Peter Schiff – Americans Renouncing Citizenship: Privilege or Albatross
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[Peter Schiff – Americans Renouncing Citizenship: Privilege or Albatross]
[Fox Business:] Source: LYBIO.net
So are you ready for this, Americans renouncing their citizenship in record numbers as the US cracks down on global tax evaders.
Those tough new laws are aimed at recovering the almost $100 billion
dollars the US government says it loses in unpaid taxes every year but
is it just forcing Americans out above the country Peter Schiff is CEO and chief global strategist for Euro Pacific Capital and he joins us now; which is it? I mean it seems like this might not be the best thing for the government to be doing or is it?
[Peter David Schiff (EURO PACIFIC CAPITAL CEO):]
I think it’s a terrible thing that they’re doing and it’s a disturbing
trend is going to continue. You know the government is making it very difficult for Americans who happen to be living and working aboard to function.
MORE AMERICANS RENOUNCING CITIZENSHIP:
1Q of 2Q of 2013 TOTAL: 1,809
1Q of 2Q of 2012 TOTAL: 649
[Peter Schiff:] Source: LYBIO.net
A lot of people are having to give up their US citizenship
even though they prefer to retain them, but it’s not just ex-patriots you know even if you’re living in America you want to bank abroad, you know, I own an offshore bank, I won’t accept American customers at my bank because I don’t want to be subjected I to the enormous expense that I would incur if I try to accommodate a US customers.
The the fact that people are giving up their citizenship I think
the numbers approaching almost 2,000 is anyone taking note other than the network in a few the news organizations, is anyone in the government saying; we need to rethink this?
Well I doubt it, I think the government is deliberately trying to
prevent Americans from leaving the country, I think they’re gonna make it much more difficult in the future than it is today both to get out of the country or to get your money out of the country. You know, there’s a form that you have to fill out in order to renounce your
citizenship and up until a few years ago the form was free. Now it costs five hundred dollars just to get the form to give up your citizenship. I mean who knows what that form may cost in the
future, maybe it’ll cost $5,000 dollars maybe $10,000 dollars.
They already have big exit penalties if you’re wealthy if you have a lot of assets and you want the privilege of no longer being an
American citizen you’re gonna have to pay a lot of money for that.
But it really tells you something that now an American citizenship a instead of a badge or honor is like an albatross around your neck and people are willing to pay huge sums of money not to have to be an American citizen that is a very troubling development. You know when countries are trying to build the wall to keep their people in, there’s reasons for that and instead examining why people want to escape and changing those policies, they’re just trying to prevent people from leaving
Their profile of the average person who has renounced their citizenship in this predicament: what do they look like? Are they like you and me? Well are they like you? Are they extremely wealthy? Or like me, middle-class by New York standards but middle-class?
Well I think a lot of the people who are expatriates who are giving up their citizenship are middle class and they just can’t even afford
uh the complexity of filing a return while living off shore.
They’re having trouble with bank accounts; with insurance policies; getting home mortgages so it’s just – their lives are difficult.
But I think over time more and more entrepreneurs, young people who
wanna make something of themselves, who find it a lot more difficult to do it here because of their taxes and regulations they’re gonna wanna leave and I think a lot of Americans are gonna wanna to get their money out of the US because of the inflation that I see coming, and the weakness in the dollar and the US government is gonna try to find ways to mitigate that by making it more difficult for Americans to get out the country either physically or get their money out.
[Fox Business:] Source: LYBIO.net
Alright Peter Schiff we appreciate you joining us to discuss this issue it’s not going away anytime soon thank you.
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