US and them – Aaron Woolner column

US and them

aaron-woolner

Record numbers of Chinese are giving up their US green cards, according to the South China Morning Post (SCMP), and returning to being full-time citizens of China. But it’s not patriotism that is driving this trend, but instead cold hard cash. Or more precisely, taxes. The US taxes its citizens on a global basis – a fact that often comes as a surprise to many of the 90,000 or so Chinese a year who are granted a green card.Add the Foreign Account Tax Compliance Act (Fatca) into the