Jim:
Periodically I see posts or news articles about USA citizens renouncing their citizenship and moving abroad to greener pastures for tax and other reasons.
I have lived and traveled outside the USA for some time now due to my current job. Every year I have to fill out all the forms stating the bank accounts (and now assets) that I have outside the USA and they are indeed a real pain to fill out and it is a rather onerous process to gather all the information that I need to provide. Not only do I have to fill out all these forms but the USA also requires that I pay taxes on my worldwide income regardless of where I earn it.
The filing regulations, the tax on worldwide income, etc. it can all be very frustrating but let’s stop and look at the alternative; would I really want to give away my USA citizenship? Where would I permanently relocate to, perhaps Europe? They have higher taxes and even greater regulations than the USA (see current postings about gun regulations in the UK) and they are in a real economic mess. How about the Middle East? I have lived there already and would have no desire to relocate there permanently. What about Asia – definitely not China nor other countries that I would consider are, or will be overshadowed by China. How about Africa or South America? There are advocates for living in South America but what guarantees do you really have as a foreigner that in a time of global adversity that your “rights” would be upheld and you would continue to be welcome? It’s hard enough moving from one state to another in the USA and assimilating into a community let alone moving into a different country with another language, cultural and norms where you are clearly an outsider.
That brings me back to the USA, a country founded on principles that I believe in and embrace. Is it broken today? Perhaps. Can it be fixed – make your own determination. One thing is for sure, in the USA there are those who share the foundational beliefs of myself and my family, who believe in one nation under God, who embrace the concept that each man, woman and child are created equal and are endowed by their Creator with certain unalienable rights including life, liberty and the pursuit of happiness.
Is the grass greener on the other side of the fence? It may appear to be so but having lived on the other side of the fence; I am here to tell you that what may appear to be an oasis in the desert often turns out to be a mirage.
So what am I personally planning on doing? While I plan on being overseas for the foreseeable future, I am actively looking for property in The American Redoubt. Once I find what I am looking for, the plan is to have my retired in-laws live there full time and establish/assimilate themselves into the community with my family and I joining them when required in the future. (Note that in the meantime, I am also making preparations at our foreign residence in the event that something would occur that would make it impossible to immediately return to the USA).
For those of you who still insist on moving outside the USA, good luck – perhaps we’ll pass at the airport as I head back into the country while you are headed out. For the rest of you, I look forward to speaking to you from across the fence – at our adjoining properties in the American Reboubt.
God bless you and God bless America. Yours Faithfully, – AmEx (American Expat)