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babycakes

Sep 28, 2013, 10:16 AM

Post #1 of 16 (538 views)

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Americans turn in passports as new tax law hits

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http://money.cnn.com/...index.html?hpt=hp_t3

I don't know where to start, anyone else want to?

(This post was edited by RickS on Sep 28, 2013, 11:10 AM)

stevebrtx

Sep 28, 2013, 11:55 AM

Post #2 of 16 (511 views)

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Re: [babycakes] Americans turn in passports as new tax law hits

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It's certainly an option and if you renounce your citizenship, then sneak back in as an "undocumented", everything is free, you don't have to show $2,000 a month income, the US gives you $2K - just saying.
http://www.chapalaweather.net

sioux4noff

Sep 28, 2013, 4:38 PM

Post #3 of 16 (459 views)

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Re: [stevebrtx] Americans turn in passports as new tax law hits

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How does the US give you $2,000? And by everything is free, what do you mean? Do you actually know any undocumented esidents of the US? It's not all fun and games for sure.

esperanza

Sep 28, 2013, 4:42 PM

Post #4 of 16 (458 views)

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Re: [stevebrtx] Americans turn in passports as new tax law hits

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How will you get out of Mexico without either a US passport or a visitor's visa to get into the States? When I fly out, I'm asked for a visa. I show my US passport. Done deal. Without that, ???? I'm too old to swim the Rio Bravo...

http://www.mexicocooks.typepad.com

cbviajero

Sep 28, 2013, 5:39 PM

Post #5 of 16 (436 views)

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Re: [stevebrtx] Americans turn in passports as new tax law hits

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In Reply To

It's certainly an option and if you renounce your citizenship, then sneak back in as an "undocumented", everything is free, you don't have gto show $2,000 a month income, the US gives you $2K - just saying.

Where do you come up with this nonsense?

stevebrtx

Sep 28, 2013, 5:59 PM

Post #6 of 16 (422 views)

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Re: [cbviajero] Americans turn in passports as new tax law hits

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You don't read the new much do you? The illegal immigration into the US is pandemic and very few, only the blatantly criminal, are deported. When I drive across at the 20 mile point N of Laredo they ask if I'm a US citizen, I say yes, but, if I am not they don't check and then it's free game on.

If you don't read the news - you lose, don't ask me to educate you on the current state of illegal immigration NOB.
http://www.chapalaweather.net

mazbeach

Sep 28, 2013, 6:07 PM

Post #7 of 16 (421 views)

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Re: [stevebrtx] Americans turn in passports as new tax law hits

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You need to broaden the sources of your news.

babycakes

Sep 28, 2013, 6:12 PM

Post #8 of 16 (417 views)

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Re: [stevebrtx] Americans turn in passports as new tax law hits

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Wow that's ridiculous, I cross there all the time and they always check our passports and even go as far as to yell my 4 yr old child's name to see if he responds.

richmx2

Sep 28, 2013, 7:07 PM

Post #9 of 16 (405 views)

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Re: [stevebrtx] Americans turn in passports as new tax law hits

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Besides the uninformed and frankly idiotic comments about immigrants to the United States (in what way do they receive 2000 dollars a month... or have they ever?), your understading of Mexco is dubious at best. You appear to be referring to a retiree's visa, which is hardly relevant to most foreigners in Mexico (but may be to those using this site), but I'm at a complete loss to figure out what it has to do with U.S. citizens giving up their passports. There are a handful of other countries that allow for retirees to obtain residency based on income, and if that is your criteria for living here, perhaps you'd be happier elsewhere.

http://mexfiles.net
http://editorialmazatlan.com

joaquinx

Sep 28, 2013, 7:29 PM

Post #10 of 16 (397 views)

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Re: [stevebrtx] Americans turn in passports as new tax law hits

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In Reply To

You don't read the new much do you? The illegal immigration into the US is pandemic and very few, only the blatantly criminal, are deported.

Someone else doesn't keep up with the news. Migrant movement from south to north and north to south has reached an equilibrium. http://www.nytimes.com/....html?pagewanted=all
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

RickS

Sep 28, 2013, 7:35 PM

Post #11 of 16 (391 views)

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Re: [richmx2] Americans turn in passports as new tax law hits

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Must be something in the water everywhere.....

The OP offered a reasonable Post. Since then we've not had any reasonable responses to it, IMO.

Keeping the discussion "on topic" would be appreciated by most I suspect.

MOD

(This post was edited by RickS on Sep 28, 2013, 7:36 PM)

stevebrtx

Sep 28, 2013, 9:58 PM

Post #12 of 16 (363 views)

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Re: [RickS] Americans turn in passports as new tax law hits

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What's a "reasonable" post about a few people turning in their papers? Wow, 1130 people out of how many million, some of whom are green card or not native Americans? Such a flood of people, I can't imagine the drain on resources.

Now, for those of you with blinders, just answer a single question, "when was the last time you saw Americans in the streets of MX waving American flags and demanding amnesty after entering MX illegally?" When that happens, I'll be glad to concede my position.
http://www.chapalaweather.net

bfwpdx

Sep 29, 2013, 6:40 AM

Post #13 of 16 (326 views)

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Re: [babycakes] Americans turn in passports as new tax law hits

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This is a very misleading article. One cannot merely turn in one's US passport and become a non-citizen. It is quite an involved process, even for a former green card holder like myself. I had to fill in a number of forms that go to the US Treasury department asserting that I have paid all my past income taxes due, and other forms that list every single asset that I own which is then used to claim the 2 million dollar exemption from paying capital gains on those assets. Maybe in the end it didn't cost me anything, but the Treasury department/IRS ends up knowing every little minute detail about my financial affairs and I am not even a US citizen. But yes, it was worth the money spent on a professional US/Canadian tax expert to get rid of the green card.

citlali

Sep 29, 2013, 7:51 AM

Post #14 of 16 (290 views)

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Re: [bfwpdx] Americans turn in passports as new tax law hits

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I am not a citizen and I still pay taxes on the money I earned in the US so giving up citizenship is not going to change a lot of things unless you have a business in another country and pay taxes in another country and get doubletaxed.
In my case it is not even worth giving up the green card officially although if you are not a resident anymore I was told your card is not valid any longer.
A friend of mine went to the Consulate to give up her green card and she was told that nobody does that..she said but that is the law...

If you have IRA money in the Sates you are going to have to pay the taxes as you withdraw your money and 30% will be witheld every year and you can get refund if your taxes are less. Being a citizen or an alien the IRS will get you for the taxes that are owed in the US on money earned in the US.

bfwpdx

Sep 29, 2013, 8:25 AM

Post #15 of 16 (281 views)

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Re: [citlali] Americans turn in passports as new tax law hits

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True. You do confirm that every situation is different. My main point is that getting rid of the IRS is not a simple matter, in fact those of us married to US citizens face a particularly complicated task in handling the tax situation. There are two aspects to this. Part one is relinquishing the green card (easy) and the second part is filing all the paperwork with the Treasury department to get clearance from the IRS (complicated)...Just because you relinquish your green card, it does not mean that you automatically are finished with the IRS. in my case, I never had US income. But I do own assets in my own country which I don't consider are any business of the IRS, so for me getting rid of the IRS obligation was a moral issue as well as a financial one. Another fact of note. US citizens who expatriate can still declare themselves married and use the marital form of filing when married to a foreign spouse without a green card. This may be favourable for example if the foreign spouse has low income. But a foreign spouse so designated does NOT have to file FBARS with the US Treasury for accounts held in her own name. The marital exemption for FATCA filing is $400,000 I believe. So again, the situation depends on your personal circumstances and only an experienced accountant can make sure you are doing what is right for you.

stevebrtx

Sep 29, 2013, 9:43 AM

Post #16 of 16 (251 views)

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Re: [bfwpdx] Americans turn in passports as new tax law hits

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Seems like I read somewhere that even after renouncing citizenship there are still some strings attached for a period of years. FATCA has been delayed another 6 months until mid '14, but is having a very negative impact around the world.
http://www.chapalaweather.net