Mon, Feb 11, 2013 - Page 6 News List

US tax rules sour life for Americans abroad, expats say

BUREAUCRATIC BLIGHT:The US is the only country besides Eritrea that taxes people based on their citizenship rather than on residence or the source of their income

AFP, GENEVA, Switzerland

“Suddenly they realize their entire life’s savings could be at risk,” she said.

In addition to making it difficult for Americans to simply open bank accounts abroad, the US tax rules also trip up US citizens’ attempts to do business in other countries, observers say.

John said he had long wanted to go into business with a good Swiss friend, but “every time we got close to a deal, my citizenship became a huge stumbling block.”

According to US law, any business anywhere in the world which is more than 10 percent owned or controlled by US citizens or interests must file its annual balance sheet to US tax authorities.

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