to justify this with this statement:

The CoSM demonstrated that documenting a U.S. citizen’s renunciation of citizenship is extremely costly, requiring American consular officers overseas to spend substantial amounts of time to accept, process, and adjudicate cases.

Hmmm. I seems no one thought of another solution. Make the process easy. Allow it to be done via mail like Canada and many other countries do.

is european fatca next?

is a european fatca next? a newspaper in lebanon is reporting european states may bring in their own version of fatca.

Some bankers have said that European states are expected to follow the example of the United States and ask their citizens abroad to disclose their bank accounts to European financial authorities in a bid to combat tax evasion.

wait. those countries do not tax their citizens living abroad. but, of course, we know fatca is not about taxes. it is about power and control through information and threats.

Concern from a Wild Rose Constituent re: FATCA/IGA

Today I emailed the following letter to my MP - Blake Richards Member of Parliament (Wild Rose Alberta).

Dear Mr. Richards

In the past month I have done two things you should know about, as my elected Member of Parliament:

1. I donated money to help fund a lawsuit against my own government to protect my rights as a Canadian citizen.
2. I vowed never to vote Conservative again.

As my elected official you should know that I believe that my government has taken the easy way out by placating the United States, and the big banks, rather than standing up for individual Canadian rights. And the consequence of that is the loss of my vote, and something I would never have thought feasible – my donation to a lawsuit to challenge my own government.

As a member of the Standing Committee on Public Safety and National Security, you should know that millions of Canadian citizens are now at risk for identity theft. As of July 1st, Canadian banks are forced to send the private information on ‘suspected US persons’ bank accounts, and those of their spouses and business partners, to the CRA. That information will then be sent on to the IRS, which has been repeatedly in the news about security breaches.

Are you not at all concerned that a foreign government will have the personal information on millions of Canadians?

Are you not at all concerned that millions of Canadians are at risk to have large financial penalties imposed by a foreign government?

Are you not at all concerned that millions of Canadian will have to take the onerous steps to relinquish or renounce US citizenship, creating a drain on finances, as well as health?

Are you not at all concerned that respected and renowned Canadian lawyers believe that the FATCA IGA is in violation of Section 15 of our Canadian Charter of Rights and Freedoms?

Mr. Richards, I am writing to you, not only to express my concerns, but to give you an opportunity to tell me what you are doing to protect the rights of Canadians in your constituency from a foreign government. If you want a chance to win back a voter, this is the time – tell me how you will protect Canadians like me – law abiding, tax paying Canadians – from the might of the United States government who are enforcing their laws in my country.

Regards,

Outraged Canadian

Non-US Accounts Being Reviewed in UK at the Expense of Non-US Persons

“Some individual customers are being contacted by their banks or other financial providers if, for example, they appear to have links with the US or own property there. But tens of thousands of other families are beginning to receive letters, and invoices, simply because they have established run-of-the-mill family trusts.”

The family in the article owes at least $635 CDN plus VAT. This is beyond outrageous. At what point will people begin to take action?

Article is HERE