The fear of inflicting US citizenship on children http://t.co/QAji0IPcjP born outside the US – #FBAR #FATCA
— Citizenship Lawyer (@ExpatriationLaw) November 3, 2013
Big problem. There was a time when U.S. citizenship was considered to be a great gift. As the above discussion makes clear many consider it to be a toxic liability. Obama promised “change we can believe in”. Nobody could seen the destruction of the value of U.S. citizenship.
It’s change we never could have believed possible!
Here is the comment that started this discussion:
I am a US citizen and have lived abroad for 13 years. I now qualify for Norwegian citizenship. My kids have dual citizenship. Due to FACTA, FBAR reporting, taxes, etc… I am investigating the pros and cons of renunciation. Also, I am wondering why I ever saddled my kids with life long tax reporting burdens when they are US citizens in name only. They will probably never live there and clearly consider themselves Norwegian. So, does anyone have any experiences, first or second hand, with this? I think my main concern would be how it could effect my relationship with family and friends in the States.
Edit: Thanks for all the comments. For me the issue is not the process/bureaucracy but rather the impact it could have on family and friends. So if anyone has experience on how renunciation effected your US relationships, I would love to hear from you. Thanks.