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Any Polish-USA Dual Citizens Returning to Poland and Plan to Renounce USA Citizenship Due to FATCA?


Siloo Kapadia 1 | 3
9 Nov 2017 #1
I am very interested if there are any Polish-American dual citizens that returned to Poland and plan to renounce their USA citizenships due to FATCA. Here is Singapore and the rest of the world there are waiting lists of people at the USA consulates to renounce due to FATCA.
SigSauer 4 | 397
10 Nov 2017 #2
Renouncing your citizenship because of FATCA is a bit like using a nuclear weapon on a fly. I live abroad and make 6 figures, but filing my taxes takes all of 10 minutes, you just pay the difference on your income once you exceed $101,800. Renouncing your citizenship to avoid FATCA is for people who are in the 7 figure per year range, in my opinion. You have to understand the immense risk you're taking, and the huge benefits of having a United States passport. I think if you are renouncing, and you also hold a British or German passport, it makes a bit more sense. However, if you for instance held a Polish passport, that would be a pretty stupid move, since Poland is not on the American Visa Waiver Program.
OP Siloo Kapadia 1 | 3
10 Nov 2017 #3
Thank you for your feedback. It is not about paying taxes, but about the lack of privacy and the fact that increasingly financial institutions abroad do not allow "US persons" to have accounts. You may want to follow this topic on Quora if you are interested. Thank you for the feedback.
SigSauer 4 | 397
10 Nov 2017 #4
@Siloo Kapadia

Yea, that is a fair point. I try to keep my foreign bank accounts below $10,000 to avoid more paperwork on those forums, and I prefer to keep the bulk of my money in the states anyway. Do you have a link on Quora?
OP Siloo Kapadia 1 | 3
13 Nov 2017 #5
You see, the problem is that with technology very soon USA government will know exactly what you have and where you have it. This is leading to a stampede of people giving up their USA citizenships and green cards if they live abroad. It is not like any other country where you do nothing, or like it was before FATCA, where all you had to do was file taxes. And the $110k income exemption is for earned income, not for investment income, rental income, etc. So one can say theyhave their hands out for every penney they can get.


Home / USA, Canada / Any Polish-USA Dual Citizens Returning to Poland and Plan to Renounce USA Citizenship Due to FATCA?
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