tag:blogger.com,1999:blog-11886430.post6434077599686518410..comments2023-06-14T06:05:11.373-07:00Comments on The Expatriate Mind: Another step in integration- a bank accountJ Hammackhttp://www.blogger.com/profile/14243640814665529983noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-11886430.post-13982846586673140062012-06-18T04:58:14.712-07:002012-06-18T04:58:14.712-07:00It's always good to have as full a picture of ...It's always good to have as full a picture of possible of the impacts of leaving your home country for another. <br /><br />While I agree that it's hard to stomach some of the policies of the IRS (citizen-based taxation for one), it is the price you pay for retaining American citizenship. Many expats want the flexibility in travel, economic and other opportunities that come with U.S. citizenship, but don't want to pay for it. In many ways, just like U.S. citizens at home who want the benefits of government support, but complain about paying taxes. <br /><br />As voting U.S. citizens, we do have the ability to make our viewpoints known directly to our representatives, or to challenge the government legally if we feel our rights are being violated.<br /><br />Once an expat makes the commitment to another country in the form of citizenship, they also have the choice to renounce their U.S. citizenship. It costs $400 and takes a couple months. <br /><br />Life is full of complicated choices when it comes to being an expat. I just feel blessed that I HAVE a choice.J Hammackhttps://www.blogger.com/profile/14243640814665529983noreply@blogger.comtag:blogger.com,1999:blog-11886430.post-59490046987859220022012-06-15T11:41:01.037-07:002012-06-15T11:41:01.037-07:00You might want to study very closely the implicati...You might want to study very closely the implications of banking and saving in Canada. Many people who are deemed US taxable 'persons' who have moved outside the US are now trying to comply with the complex and draconian FATCA and FBAR requirements of the US. All sorts of everyday banking and savings, and pensions that we take for granted are toxic to US citizen/persons 'abroad', because they are considered 'foreign'. The reporting is labyrinthine, hard to understand, and the pitfalls are many. It takes a cross-border specialist to advise - so you can make decisions about your accounts, and savings, way BEFORE any reporting is due, because so many have found after the fact that they have missed some obscure form or deadline - completely different than what applies to US citizens inside the US. Plus, Canada has it's own rules in this respect too. <br />Here's a whole website where many of us are trying to figure things out - after the fact.<br />http://isaacbrocksociety.ca/2012/05/10/american-citizenship-a-cost-benefit-analysis-5-2/<br />You might not agree with some of the sentiments expressed there, but at least you will be forewarned about the pitfalls, and hopefully not fall into them as so many have inadvertently and innocently.<br />http://isaacbrocksociety.ca/2012/01/23/fatca-the-need-to-know-basis-is-not-satisfied/Anonymousnoreply@blogger.com