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Record Numbers Of Americans Recounce Citizenship Under Obama

Tyler Durden's picture




 

Obama has an odd definition of recovery.

While the commander in chief may exhibit an odd delight in his numerous TV appearances by taking "credit" for the near record stock market, the pre-revision Q2 GDP boost, or a wage-less job recovery driven by a surge in part-time jobs, the reality is that as we showed yesterday, living standards for the vast majority of the population have continued to deteriorate.

But one place where Obama's track record leaves nothing open to interpretation, is in the number of Americans renouncing U.S. citizenship. According to the latest data released by the Federal Register, the number of US citizens who no longer want to be, stayed near an all-time high in the first half of the year before rules that make it harder to hide assets from tax authorities came into force.

It is unclear just who are these Americans willing to pay substantial amounts of money to expatriate, but it is safe to assume that many of them are of the "0.01%" persuasion, ironically the same social group who has, on the surface, benefited the most from Obama's, pardon, Bernanke's policies over the past 6 years.

According to Bloomberg, some 1,577 people gave up their nationality at U.S. embassies in the six months through June. While that’s a 13 percent decline from the year-earlier period, it’s only the second time there’s been a reading of more than 1,500, according to Bloomberg News calculations based on records starting in 1998.

Tougher asset-disclosure rules effective as of July 1 under the Foreign Account Tax Compliance Act, or Fatca, prompted 576 of the estimated 6 million Americans living overseas to give up their passports in the second quarter. The appeal of U.S. citizenship for expatriates faded as more than 100 Swiss banks turn over data on American clients to avoid prosecution for helping tax evaders.

 

“Fatca and the Swiss bank disclosure program has intensified the search for U.S. nationals beyond all measure,” said Matthew Ledvina, a U.S. tax lawyer at Anaford AG in Zurich. “It’s shocking the levels of due diligence they are going through to ensure they have cleaned house.”

Are the citizenship deniers all tax evaders? Not all, but most of them, yes.

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 looming, almost 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.

But the most direct impact of US tax policy on the richest Americans is this: "More than two-thirds of 400 U.S. expatriates surveyed in November by Zurich-based deVere Group said they had considered giving up their passports."

Losing your US passport does not come cheap mind you: "Americans with a net worth exceeding $2 million and an average income tax of at least $157,000 over the previous five years must pay an exit tax on unrealized capital gains when they renounce U.S. citizenship."

Which also happens to be a number that is not a concern to all those intent on becoming citizens of... anywhere else.

So for all those who adamantly claimed that Obama's tax policy would not result in major defections of America's uber wealthy - people who will now no longer pay any US taxes whatsoever - we present a chart showing the number of Americans who have expatriated in the past decade.

Congratulations president Obama, because this is certainly one chart which goes from the bottom left to the upper right you can take full credit for.

 

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Thu, 08/07/2014 - 15:04 | 5060486 wee-weed up
wee-weed up's picture

He's not one either!

Thu, 08/07/2014 - 15:06 | 5060497 Bloppy
Bloppy's picture

Luckily our Hollywood friends are pouring all of their $$$ into making sure Obama's pals are in power forever:

http://tinyurl.com/llerns4


Thu, 08/07/2014 - 15:09 | 5060506 max2205
max2205's picture

All white rich people...no FSA'ers?

Thu, 08/07/2014 - 15:14 | 5060524 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

Always have a Plan B.

Thu, 08/07/2014 - 15:19 | 5060546 stacking12321
stacking12321's picture

you didn't renounce that!

Thu, 08/07/2014 - 15:36 | 5060654 franzpick
franzpick's picture

America, a great place to visit, but you wouldn't want to live, vote, pay taxes and be regulated there.

Thu, 08/07/2014 - 15:57 | 5060774 armageddon addahere
armageddon addahere's picture

Used to be a great place to visit.

Thu, 08/07/2014 - 15:22 | 5060564 McMolotov
McMolotov's picture

Can't have a Plan B if you're a Hobby Lobby employee! War on women!

Thu, 08/07/2014 - 15:30 | 5060610 Pickleton
Pickleton's picture

Americans willing to pay substantial amounts of money to expatriate

 

For the life of me, I dont understand this.  I get a different country's passport and move myself and my assets there.  I'm going to pay the US what?  I'm going to pay the IRS what?  It seems to me that as soon as I'm out of the country, I've severed my economic obligations and the govt can go fuck itself.

Thu, 08/07/2014 - 16:12 | 5060869 Zerozen
Zerozen's picture

You can do so, but you'll become persona non grata in the U.S. Don't even think about coming back to visit friends/family or even landing on American soil.

Thu, 08/07/2014 - 17:02 | 5061118 SilverRhino
SilverRhino's picture

Yeah fuck that ....

Hi, my name is Pedro .... viva la raza blanca!!

I'm an illegal alien ahora ese!  Chu gota problemo con migo?

Thu, 08/07/2014 - 15:06 | 5060490 Harbanger
Harbanger's picture

I bet many are avoiding progressive US taxes.

Thu, 08/07/2014 - 15:27 | 5060595 Relentless101
Relentless101's picture

Imigration policy... Check.

Thu, 08/07/2014 - 15:05 | 5060491 Devotional
Devotional's picture

Hey, even I have renounced it and I ain't an American Citizen o_O

With "an" Obama in your WH you are in trouble ... just my 2 cents.

Thu, 08/07/2014 - 15:11 | 5060509 Harbanger
Harbanger's picture

We need Elisabeth "you didn't build that teepee" Warren to set the US on the right course.

Thu, 08/07/2014 - 15:16 | 5060535 Spastica Rex
Spastica Rex's picture

We need Mitt "MA Health Care Reform" Romney to do away with Obamacare.

God, that man is sexy for an old Mormon.

Thu, 08/07/2014 - 15:27 | 5060572 Harbanger
Harbanger's picture

If it means not having to look at wookie, I'l take it.  What we really need to do is export our misery, that means shipping our Libs to Europe.

Thu, 08/07/2014 - 15:29 | 5060601 Spastica Rex
Spastica Rex's picture

Mitt Romney Inc. is a people, so as long as we can keep it/him and all the other important classical liberals, I guess the rest can go to Belgium.

Thu, 08/07/2014 - 15:33 | 5060626 Harbanger
Harbanger's picture

He's a rich bastard.  We can't have that in America.

Thu, 08/07/2014 - 15:36 | 5060655 Spastica Rex
Spastica Rex's picture

The smart thing to do is keep the rich ones, and send the poor ones on a train ride - historically speaking.

Thu, 08/07/2014 - 15:48 | 5060732 Harbanger
Harbanger's picture

Are you referring to joos that couldn't afford to leave?  The smart thing to do is impossible at this point, as we've slowly become a nation of over-schooled, under-educated, spoiled bitchez.

Thu, 08/07/2014 - 16:14 | 5060881 Supernova Born
Supernova Born's picture

Mitt likes his women to wear scratchy undergarments...or nothing at all.

 

Thu, 08/07/2014 - 17:18 | 5061190 Oldwood
Oldwood's picture

That makes me uncomfortable...

Thu, 08/07/2014 - 20:55 | 5062375 Slave
Slave's picture

You're a woman?

Thu, 08/07/2014 - 19:08 | 5061726 Not Too Important
Not Too Important's picture

Jews that can't afford to leave?

The tribe doesn't want them, either. They're not all 'chosen', just the rich ones that 'pray' funny.

Thu, 08/07/2014 - 15:12 | 5060512 McMolotov
McMolotov's picture

The wealthy are more capable of renouncing their citizenship than most people. We who are of more modest means will have to stick to denouncing our citizenship for now.

Thu, 08/07/2014 - 15:15 | 5060527 Harbanger
Harbanger's picture

Just like any banana republic with an anti-capitalist movement.  The Rich get the fuck out.

Thu, 08/07/2014 - 17:20 | 5061202 Oldwood
Oldwood's picture

Except for the rich that actually own the place, including the government. There is lots of talk about investing on this site but we should at least acknowldge that the very best investors were the ones who bought the government while it was still cheap. It costs more to play today, but if you already own it...well there you go!

Thu, 08/07/2014 - 15:06 | 5060495 Bill of Rights
Bill of Rights's picture

' HOPE AND CHANGE " Baybeeeeeeee!

Thu, 08/07/2014 - 15:32 | 5060622 Realname
Realname's picture

That'll be 4 bucks, baybeeeee... https://www.youtube.com/watch?v=R2vBZuLI3oI

Thu, 08/07/2014 - 15:07 | 5060502 Magnum
Magnum's picture

Meanwhile guy who wrote FATCA Mr Dick Harvey parades around the world giving speeches like a celebrity, but FATCA will cost far more to implement than the taxes it collects, and FATCA makes it impossible for an American small business to setup profit-generating enterprises overseas.  Everything is upside down.  I could have Cambodian citizenship & enjoy more privileges than being American.  Expect the numbers of Americans renouncing citizenship to grow.

Thu, 08/07/2014 - 15:22 | 5060558 FlyingDutchman
FlyingDutchman's picture

That's exactly what it's supposed to do : a financial berlin wall, a nation making its own citizens prisoners.

Thu, 08/07/2014 - 16:26 | 5060944 Harbanger
Harbanger's picture

Yep.  One or two more progressive Admins and they won't let you leave with your own money.  "You didn't build that on your own" meme will lead to, therefore it doesn't belong to you.

Thu, 08/07/2014 - 15:13 | 5060520 roadhazard
roadhazard's picture

Not near enough by a long shot. Summer traffic sucks here in the mountains.

Thu, 08/07/2014 - 15:30 | 5060612 Harbanger
Harbanger's picture

For every one wealthy person that leaves, 100,000 undocumented Democrats enter.  Do the Maff.

Thu, 08/07/2014 - 15:48 | 5060714 roadhazard
roadhazard's picture

You'd think Repubicans would be more concerned since Regan pardoned 11 million beaners years ago. 

All together now.

http://www.youtube.com/watch?v=LLqqZmNFa_A

Thu, 08/07/2014 - 15:50 | 5060737 gtb
gtb's picture

Where'd you get that number?

Thu, 08/07/2014 - 15:59 | 5060794 roadhazard
roadhazard's picture

Like it makes a difference ?

Thu, 08/07/2014 - 15:57 | 5060777 Harbanger
Harbanger's picture

You'd think the bleeding heart libs would like him.  But they're full of shit because it's all about making socialist progress.  But you're not unique, there isn't a single failed socialist gov in the world that ever took responsibility for their circumstance.

Thu, 08/07/2014 - 16:03 | 5060817 roadhazard
roadhazard's picture

"You'd think bleeding heart libs would like him."

They don't hold a candle to the right wings insane love for Regan.

suckers

Thu, 08/07/2014 - 17:52 | 5061290 Oldwood
Oldwood's picture

Sure, Reagan made the same deal as the left is demanding today....amnesty rights for illegals under the promise that they will close the border. Even Reagan admitted he was fooled and wished he hadn't done it. Democrats owned the entire government for the first two years of Obama, yet didn't raise immigration reform once.

Thu, 08/07/2014 - 18:33 | 5061521 lakecity55
lakecity55's picture

Forward, Soviet!

Thu, 08/07/2014 - 15:18 | 5060540 Space Animatoltipap
Space Animatoltipap's picture

But for one well educated hard working American that leaves the US you get thousand uneducated, criminals and other low class in return. Isn't that wonderful? Perhaps study the law of karma ...

Thu, 08/07/2014 - 15:20 | 5060551 The Carbonator
The Carbonator's picture

Its Historic!

 

Remember.  EVERYTHING Obozo does is HISTxORIC.

Thu, 08/07/2014 - 15:44 | 5060699 BlindMonkey
BlindMonkey's picture

Congrats!!! The first president to depopulate the US of productive whites.

Thu, 08/07/2014 - 18:31 | 5061505 lakecity55
lakecity55's picture

"The most evil affliction on America is YT. Using my pen and phone, YT will be removed to FEMA camps for corporeal separation."

Thu, 08/07/2014 - 15:23 | 5060573 Bumbu Sauce
Bumbu Sauce's picture

The wealthy flee, and TPTB establishment imports every reprobate face tattoo'd murderer from the triangle of death in Central America; in addition to Ebola.  I can't blame them for renouncing citizenship with the Kardashian ass obsessed retards that comprise the American electorate.

 

How bout that Sharknado sequel?

 

Is 2016 a team red or team blue year?

Thu, 08/07/2014 - 15:24 | 5060576 Cannon Fodder
Cannon Fodder's picture

Now if I could just find another place to go, and get a passport there, I would be glad to renounce mine...

well would be glad to find another place to go and get their passport anyway.....

Thu, 08/07/2014 - 15:24 | 5060577 Realname
Realname's picture

Obama should renounce his citizenship...oh, wait...

Thu, 08/07/2014 - 15:32 | 5060619 Syrin
Syrin's picture

He did.   In Kenya.

Thu, 08/07/2014 - 16:35 | 5060997 Bastiat
Bastiat's picture

But he forgot to after Indonesia.

Thu, 08/07/2014 - 18:25 | 5061479 lakecity55
lakecity55's picture

The complete and utter insanity of this homosexual deviant appointed to the presidency by vote fraud  has convinced me the USA is now facing imminent, complete ruin.

The system is so corrupt neither the military nor the congress has enough honest people to remove the retarded, dope addict cretin puppet and his cohorts from Power.

The US is finished. Done. Dead.

Thu, 08/07/2014 - 15:32 | 5060618 ekm1
ekm1's picture

We need to build a border fence here in Canada.

Thu, 08/07/2014 - 17:55 | 5061357 Oldwood
Oldwood's picture

Laugh if you will, but the Hispanics are headed your way. And with your socialist benefits, once our generosity is tapped out, they will be knocking on your door. Locusts. You best build that fence tall and strong.

Thu, 08/07/2014 - 15:33 | 5060629 eclipse001
eclipse001's picture

What, Me Worry?

Thu, 08/07/2014 - 15:35 | 5060633 Stanley Lord
Stanley Lord's picture

Run away instead of standing and fighting, listen to Simon Black at your peril.

Let's get this country back to the way it was-pre Civil War! (note: Lincoln, Wilson, Hoover/FDR were our worst Presidents)

Fri, 08/08/2014 - 02:10 | 5063705 conscious being
conscious being's picture

HighPlainsDrifter used to go on like that. He never considered the concept of R&R. I mean why hang out in the insane assylum?? When Chief throws the compressor through the wire mesh window, we'll know it's game on.

Thu, 08/07/2014 - 15:42 | 5060692 Itchy and Scratchy
Itchy and Scratchy's picture

Wonder if any became Kenyans?

Thu, 08/07/2014 - 15:49 | 5060745 isolato
isolato's picture

C'mon.

 

We aren't exactly looking at a tidal wave here. Those renouncing their citizanship are doing so for the most selfish of reasons, as surely as Pfizer or Apple. What IS sad is that super-rich people now consider themselves above statehood. Not a sign of Obama. He loves rich people. Watch what he does, not what he says. 

Thu, 08/07/2014 - 16:14 | 5060884 TheAnswerIs42
TheAnswerIs42's picture

I dunno, just how is it selfish to "now consider themselves above statehood" ?

What does that statement really mean?

 

Thu, 08/07/2014 - 16:30 | 5060965 sdmjake
sdmjake's picture

It means I am a selfish person because I consider Myself above FEMA Region 6

(one up arrow and award you a bonus +1)

Thu, 08/07/2014 - 19:12 | 5061748 Not Too Important
Not Too Important's picture

It means 'above nationhood'. Like how trans-national corporations aren't beholden to any country. They make their own rules, hire their own armies, and run their own ponzis.

It's a grand party, and we aren't invited. But we do pay for it.

Thu, 08/07/2014 - 18:02 | 5061396 Oldwood
Oldwood's picture

Two distinct different classes of rich people. Those who are "friends" of Obama, and those who are not. Kind of the same theme Bush came up with regarding terrorists, you are either for him or against him. Opposition with money is seen as a real threat. What do you think the IRS scandal is about. Punishing, restraining anyone who had the money to go to battle against them. Most of us are simply stuck here with few real options that aren't pretty damn scarey. For those with money who know every day they remain here will mean more of their capital is lost through taxation or devaluation, they still have options. It smells of cowardice, but in reality, I can't blame them. There is no resolution to this that does not include a bloody revolt and/or economic collapse. After all, this isn't just the rich folks fault. We have all been playing in the game for a long time, generations.

Thu, 08/07/2014 - 15:54 | 5060761 gdiamond22
gdiamond22's picture

I'm quite sure he IS proud of this. You don't fundamentally transform something that you love.

Thu, 08/07/2014 - 15:55 | 5060766 armageddon addahere
armageddon addahere's picture

Recounce citizenship? I demand a recounce!

Thu, 08/07/2014 - 15:59 | 5060775 Rehab Willie
Rehab Willie's picture

Obama doesn't care, he's sees these people as old white republican voters anyway.

Get ready for the 2016 Clinton campaign slogan; "You don't own dat"

Thu, 08/07/2014 - 18:16 | 5061454 lakecity55
lakecity55's picture

Obola does not care, his orders are to DESTROY The Unites States!

He's doing a Great Job, too!

The entire country is being destroyed and NOBODY does anything  about it.

Thu, 08/07/2014 - 16:01 | 5060803 armageddon addahere
armageddon addahere's picture

Canada took your draft dodgers in the sixties, I guess we can take your tax dodgers now. We have taken in worse.

Thu, 08/07/2014 - 16:57 | 5061108 Uncle Remus
Uncle Remus's picture

Yeah, but they're mostly in Quebec.

Thu, 08/07/2014 - 16:12 | 5060871 dirty belly
dirty belly's picture

This is good news.  Everyone SHOULD go back to their ancestral/native land from this land now called America, unless...

Thu, 08/07/2014 - 17:01 | 5061122 Uncle Remus
Uncle Remus's picture

Germany. Ireland.

No, Germany.

No, Ireland.

Fucking Mick.

Goddamned Kraut.

[sound of fists pummeling]

[off camera] Fight Club!

Thu, 08/07/2014 - 16:16 | 5060896 Muppet
Muppet's picture

Question:  Can someone renounce their citizenship but remain living here (as a alien... legal or illegal) ?   

In all seriousness, can someone renounce to become an Mexican illegal in the USA?    

For well-to-do, couldn't this offer a huge tax savings?   For example, if one earns $150k in investment income, their tax is around $50k... but would be zero if not an US citizen.... I mean Mexico isn't gonna collect... if you live here.    

Thu, 08/07/2014 - 16:34 | 5060993 g speed
g speed's picture

If you could get mexican citizenship first then renounce and leave then sneek across it might work---or maybe hondurian or haitian or some such--Belizian??----keep in touch--let us know how it went.

Thu, 08/07/2014 - 16:19 | 5060907 Casserole of no...
Casserole of nonsense's picture

A thousand times as many people are willing to risk their lives to be here.

Let them flee with their tails between their legs like rand paul fleeing from a Mexican.

Thu, 08/07/2014 - 17:40 | 5061288 syntaxterror
syntaxterror's picture

Of course the "life riskers" will be mostly joining the Free Shit Army instead of forking over their life savings to fund it.

Thu, 08/07/2014 - 17:03 | 5061133 Uncle Remus
Uncle Remus's picture

Thing is, no one is from here. Any human in the Americas came from someplace else.

Thu, 08/07/2014 - 17:38 | 5061280 syntaxterror
syntaxterror's picture

How many corporations have "renounced" their citizenship, errr, I mean, performed a tax inversion?

Thu, 08/07/2014 - 18:10 | 5061424 Oldwood
Oldwood's picture

Fewer than would like to. Its an expensive proposition for most and now, again, Obama and the left are calling them out for it. Its makes a person or business virtually an idiot to stay here that could afford to leave, so they impune their patriotism to try and bully them into staying. Just like how France treated their companies and citizens who wanted to leave after they simultaneously destroyed the remains of their economy while raising taxes through the roof. Of course this is what the left always relies upon...guilt. You are a greedy fucking unpatriotic racist, engaging in a war on women if you attempt to keep the money you have earned, or prevent illegals from devaluing your job like the fed devalues your currency.

Thu, 08/07/2014 - 18:12 | 5061421 lakecity55
lakecity55's picture

Renounce citizenship, get one from Central America/Mexico, then get tons of free money from Backdoor Barry!

The only way to Make Money is to invade illegally!!!

Free cash, housing, EBTs, business start-up money.

Free Phones! Cars!

Also, change your Anglo-sounding name to Carlos or whatever.

Bath House cannot wait to give you tax dollars!!!

Veterans: forget the VA, get 1st class medical care as an illegal!!

Everyone, Denounce your citizenship and become Illegal!!!

Become a First Class Citizen!!

Free Voter Cards!!

 

Fri, 08/08/2014 - 02:29 | 5061739 honestann
honestann's picture

!!!!!  PRODUCERS:  SHRUG & LEAVE  !!!!!

!!!!!  PREDATORS & PARASITES:  STAY  !!!!!

Thu, 08/07/2014 - 20:23 | 5062187 steelrules
Fri, 08/08/2014 - 03:20 | 5063807 Redhotfill
Redhotfill's picture

Who needs a US passport anyway?  Wanna come back and visit friends and family?  Fly in to Tiajuana and hire a coyote for $50! Much faster too than waiting in line at US customs too.

Fri, 08/08/2014 - 06:33 | 5063986 TweedleDeeDooDah
TweedleDeeDooDah's picture

Most of the persons on the Federal Register list of Expatriates are actually foreign-born and/or dual citizens, if you look only at names alone.

What's more is that the list isn't even completely accurate, as the Register has in print "For purposes of this listing, long-term residents, as defined in section 877(e)(2), are treated as if they were citizens of the United States who lost citizenship."

So a lot of "non-citizens" gave up their citizenship.

I guess you have to read the fine print.

Fri, 08/08/2014 - 09:34 | 5064730 Jim Shoesesta
Jim Shoesesta's picture

Whose Obama?

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