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IPFS News Link • Citizenship

Doug Casey on Why Having a US Passport Is No Longer an Advantage

• by Doug Casey

Doug Casey: Well, it used to be that having a US passport was a tremendous advantage. But over the years, it's turned into an albatross around the necks of the people who own one.

America is the only major country in the world that taxes its citizens no matter where they live.

Even if an American moves abroad—he never returns or even sets foot in the US again—he's obligated to file taxes and, at best, can get a $100,000 or so exemption on earned income.

That makes it extremely costly to be an American. But on top of that, the US government forces Americans to file many forms having to do with their foreign financial dealings. And they're precluded from buying various assets or investing in various countries.