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Thread: Passport question

  1. #36
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    Default Re: Passport question

    That sounds right. They take tax evasion pretty seriously. Hope it works out for you.

  2. #37
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    Default Re: Passport question

    Quote Originally Posted by genglandoh View Post
    I think the issue is because you are considered a US citizen you were required to files US tax returns all these years.
    So the issue is not the cost to renounce your US citizenship it is the cost to pay you back taxes.

    US citizens are required to pay taxes even if they live in another country.
    You're almost correct. I don't make enough to have ever owed the USA any taxes, but one of the requirements for renouncing US citizenship is the filing of five years of tax returns, which would require me to retain an accountant who specializes in Canadian/US filings. That's one of the reasons renouncing would cost me ten to twenty thousand dollars - such accountants aren't cheap.

    (The other costly part, aside from the fee itself which is over $3100 CAD at the moment, is making at least one in-person visit to a US consulate, which would cost me a significant amount in travel, accommodation, and lost work expenses.)

    What are you doing about it?




  3. #38
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    Default Re: Passport question

    Quote Originally Posted by bluedog225 View Post
    That sounds right. They take tax evasion pretty seriously. Hope it works out for you.
    It is utterly ludicrous to suggest that I might owe taxes to a country I left before my first birthday and have never considered to be "my country". There is no possible moral basis for the USA imposing a tax on me.

    Tax evasion is a problem, certainly, but it wouldn't be MY problem if the "greatest country in the world" could get its act together long enough to draft competent tax legislation.

    What are you doing about it?




  4. #39
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    Default Re: Passport question

    Dual citizenship is not the only way to have two passports. When I was working overseas exclusively I had to send in my passport every six months to get a new work visa. During that time I would not be able to travel out of county so there is a program which allows you to get a second passport, that has to be renewed every two years, to cover those situations.
    "Simple minds discuss people, Average minds discuss things, and Great minds discuss ideas".

  5. #40
    Join Date
    Oct 2003
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    Default Re: Passport question

    Quote Originally Posted by BrianW View Post
    Dual citizenship is not the only way to have two passports. When I was working overseas exclusively I had to send in my passport every six months to get a new work visa. During that time I would not be able to travel out of county so there is a program which allows you to get a second passport, that has to be renewed every two years, to cover those situations.
    pretty sure our friend chuck had multiple passports through an entirely different government sponsored program. . .
    Simpler is better, except when complicated looks really cool.

  6. #41
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    Default Re: Passport question

    I have two passports. Since my grandparents were from Ireland, my parents, born in the US, are automatically Irish citizens under Irish law. Since they were Irish citizens, I was entitled to citizenship.

    Kevin
    There are two kinds of boaters: those who have run aground, and those who lie about it.

  7. #42
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    Default Re: Passport question

    Quote Originally Posted by Paul Pless View Post
    pretty sure our friend chuck had multiple passports through an entirely different government sponsored program. . .
    The special red passport.
    "Simple minds discuss people, Average minds discuss things, and Great minds discuss ideas".

  8. #43
    Join Date
    Apr 2007
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    Default Re: Passport question

    Quote Originally Posted by Rum_Pirate View Post
    BUT my other passports are not 'St.Kitts & Nevis' ones.

    Quite probably, the St Kitts & Nevis passport is going down in value.

    In 2016 and to date I don't have figures but consider that they are down considerably since in
    November 22, 2014 – As of 12:00 p.m. EST today, Canada implemented the visa requirement on St. Kitts and Nevis.

    UPDATE

    Note EC$1.00 = US$0.37

    SKN: Over 3 Billion (EC$) Earned From CBI Over 10 Years, Receipts Declining Since 2015
    Published: Tuesday, 15 January 2019 11:08 Written by LK Hewlett

    St Kitts and Nevis (WINN): There is no denying that the revenue generated from the Citizenship by Investment program over the years has been an important contribution to the economy of St. Kitts and Nevis but since hitting its peak year in 2014, receipts from the government’s CBI have been on the decline.
    During Saturday’s edition of WINN FM’s Inside the News talk show, former government Minister and attorney at law Dwyer Astaphan gave a recap of the CBI fee revenues earned annually over a ten year span starting in 2008.

    “In 2008 the government raised in CBI revenue $12.5 million dollars, it was 3 percent of the recurrent revenue for that year.
    In 2009 the government collected $14. 2 million dollars, which was 3.2 percent of the recurrent revenue.
    In 2010 it collected $42 million dollars, which was 10 percent of the recurrent revenue for that year.
    In 2011 it collected $89 million dollars which represented 16.8 percent of recurrent revenue.
    In 2012 it collected $141 million dollars, which represented 26.5 percent of the revenue.
    In 2013 the government raised $277 million dollars from the CBI program and that represented 40 percent of the recurrent revenue and
    the peak year was 2014 when they raised $325 million dollars which represented 42.3 percent of recurrent revenue.
    In 2015 they collected $294 million dollars from the CBI program which represented 39 percent of recurrent revenue, 2016 a sharp drop, $175 million dollars representing 27.6 percent of recurrent revenue.
    And finally, 2017, $149 million dollars, representing 24 percent of the recurrent revenue.”

    He explained that the government’s audit of public accounts do not reflect SIDF donations, only fees generated from that program.
    “The government’s accounts do not reflect SIDF activities, the SIDF is not a part of the government accounting architecture. I’m talking just about government fees, if you add them up, the government revenues from the CBI between 2008 and 2017 inclusive is $1, 518, 700,000 dollars.”

    Attorney at Law Garth Wilkin was also a panelist on the show and provided the figures for actual cash contributions made to the SIDF.
    “I looked up on the SIDF website to get the contributions since 2007 from the audited reports which go up to year end 2016 and similarly, you can see the trend, because
    in 2007 it was $19 million,
    2008 $36 million,
    2009 $52 million,
    2010 $153 million,
    2011 $230 million,
    2012 $330 million,
    2013 $330 million,
    2014 $292 million,
    2015 $209 million,
    2016 $124 million.

    And that is from the audited report's contribution to the SIDF so those persons who when the SIDF was $250,000 dollars those were the contributions that were made during that period.

    The total is EC$1.78 billion dollars, this is from 2007 to 2018 and that is not reflected in the government books.”

    The panelists calculated that the government has earned over EC$3 billion dollars in cash from the CBI program in just about 10 years.
    While Prime Minister and Minister of Finance Timothy Harris has claimed that the recent versions of the St. Kitts and Nevis CBI programs have been doing well despite a slashing of the contribution to $150,000 for an individual, a look at the most recent auditor’s report completed in September 2018 shows that in 2017 “Non-tax revenue decreased by $36 million dollars or 14% in comparison to 2016. $26 million dollars of this decrease was as a result of the reduction in Citizenship by Investment fees collected during 2017.”
    The report went on to say “Revenue collected by the Citizenship by Investment Unit fell short of its 2017 target by $21 million dollars. This represented a 30% decrease in revenue collection when compared to 2016. This was attributed to the lower volume of applications processed in 2017.”
    In 2017 the revenue collected by the Citizenship by Investment Unit accounted for 24% of the government’s total recurrent revenue.
    Enjoy a good rum on the rocks at sunset.

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