What's causing Americans to give up their US Citizenship? It's something called FATCA and here are some reasons why they're going "Galt".
1. If they are minimising their tax burden – protecting or hiding their money from "onerous tax obligations" – they won't be able to do that anymore.
2. Increasing Capital Gains and Income taxes in 2013, and
3. Compliance headaches caused by FATCA.
According to the US Federal Register, over 1,000 people have renounced their US Citizenship in the quarter ending June 30, 2013 alone. Read more here…
I'm not so sure the Bahamas Constitution allows us to be police for another country's tax service either? In any event I remain convinced there is an opportunity for us to get some of these people to consider bringing their wealth and ingenuity to our shores in spite of what the current Minister of Financial Services thinks.
I often wonder why governments, that are elected, they tell us, to "protect their people" believe they can borrow and spend to their hearts content and then simply take their citizens money without fear of contradiciton?
