Moving money out of the country is too easy for such a 20% forfeiture to ever be collected. Sounds fishy. When moving permanently overseas, there’s no requirement to relinquish (called ‘repudiation’) one’s citizenship but some people do it in order to take advantage of foreign country social programs. Typically those people have strong personal ties to that country already. As well, for example, as ‘bella stated, many countries require local citizenship to own land. The Social Security Administration relies on your “tax home” (for most people) to track your address. There’s no requirement I’m aware of to inform the SSA directly of a change of address within or out of the US. Maintaining a US-based address is easy. With a bank account and ATM/credit card, life overseas goes on rather easily. Sure, there are hiccups with taxes, large money transfers, etc. but at my meager income levels, it’s never been that hard. CT 30°24'43.07"N 88°34'1.90"W _____
From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Philip & Marilyn Sent: Wednesday, 01 October 2008 07:35 To: [email protected] Subject: Re: [Liveaboard] http://news.yahoo.com/s/nm/20080929/tv_nm/us_americatown All should be aware that Congress passed, as an amendment to another Bill, signed into law that says if an American Citizen gives up his/er citizenship and becomes a citizen of another country they will forfeit 20% of their cash and investments. Sort of a grand departure tax. Not well known, I only found it by luck. Sorry - can't provide the link. ALSO Social Security requires that you notify them if you change your residency to one outside the country. Not to hard to jump from that to cutting off your check if you do. Make plans accordingly. Philip
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