How to get rid of your U.S. citizenship http://t.co/d46CiYDMkP – Once upon a time people wanted U.S. citizenship. That was then. No more.
— Citizenship Lawyer (@ExpatriationLaw) April 6, 2014
Interesting article by Patrick Cain of Global News – How To Get Rid Of An Unwanted U.S. Citizenship. This article is significant for two reasons:
1. The very fact that it was written at all – America’s practice of taxing residents of other countries is starting to get out;
2. Non-U.S. citizens may be starting to get interested in this issue.
The article includes:
Is a second citizenship in the United States an asset? It depends.
Many Canadians have built careers in the U.S. that were simplified by the accident of their birthplace, or of a parent’s. If you want to work in the U.S., it’s useful to not have to worry about visas and green cards. (“Home is the place where, when you go there, they have to let you in,” wrote New England poet Robert Frost.)
But it became a potential liability in February when Canada made a deal with the U.S. on the Foreign Account Tax Compliance Act, or FATCA.
That obliges Canadian banks to look for “U.S. indicia,” such as a U.S. birthplace, connected to account holders who may be Americans – including Canadian-U.S. dual citizens. They’ll then send the details to the IRS, using the Canadian Revenue Agency as an intermediary. The treaty takes effect July 1.
The prospect has made many people uneasy – enough to have some wondering if this second citizenship is more trouble than it’s worth.