Angry Canadians are rare. But Patricia Moon qualifies.
Until 2012, Moon was actually an American – albeit one who had lived in Canada for 32 years. She settled in so well that in 2008, she added Canadian citizenship to her US one.
But Moon cut ties with America three years ago, after new banking laws aimed at tax evaders required expats like her to file more thorough US tax returns. She was five years behind on the news. “I was terrified we’d lose all our money,” she says.
After back-filing years of tax returns, Moon renounced her US citizenship in 2012. It was a defiant act she describes as being one of the first canaries to leave the coalmine as US banking laws make life more difficult for American expatriates. She wasn’t pleased she had to do it.
“It was like cutting off my right arm,” to not be American any more, says Moon, who only became a Canadian citizen in 2008. “Now, I’m simply angry.”
In February this year, the US and Canadian governments signed an intergovernmental agreement to co-operate on Fatca. The Foreign Accounts Taxation Compliance Act required all foreign banks to disclose the financial information of any American with assets over $50,000 sitting in banks outside of the US. Full story...
Related posts:
Until 2012, Moon was actually an American – albeit one who had lived in Canada for 32 years. She settled in so well that in 2008, she added Canadian citizenship to her US one.
But Moon cut ties with America three years ago, after new banking laws aimed at tax evaders required expats like her to file more thorough US tax returns. She was five years behind on the news. “I was terrified we’d lose all our money,” she says.
After back-filing years of tax returns, Moon renounced her US citizenship in 2012. It was a defiant act she describes as being one of the first canaries to leave the coalmine as US banking laws make life more difficult for American expatriates. She wasn’t pleased she had to do it.
“It was like cutting off my right arm,” to not be American any more, says Moon, who only became a Canadian citizen in 2008. “Now, I’m simply angry.”
In February this year, the US and Canadian governments signed an intergovernmental agreement to co-operate on Fatca. The Foreign Accounts Taxation Compliance Act required all foreign banks to disclose the financial information of any American with assets over $50,000 sitting in banks outside of the US. Full story...
Related posts:
- Dear Mr. President, why I'm leaving America...
- Tax exiles flee America...
- Record numbers renounce U.S. citizenship---and many aren't counted...
- Tina Turner gives up US citizenship...
- 221 percent increase in one year? Why are so many people renouncing...
- California couple move to Thailand to avoid the financial stress of living in the US...
- Americans giving up passports jump sixfold as tougher tax rules loom...
No comments:
Post a Comment