Is there a difference between a green card and an American citizen tax agent when buying a house in the United States?

Green card citizens have to pay taxes everywhere. Rich people in China regret immigrating to the United States.

Core Tip: For many rich people who immigrated to the United States from Chinese mainland, the American passport is a demon that can't be put back in the bottle, and more and more of them are considering giving up their American citizenship. According to American law, American citizens and permanent residents holding green cards must pay taxes on their global income no matter where they live.

For many rich people who immigrated to the United States from Chinese mainland, the American passport is a monster that can't be put back in the bottle, and more and more of them are considering giving up their American citizenship.

More and more of them are considering giving up American citizenship. This was almost unimaginable 10 years ago, because obtaining an American passport was a symbol of social status in China at that time.

A 3 1 year-old housewife who only said her surname was Wu said that she had the idea of giving up American citizenship about a year ago. When Ms. Wu talked about this matter, she said: "I regret it. All my friends regret it. "

The reason why she changed her mind was tax. According to American law, American citizens and permanent residents holding green cards must pay taxes on their global income no matter where they live. Other countries, including China, also levy taxes on citizens' global income. But the most concerned is the United States, a country with complex tax system and unlimited power of tax collectors.

In March 2006, Washington strengthened tax collection and management and promulgated the Foreign Account Tax Compliance Law, aiming at cracking down on overseas tax evasion. The detailed rules will be completed before the end of this year, and the IRS predicts that strengthening tax collection and management will increase tax revenue by as much as $9 billion in the next 10 year.

The long history of taxation in the United States began with article 16 of the constitutional amendment. The amendment gives Congress the power to levy taxes, thus making tax payment a serious legal issue, which immigrants did not realize when they decided to become American citizens. The scope of application of this law even goes beyond life, including the real estate of the deceased.

But the problem is not just about paying taxes. Americans and green card holders face complicated tax filing requirements. They often encounter difficulties in opening bank accounts outside the United States, and it is often difficult for them to establish business overseas because potential partners are worried about appearing on the "radar screen" of the Internal Revenue Service.

According to the Federal Government Chronicle, the number of people who gave up American citizenship increased to about 1780 last year, compared with only 280 in 2006. This figure includes American-born people and naturalized people, excluding permanent residents who gave up their green cards.

Anthony Tang, a tax partner of PricewaterhouseCoopers in Hong Kong, said, "With so many burdens, we believe that at least the trend of American citizens considering giving up their nationality" will continue.

Timmas Deng, a Hong Kong lawyer specializing in immigration affairs, said that many rich people quit in the process of giving up their nationality because they knew that the internal revenue service would check their global income for evidence of tax evasion. He also said: "It is difficult to find a China entrepreneur with an impeccable tax record."

Giving up American citizenship is also expensive. Lawyer Deng said that the whole procedure usually takes one to two years. In order to prevent individuals from becoming stateless, the United States requires those who give up American citizenship to enter other nationalities.

There are also legal consultation fees. The asking price of Deng Law Firm is $30,000. There is also the so-called expatriate tax. This fee is paid when you hand in your American passport, and it is very complicated to calculate. According to the date of handing in the passport, different regulations apply.

Angelica Kwong, a tax expert and a Hong Kong partner of PricewaterhouseCoopers, said that the regulation "requires individuals to provide extra liquidity in a very short period of time, which is difficult to do".

Since you have a green card, leave it alone! ! ! ! Despise! ! !

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