“Fiscal motives alone aren’t the cause for the dramatic rise in citizens renouncing their U.S. citizenship, argues Anne Hornung-Soukup, a board member for American Citizens Abroad. She is also the wife of Genevan lawyer Douglas Hornung, who defends Swiss bank employees targeted by the American tax authorities.  ‘It’s more the combination of administrative costs, the logistics and the threat of fines that push my compatriots into action,’ she says. Indeed, failing to declare to the IRS is punishable even in the case where there would be no taxation.  ‘An American passport has become toxic’ for binationals, she says, in large part because banks have not reacted well to the new requirements.”

http://www.worldcrunch.com/culture-society/why-so-many-swiss-binationals-are-giving-up-u.s.-citizenship/switzerland-binationals-nationality-fatca-u.s./c3s13134/

Did you like this?
Tip Freedomwat.ch Staff with Bitcoin

Donate via Installed Wallet Copy