# Renouncing your only citizenship?

**URL:** <https://boards.straightdope.com/t/renouncing-your-only-citizenship/608315>\
**Category:** Factual Questions\
**Created:** [January 3, 2012, 11:39pm UTC](https://boards.straightdope.com/t/renouncing-your-only-citizenship/608315 "2012-01-03T23:39:46Z")\
**Posts on this page:** 3\
**Page:** 5

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**Author:** ![ac35155](https://avatars.discourse-cdn.com/v4/letter/a/9fc29f/32.png) [@ac35155](https://boards.straightdope.com/u/ac35155)\
**Post date:** [January 28, 2012, 10:13am UTC](https://boards.straightdope.com/t/renouncing-your-only-citizenship/608315/81 "2012-01-28T10:13:45Z")

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My only fear now is that the clock will strike 2013 – when the FACTA will actually go into effect – and the banks where I live will tell “You are American, so you must move your account someplace else.”

Happy Dr. Drake? It’s now a local concern for me, and not international banking.

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**Author:** ![Darth\_Panda](https://avatars.discourse-cdn.com/v4/letter/d/ee7513/32.png) [@Darth\_Panda](https://boards.straightdope.com/u/Darth_Panda)\
**Post date:** [January 28, 2012, 1:06pm UTC](https://boards.straightdope.com/t/renouncing-your-only-citizenship/608315/82 "2012-01-28T13:06:41Z")

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> [@ac35155](#):
>
> They may pay taxes, if taxes are owed. Take me for example, I’m going to have to pay around a couple of thousand for capital gains from a brokerage account I have there. But what kind of services has AmeriKa provided me with? Nothing, zip, zilch, zero in the last 6 years.
> 
> AmeriKa wants all of the benefits from US expats, but the US doesn’t want to spend one dime. We even pay for all of the services at the consulates. To renounce it costs $450 and for them it is minimal work.
> 
> But that $450 is a good deal to not have to file zero taxes owed for the rest of one’s life. I can’t wait to pay it.

You might have to pay taxes at least 1 more time:

> [@](#):
>
> Section 877A(a) generally imposes a mark-to-market regime on expatriates who are covered by section 877A, providing that all property of a covered expatriate is treated as sold on the day before the expatriation date for its fair market value.

> **[Internal Revenue Bulletin: 2009-45 | Internal Revenue Service](https://www.irs.gov/irb/2009-45_IRB)**

[http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html](http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html)

And, of course, there’s this little gem:

> [@](#):
>
> Also, persons who wish to renounce U.S. citizenship should also be aware that the fact that a person has renounced U.S. citizenship may have no effect whatsoever on his or her U.S. tax or military service obligations (contact the Internal Revenue Service or U.S. Selective Service for more information).

> **[404 - Page Not Found](https://travel.state.gov/content/travel/en/404.html)**

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**Author:** ![ac35155](https://avatars.discourse-cdn.com/v4/letter/a/9fc29f/32.png) [@ac35155](https://boards.straightdope.com/u/ac35155)\
**Post date:** [February 2, 2012, 2:16pm UTC](https://boards.straightdope.com/t/renouncing-your-only-citizenship/608315/83 "2012-02-02T14:16:16Z")

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Actually, I “served” in the military for 8 years so I owe nothing there. I also don’t make enough money to even owe taxes in America. With this FACTA thing, the US has fallen off its rocker. They also can’t deny entry based on renunciation, even for tax reasons. It was ruled unconstitution by Congress.

Have you seen the latest renuciation stats? There were about higher than last year, but a lot of people are complaining, saying that they aren’t on the list.

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