Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

US On-Track for Another Record Year of Expatriation

  by    0   0

The latest US government data shows a record number of Americans renounced their citizenship in the first quarter of 2015. A total 1,337 Americans gave up their passports during that time. That’s almost 40% of the 3,415 in the entirety of 2014. That 2014 figure was an all-time record, following a record 2013 with 2,999 expatriates.

15 05 08 expatriates

It’s no mystery why Americans living abroad are choosing to sacrifice their citizenship. United States tax laws are extremely onerous. The US is one of the few countries that forces its citizens to pay taxes on income earned abroad, no matter where the individual permanently lives. On top of that, the tax paperwork is extremely complex.

Part of that complexity is due to recently enacted regulations that supposedly challenge tax evasion. But as CNN Money puts it, the rules of the Foreign Account Tax Compliance Act (FATCA) are bewildering:

But the [FATCA] campaign is making life difficult for the 7.6 million Americans living abroad. As financial institutions rush to understand FATCA, some banks have even kicked out American citizens. If a bank mistakenly fails to report accounts held by Americans outside the U.S. — even checking and savings accounts — they can face steep penalties.”

Peter Schiff’s March Gold Videocast addressed this very issue. Watch it now:

Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Romania a Step Closer to Repatriating Its Gold Reserves

gold barsRomania moved another step closer to bringing all of its gold home this week. According to Romanian news outlets, the Chamber of Deputies Budget and Finance Committee released a favorable report on legislation that would require the country’s central bank to repatriate its gold and hold it within the borders of the country. Related

READ MORE →

China’s Keynesian Experiment

While President Trump nags the Federal Reserve to reinstitute Obama-era monetary stimulus, China has already taken off down that path. And it actually has some people in the mainstream concerned. According to a Reuters report, the Organisation for Economic Cooperation and Development (OECD) is warning that while Chinese government stimulus may boost the country’s economy […]

READ MORE →

European ETF Gold Holdings Hit Record Level

The amount of gold held by Europe-based ETFs hit a record high in the first quarter of 2019, according to a report by the World Gold Council. European funds now hold 1,121.4 tons of gold. The WGC pinpoints three primary drivers of European gold investment. Related

READ MORE →

Production Plunges for World’s Largest Silver Miner in Q1

The world’s largest primary silver producer reported a plunge in production in the first quarter of the year, continuing a global trend of declining silver output. Total silver production at Fresnillo PLC dropped by 15% in Q1. The company blamed falling mine output on lower ore grades and reduced volume of processed ore. Related

READ MORE →

Silver Demand Hit 3-Year High in 2018 as Supply Fell

Silver demand was up 4% and hit a three-year high in 2018, according to the 2019 World Silver Survey released by the Silver Institute this week. Physical demand for silver came in at over 1 billion ounces last year. Meanwhile, silver mine production fell for the third straight year, dropping 2% in 2018 to 855.7 […]

READ MORE →

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now