Newspaper reporting on US Citizens paying Tax in all the GC Countries

[special brother]

Did anyone read the newspaper report last week about all US Citizen's paying tax even if they are based/Resident in the GC Countries? What a bag of worms this will open for us ALL!!

[go46ball]

Been an expat for 3 yrs now. I 've had to pay my taxes every one of them! Blows.

[mutt]

US Citizen's

Change that to US Passport Holders and you can imagine the fun that its going to cause in this part of the world.

mutt

[ironbutt57]

and green card holders as well....

[BobDole]

Link please?

[NinER fIveR]

Filing Taxes ≠ Paying Taxes

FILING taxes is not the same as PAYING taxes. With almost a $100k annual exemption just for living abroad you can probably file and make claims to cover the rest and end up paying $0 every year.

[mutt]

Except they are also reviewing bank deposits in foreign countries, and have obtained approval from certain countries to transfer bank information.

Some banks in Saudi Arabia have started refusing US passport holders due to the complexity of complying with the requirements.

Any American who is unaware of this needs to fire their tax advisor!

Mutt

[falcon10]

How the US Government can bully foreign banks into complying with their ridiculous rules is beyond me! The USA is quickly becoming a Police state, especially in light of all of the NSA leaks, snooping, and privacy violations. So much for the constitution.

On the other hand, I hear Australia is doing the same thing now too.

[Capt Jack Rosen]

Welcome to globalization.

[The Dominican]

Except they are also reviewing bank deposits in foreign countries, and have obtained approval from certain countries to transfer bank information.

So what? You shouldn't be stupid enough to hide things from Uncle Sam anyways...! As somebody said before, you will file as a US citizen regardless, if you earn more than your foreign exclusion then you will pay taxes based on that additional income, this is nothing new, the only thing that is new here is that they are now paying attention since the American expat population has increase dramatically in recent years, in the 70's there were less than 500,000 Americans living abroad and that includes the military personnel, now by some estimation there are as many as 10,000,000 of course they are going to look into it

[Old King Coal]

British long-term expat = no tax on income earned overseas = excellent !

[donpizmeov]

Yes but you are British. A big price to pay for tax free living.

Yeah I know, hat coat door.

The Don

[falconeasydriver]

Yes but you are British. A big price to pay for tax free living.

As opposed to being a bread thief..eh Don?

[Old King Coal]

falcon, lol... touché !