Americans are renouncing citizenship after being forced out of bank accounts
Thousands of US Citizens abroad are giving up their citizenship as a new tax law holds foreign banks and its expatriates ransom.
Hasnain says:
"To avoid breaking any laws, Welch will have to renounce his US citizenship and file five years’ worth of tax returns as well as possibly thousands of dollars to the US government in taxes on income he earned in Canada. He will have to foot bills for airplane flights and miss out on wages – and that’s not counting the $2,350 fee to renounce a citizenship he never assumed in the first place."
This is nuts.
Posted on 2014-09-25T17:36:20+0000