The number of Americans renouncing U.S. citizenship increased 39 percent in the three months through September after rules that make it harder to hide assets from tax authorities came into force.

People giving up their nationality at U.S. embassies increased to 776 in the third quarter, from 560 in the year-earlier period, according to Federal Register data published yesterday.

Tougher asset-disclosure rules that started July 1 under the Foreign Account Tax Compliance Act, or Fatca, prompted more of the estimated 6 million Americans living overseas to give up their passports. The appeal of U.S. citizenship for expatriates faded further as more than 100 Swiss banks began to turn over data on American clients to avoid prosecution for helping tax evaders.

The U.S., the only Organization for Economic Cooperation and Development nation that taxes citizens wherever they reside, stepped up the search for tax dodgers after UBS AG (UBSN) paid a $780 million penalty in 2009 and handed over data on about 4,700 accounts. Shunned by Swiss and German banks and with Fatca starting, more than 9,000 Americans living overseas gave up their passports over the past five years.

Fatca requires U.S. financial institutions to impose a 30 percent withholding tax on payments made to foreign banks that don’t agree to identify and provide information on U.S. account holders. It allows the U.S. to scoop up data from more than 77,000 institutions and 80 governments about its citizens’ overseas financial activities.

In establishing the 2010 Fatca law, Congress and President Barack Obama in effect threatened to cut off banks and other companies from easy access to the U.S. market if they didn’t pass along such information. It was projected to generate $8.7 billion over 10 years, according to the congressional Joint Committee on Taxation.

So far, 2,353 Americans have renounced their citizenship this year, close to the all-time high of 2,369 in the first nine months of 2013.

http://www.bloomberg.com/news/2014-10-25/hundreds-give-up-u-s-passports-after-new-tax-rules-start.html

Give it to me and have my green passport .

eunisam:
Give it to me and have my green passport .

while mumus like this one are scrambling to have them! what an irony

SLIDEwaxie:
while mumus like this one are scrambling to have them! what an irony

Don't mind the he goat.

These are people that are worth millions to billions. A hungry Nigerian man would die for the passport anyday

SLIDEwaxie:
while mumus like this one are scrambling to have them! what an irony

.

ducii:


Don't mind the he goat.

.

gboss4sure:
These are people that are worth millions to billions. A hungry Nigerian man would die for the passport anyday

Lmao... Honestly though, it isn't only for millionaires like you think. It affects the average citizen living abroad and making the big bucks. It means for instance, U.S. Nationals living abroad are subject to the evil taxation... e.g.,if Nigerians living abroad finally come back home, as long as they are U.S. Citizens, any income they make, or business they transact and make an income, by law, they will report it. Nigerian banks they fail to turnover documents of U.S. Nationals held accounts are subject to huge penalty. This isn't fair at all.

manny4life:


Lmao... Honestly though, it isn't only for millionaires like you think. It affects the average citizen living abroad and making the big bucks. It means for instance, U.S. Nationals living abroad are subject to the evil taxation... e.g.,if Nigerians living abroad finally come back home, as long as they are U.S. Citizens, any income they make, or business they transact and make an income, by law, they will report it. Nigerian banks they fail to turnover documents of U.S. Nationals held accounts are subject to huge penalty. This isn't fair at all.

I swear it is really unfair, with all the Shale Oil and Gas. they are still disturbing poor people.

manny4life:


Lmao... Honestly though, it isn't only for millionaires like you think. It affects the average citizen living abroad and making the big bucks. It means for instance, U.S. Nationals living abroad are subject to the evil taxation... e.g.,if Nigerians living abroad finally come back home, as long as they are U.S. Citizens, any income they make, or business they transact and make an income, by law, they will report it. Nigerian banks they fail to turnover documents of U.S. Nationals held accounts are subject to huge penalty. This isn't fair at all.

You're nothing but a bush village man; always acting like you know it all and can never stay out of any topic because of this attitude. Tell me, in one breath you said this law "isn't only for millionaires, it affects the average citizens making the big bucks"....

Please enlighten me how an "average citizen making 'big bucks' " won't fall into the category of a millionaire, or what do you call "Big bucks" in your hamlet?1

ducii:


I swear it is really unfair, with all the Shale Oil and Gas. they are still disturbing poor people.

Pay your tax. That's how a functioning society is run.

ISpiksDaTroof:
You're nothing but a bush village man; always acting like you know it all and can never stay out of any topic because of this attitude. Tell me, in one breath you said this law "isn't only for millionaires, it affects the average citizens making the big bucks"....

Please enlighten me how an "average citizen making 'big bucks' " won't fall into the category of a millionaire, or what do you call "Big bucks" in your hamlet?1

[size=20pt]Who is the cretin, a retardious FUCKTARDD?
[/size]

Why the hell are you stalking me? Go get the definition of a "millionaire" by U.S. standard, then come back and holla..

ISpiksDaTroof:
Pay your tax. That's how a functioning society is run.

Imagine a retardd telling a sane person to pay his taxes, LOL...

Did he tell you he's not paying his taxes? Always putting his larger-than-his-body mouth in conversations that has nothing to do with him... Aproko level one.

Adebayo runs to US and denounces his Naija citizenship to marry US babe.
After 2 weeks of honey moon, the babe flee to Naija and denounce her US citizenship.

WO! What a miss

And we are here blaming govt for all our failures. U SE YA SEF?!

ISpiksDaTroof:
You're nothing but a bush village man; always acting like you know it all and can never stay out of any topic because of this attitude. Tell me, in one breath you said this law "isn't only for millionaires, it affects the average citizens making the big bucks"....

Please enlighten me how an "average citizen making 'big bucks' " won't fall into the category of a millionaire, or what do you call "Big bucks" in your hamlet?1

Okay he contradicted himself but does that mean you should describe him in a derogatory term when you could have easily corrected him without such ?

@ISpiksDaTroof:

Your attention is needed

Have you finished your homework? Do you have the definition of a "Millionaire" by U.S. Standard?

How you construed "an average person living abroad and making the big bucks" to be a millionaire is wonderful. Perhaps you may want to take a cursory look at the 2014 U.S. Class structure, which in the context I wrote about "BIG BUCKS", I know I was referring to the "MIDDLE CLASS" who are professionals and working abroad. Now tell me how an average middle class american (single) making at least $150,000 annually has turned out to be a millionaire by IRS standard?

I have my resource, go bring yours. I will treat your fvck up today,

talktimi:
Okay he contradicted himself but does that mean you should describe him in a derogatory term when you could have easily corrected him without such ?

No brother, I did not contradict myself. "Average American" is a term coined by the media to separate the rich and poor = average, it is NOT a recognized term and thus, it could refer to any of the class up to the "Middle Class or even the Upper Middle Class". An average american depending on their class, can be educated or uneducated, bottom line is their income differentiates them; they are often within the upper lower / middle working class. When Congress talks about taxation about the "Average Americans", this is who they refer to.

At least according to the U.S. Class structure, I want him to explain to me how an "average american" say an engineer or lawyer working for Shell Oil and making $150,000 annually turned out to be a millionaire? Yet, how does a doctor with a fat salary turn out to be a millionaire? Or aren't they making the big bucks?

manny4life:


No brother, I did not contradict myself. "Average American" is a term coined by the media to separate the rich and poor = average, it is NOT a recognized term and thus, it could refer to any of the class up to the "Middle Class or even the Upper Middle Class". An average american depending on their class, can be educated or non educated, bottom line is their income that differs them; they are often within the lower / middle working class. When Congress talks about taxation about the "Average Americans", this is who they refer to.

At least according to the U.S. Class structure, I want him to explain to me how an "average american" say an engineer or lawyer working for Shell Oil and making $150,000 annually turned out to be a millionaire? Yet, how does a doctor with a fat salary turn out to be a millionaire? Or aren't they making the big bucks?

I was only referring through his own context. He just came across as unnecessarily angry towards you and it was quite baffling abi you sleep him babe before ?

talktimi:
I was only referring through his own context. He just came across as unnecessarily angry towards you and it was quite baffling abi you sleep him babe before ?

He ALWAYS stalks me on NL, and I mean it's been going on for like 5 years or more and I have done nothing to the man. Even my inactivity for several months did not deter him. Often when he quotes me, I ignore him and keep it moving. He is my nemesis; he made me break my silence of several months... And I am on here, and will yet again, treat his fvck up.

reading is one thing understanding is another,please you can renounce your Nigerian citizenship immediately and surrender your Nigerian passport then file for refugee status,because people like you is what this country doesn't need,sell out

eunisam:
Give it to me and have my green passport .

The price for a responsible and responsive government is your tax

onoja12:
reading is one thing understanding is another,please you can renounce your Nigerian citizenship immediately and surrender your Nigerian passport then file for refugee status,because people like you is what this country doesn't need,sell out

ntòöor

manny4life:


[/b]He ALWAYS stalks me on NL[b], and I mean it's been going on for like 5 years or more and I have done nothing to the man. Even my inactivity for several months did not deter him. Often when he quotes me, I ignore him and keep it moving. He is my nemesis; he made me break my silence of several months... And I am on here, and will yet again, treat his fvck up.

Maybe he loves you

we dey enjoy for this naija.

manny4life:


[size=20pt]Who is the cretin, a retardious FUCKTARDD?
[/size]

Why the hell are you stalking me? Go get the definition of a "millionaire" by U.S. standard, then come back and holla..

See the bolded?! Youre a bush village man like I said.

A "Millionaire" simply means theyve passed the "Thousandths", end of, whether "U.S Standards", "JAPANESE Standards" or even "Aba Standards".

manny4life:


He ALWAYS stalks me on NL, and I mean it's been going on for like 5 years or more and I have done nothing to the man. Even my inactivity for several months did not deter him. Often when he quotes me, I ignore him and keep it moving. He is my nemesis; he made me break my silence of several months... And I am on here, and will yet again, treat his fvck up.

First off, I never knew who you were until you and your Ibo brothers took to attacking my positions on issues involving Nigeria. Second, I havent been on here for that long. Third, stop crying wolf when you were the first to sling mud. Fourth, stop pretending you know it all.

Fifth, like someone said above:Obinna be quiet, youre a noise maker.

talktimi:
Okay he contradicted himself but does that mean you should describe him in a derogatory term when you could have easily corrected him without such ?

Maybe you shouldnt be the one pretentiously preaching peace as theres never been anything but spite shown towards me from you, so stop with the fake attitude.

Repent now of your sinful evil ways to avoid eternity in hell fire,,,,Jesus christ love and warn you to repent and convert now to avoid hell fire when you die

ISpiksDaTroof:


Maybe you shouldnt be the one pretentiously preaching peace as theres never been anything but spite shown towards me from you, so stop with the fake attitude.

smh

SLIDEwaxie:
while mumus like this one are scrambling to have them! what an irony

Na slave mentality dey worry am,his mates are travelling to America for business and pleasure-the clown is seeking to be a green card,lottery slave

manny4life:


Lmao... Honestly though, it isn't only for millionaires like you think. It affects the average citizen living abroad and making the big bucks. It means for instance, U.S. Nationals living abroad are subject to the evil taxation... e.g.,if Nigerians living abroad finally come back home, as long as they are U.S. Citizens, any income they make, or business they transact and make an income, by law, they will report it. Nigerian banks they fail to turnover documents of U.S. Nationals held accounts are subject to huge penalty. This isn't fair at all.

Nwanna,

If you are a Nigerian-American living in Nigeria, would you tell America you are working so they can tax you? They will find it hard to catch and tax Nigerian-Americans working in Nigeria; however, they may get them via digital payroll systems (if they wanted to), but not the private businessmen, nor house owners (read property tax) in remote or semi-remote areas.