Tuesday, May 15, 2012

Re: Wealthy Americans Queue to Give Up Their Passports

A relative of mine sends me the following article for comment:

I responded: 

"Dear ..
the article is basically correct, but misses the point that the Indian government also taxes global income (of course we are not yet in OECD) 
further, the article missed the real reasons the rate of Americans giving up their passports is higher in Switzerland; that is:
(a) because American citizens are being discriminated against in Switzerland (for example, all major banks have told ANYONE resident in the US, including NON-US citizens, that their accounts are not wanted and closed the accounts, because no one knows when and how American rules may change (the real reason why Americans ran into trouble in Switzerland) and 
(b) because most Americans in Switzerland are already Swiss citizens too (US and CH have have both allowed double citizenship for ages) so, unlike many countries where Americans do not have dual citizenship and therefore cannot renounce their American one, those who are dual citizens with CH have no basic problem if they give up American citizenship
what the article also does NOT say is that the number of Swiss seeeking US citizenship is still at least 3 times higher than the number of Americans giving up Swiss citizenship"
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