Singer Tina Turner voluntarily relinquishes US citizenship
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By Phyllis L. Smith Asinyanbi.
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Berne - The iconic Tina Turner is no longer an American
citizen. In October, she voluntarily relinquished her U.S. citizenship at an
embassy in Berne, Switzerland.
In July, Turner, 73, married long-time partner and record
producer Erin Bach after a 27-year courtship. They met in 1985, have been
together since then and lived nearly 20 years in Switzerland.
Per the Washington Post, Turner became a Swiss national in
April, and according to an Oct. 24 embassy report, states she has no strong ties
to the U.S. other than family, is now fluent in German and has no plans to live
in America in the future.
The eight-time Grammy award winner is
known for her unique voice and popular songs: "What's Love Got To Do With
It," "We Don't Need Another Hero" and "Proud Mary."
Turner retired from performing in 2009.
Although the singer relinquished, rather than renounced citizenship, the
consequences with the IRS are the same. Exit taxes are now due. (Read more about
the process here.)
It is assumed that Turner may have
relinquished citizenship for tax reasons, but this has not been confirmed.
Another speculation is that she wanted to cut all ties with an abusive past.
According to Forbes, the Foreign Account Tax Compliance Act
doesn't simplify tax issues for Americans living abroad. FATCA is an enforcement
tool requiring foreign banks to reveal American account holders. Many don't
comply, because the requirements, reportedly, breach banking confidentiality
laws.
France recently signed an Intergovernmental Agreement with the
U.S. Global Tax leader at Deloitte Tax LLP’s Foreign Account Tax Compliance
Initiative. Deloitte spokeswoman Denise M. Hintzke stated:
Tax attorney Andrew Mitchel reports a
record high of 2,369 expatriates for 2013, with second highest numbers reported
in 2011, CNBC
reported.
I just returned from Paris and the signing of this agreement has been especially anticipated by the fund industry there. The IGA and the implementing guidance which will follow should finally give financial institutions in France a clearer idea of what they need to do to be in compliance.
Read more: http://www.digitaljournal.com/article/362167#ixzz2ktqDtQ8p
