More American Expatriates Give Up Citizenship

It is a sad outcome for Expats in US to give up permanent residence and citizenship due to the high amount of taxes. Even Americans abroad have the same thinking on this issue. This progressing aggravation is said to be the main cause of the matter.

“What we have seen is a substantial change in mentality among the overseas community in the past two years,” said Jackie Bugnion, director of American Citizens Abroad, an advocacy group based in Geneva. “Before, no one would dare mention to other Americans that they were even thinking of renouncing their U.S. nationality. Now, it is an openly discussed issue.”

The Federal Register, the government publication that records such decisions, shows that 502 expatriates gave up their U.S. citizenship or permanent residency status in the last quarter of 2009. That is a tiny portion of the 5.2 million Americans estimated by the State Department to be living abroad.

Still, 502 was the largest quarterly figure in years, more than twice the total for all of 2008, and it looms larger, given how agonizing the decision can be. There were 235 renunciations in 2008 and 743 last year. Waiting periods to meet with consular officers to formalize renunciations have grown.

Frustrations over tax and banking questions, not political considerations, appear to be the main drivers of the surge. Expat advocates say that as it becomes more difficult for Americans to live and work abroad, it will become harder for American companies to compete.

American expats have long complained that the United States is the only industrialized country to tax citizens on income earned abroad, even when they are taxed in their country of residence, though they are allowed to exclude their first $91,400 in foreign-earned income.

Read More From The New York Times

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Expat Community ‘Fully Behind Qatar’

In common usage, the term expatriate is often used in the context of professionals sent abroad by their companies, as opposed to locally hired staff. But what happened during one of Qatar’s biggest moments in history was beyond just working, instead, it’s expats contributed to the country’s pride. Simply put, they fought for Qatar like it’s locals.

“The historic winning of Qatar’s bid for 2022 World Cup will change the history of the country and the region, said prominent Doha resident and former chief of the Indian Community Benevolent Forum (ICBF) Dr Mohan Thomas.

Dr Thomas, a leading ENT specialist and founding chairman of Birla Public School (BPS) felt “the long awaited recognition of the region by the rest of the world has attained its fulfillment with Qatar being chosen as the venue of the greatest sporting spectacle.”

Read More From Gulf

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Emotive Reasons Bring South African Expats Home

A strong bond on culture and family and the convenience of living in their own country push African expats to leave their promising careers abroad.

And even if a crime is a recurring problem at home, most are still compelled to go home to their families and enjoy the massive South African landscape and sunny weather.

“Brigitte Lightfoot, managing executive of Homecoming Revolution, said the organization receives about 160 enquiries a month from South African expatriates.

‘The most common questions they ask have to do with employment opportunities and practical things such as how to open bank accounts, convert driver’s licenses, and about schools for their children,’ Lightfoot said.

Lightfoot says there are more than 500000 South Africans living abroad. According to Lightfooot, the main reasons migrants have for considering returning are emotive.”

Read More From www.sowetanlive.co.za

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Money Equates Social Exclusion

Everyone needs something; and the level of need vary among individuals. An expat automatically bids goodbye to social inclusion by leaving his homeland to work abroad for a bigger pay. It’s a tough road, especially for those working in the Gulf Countries, but achieving financial stability is not far from their reach.

“Most expatriates in the Gulf say they work extremely long and hard. But the financial benefits can be considerable, with mostly tax-free income and generous allowances for schooling, housing, transport, medical insurance and travel to and from home. (The latter is generally once a year but, depending on company and rank, can be as much as four times a year.)”

Read More From the Financial Times

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Saving for Retirement

Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire due to physical inabilities.

But as we we enjoy life in our youth, are we making the right decisions for the future? It seems that very few people actually save for fulfilling twilight years.

“More than half of the over 55s who earn between £20,000 and £30,000 a year have saved less than £30,000 for their retirement, which would give them around £165 a month to live on, according to research from insurance giant Aviva.

Clive Bolton, the ‘at retirement’ director for Aviva, said: ‘Babyboomers have enjoyed rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyle they desire. People should think about how they want to spend their days, and how much this will cost.

This research also opens up an interesting debate around who should fund retirement. There may be an expectation for younger generations to foot the bill in one way or another.’”

Read More From The Telegraph

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US Expats Renounce Citizenship Over Tax

The number of US expats cutting their ties with their home country had doubled since 2008 because of tax related issues. “The U.S. is unique among industrialized countries in being the only one that taxes its citizens who live and work overseas, in many cases subjecting them to double taxation in both the country they reside in and their country of citizenship.”

Read more from International Living

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