General Discussion
In reply to the discussion: If you know any American persons living in another country than America than please let them know [View all]riverbendviewgal
(4,252 posts)some never went to the USA...They were just born to an American parent in another land.
This law came up out of surprise in 2009....America is the only country in the world beside Eritria that is citizen based taxation not resident based taxation..
People will rectify this ..Can renounce, relinquish but those that never knew they American are caught by surprise and have to file US income taxes and report their bank earnings for at least 6 years...even if they never worked a day or lived in the USA. AND in 2014 the banks in the country where these APs live in have to report their bank transactions and amount of money they have in the bank, forever..
Some now say this will also happen in the USA...All banks will have to report the government all the money and investments Americans have in their accounts.. You want that?