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mk · 3486 days ago · link · · parent · post: The Republic of Estonia will be the first country to offer e-residency.
It's a good question. There were some recent articles about American expats renouncing their citizenship as the IRS has reached out to Americans living abroad: US citizenship has long been a desirable status. Will that change as countries compete for the monied and mobile? The US has been selling residency for some time. But what does it have to offer? Wealthy people aren't looking for equal opportunity.If a foreign bank – not just in Canada, but anywhere – fails to report even a single US citizen as a customer to the IRS, the US Treasury department would withhold 30% of the banks’ US income as penalty.