More US wealthy opt to surrender their citizenship

[ensho]

http://www.wealth-bulletin.com/rich-life/rich-monitor/content/1054959505/


As offshore havens comply with transparency demands, a growing number of ultra-wealthy Americans are handing back their passports

Private client lawyers and relocation specialists are reporting a surge in wealthy Americans living abroad who are prepared to give up their citizenship to avoid the scrutiny of US tax authorities.

Although such a move means they have to pay an exit tax, lawyers say this is a price people have become more willing to pay this year, now the fall in asset values has reduced the size of the imposition.

-snip-

Because of this, many ultra-wealthy individuals who have chosen to become stateless now cruise outside coastal waters in their mega-yachts in the belief that if they stay on the move, tax authorities will not be able to catch up with them. One analyst who did not want to be named, has estimated the number of stateless tax evaders amounted to a few thousand.

This implies the quantity of money outside the grasp of global tax authorities could be trillions of dollars.

-snip-

(you will just love the following)

In the final months of the Bush administration, the US Government introduced a package of tax reforms that included an amendment to the exit tax on US citizens and long-term green card holders who expatriate the US.

The tax allows US citizens and permanent residents wanting to renounce citizenship or permanent residency to pay a one-off income tax on gains over $600,000 (€420,000). All assets beyond this amount are valued at mark-to-market.

The exit tax allows a clean break from the US tax system from the date of expatriation without imposing the previous 10-year period after expatriation where tax rules used to apply – another big incentive, say lawyers.

One of the other benefits of the amended exit tax is that a former US citizen who has expatriated will be able to travel to the US without his income becoming taxable. Under the previous exit tax this was not possible.

-snip-

St Kitts and Nevis is favoured for its perceived security, while Austria is one of the few European countries where it is possible to purchase citizenship.

Typically, it will cost $400,000 to secure a St Kitts and Nevis passport, whereas Austrian citizenship might run into several million euros.
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[damntexdem]

1. I can only say "good riddance."

[blueworld]

9. Why are they allowed to come back & travel here?

I hope this Congress repeals that "amendment", else I foresee the bunch of greedy bass turds running home to "visit" when the foie gras hits the fan overseas. Then they sit it out here nice & comfy? No, they want to expat their money? Let them expat their hairy butts also. Only the Repugs could come up with a system that allows citizens to avoid their patriotic tax burden, screw their fellow citizens & yet enjoy almost every American value & luxury.

When the revolution starts, I promise to sober up:)

[ShortnFiery]

2. Good. Now LIMIT their stays in the USA. Let them enjoy Singapore, et.al., justice system.

:evilgrin:

[Deja Q]

6. That's right! China is known for executing spineless frauding spinners...

:evilgrin:

It's okay to make mistakes, but deliberately causing problems? That's a separate issue.

[Deja Q]

3. Swindlers and cowards, the lot of them. Despicable.

On the plus side, if it's really a plus and it isn't, they'll swindle in whatever country they move to.

[Statistical]

10. They generally don't move.*

Technically they do need to move for a couple years however it isn't that difficult to immigrate back to the US if you are willing to open a new business that employs people.

So
1) renounce US citizenship & pay exit tax
2) gain citizenship in foreign country w/ low or now income tax
3) apply to immigrate to US
3) immigrate to US on temporary VISA
4) gain permanent green card.

Best of both worlds.

They enjoy all the benefits of the United States however they no longer need to pay taxes of investments.
All the gain, none of the pain.

[redqueen]

11. That loophole needs to be closed quickly. (nt)

[Deja Q]

14. Seconded.

[Wounded Bear]

4. Ah yes. Patriotism, Republican style.

:crazy:

[ddeclue]

5. Umm buh -bye and don't expect the Marines to save your ass..I hope the Swiss Army is up to the job..

:rofl:

[Deep13]

7. Leave your key and your assets first.

They shouldn't get to loot this country on their way out.

[kenny blankenship]

8. St. Kitts eh? It was pretty easy to gin up a war against Grenada...

I heard there was a big Cuban base under construction on St. Kitts.

[Romulox]

12. If I were rich enough, I'd do it too. nt

[Deja Q]

15. Where would you go? And will they coddle you there?

[Romulox]

16. Europe is the place to be, if you can afford it. I'm not sure what you mean by "coddle"...

If not living in a corporatist empire in its death throws is "coddling", wellsir, coddle me up!

[KatyMan]

13. One nit to pick...

You can't renounce your US citizenship unless you serve in a foreign military in a war against the US, and even then I'm not so sure. You may have to be an officer in said army.

[MattSh]

20. No, not true.

You walk into a US Embassy overseas, fill out the paperwork, and wait for your response.

Generally, however, it will not be granted unless you have gained citizenship or residency somewhere else, and can prove it.

[KatyMan]

21. And conversely

you can go in the next day and ask for it back and you'll have it. Citizenship in another country doesn't matter wrt US citizenship.

[Rex]

17. Bunch of rich traitors, fuck them I hope they get eaten by sharks.

Rich people who denounce American citizenship can go and fuck themselves. Just goes to show how little integrity these wealthy morans have. At least we all know they will burn in Hell.

[KamaAina]

18. Why do they hate America so much?

:grr: :banghead:

[TransitJohn]

22. They don't hate America, they just love their money more.

It's sad, really.

[Matariki]

19. Guess it's better to live nowhere, grasping all one's gold than be part of a community

if it means paying any taxes :shrug:

[Johonny]

23. until you get ill I imagine

then it's off to the GREATEST health care system you can buy. Screw the leaches of society