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If you want to know if you are living in a free country, find out if you are free to leave. If you are a US citizen and you want to emigrate and stop being liable to US taxation, it will cost you at least $10,000 in red-tape payments to the US authorities first.

Sunday, October 23, 2016 17:10
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InvestmentWatch

investmentwatchblog.com / BY IWB · OCTOBER 23, 2016

American citizens resident in Britain, hoping to escape draconian new tax rules originating in Washington, may have to spend as much as $10,000 (£8,200) to renounce their citizenship, Telegraph Money has learned.

Since 2014 new rules applying here have forced British companies to supply details to US tax authorities about UK-residing customers who have US citizenship.

This results not only in penal taxation of everyday investments, but many other costs and difficulties. Some major British financial firms simply refuse to do business with American citizens as a result.

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The post If you want to know if you are living in a free country, find out if you are free to leave. If you are a US citizen and you want to emigrate and stop being liable to US taxation, it will cost you at least $10,000 in red-tape payments to the US authorities first. appeared first on Silver For The People.

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