Any thoughts on the 5 flags theory?



well Ngo, we both know people doing it so we know it's possible although some of those guys admit that it's difficult to stay productive if you're constantly on the road. The best way to do it I hear is to stay for at least 1 month in each place you visit.

Problem is: US and CA citizens are screwed. You will still end up paying certain taxes no matter where you are in the world.
 
AFAIK the US is the only country in the world that will tax you on income earned abroad. Not only that, but they'll still collect for 10 years if you relinquish your citizenship!
 
megatabbers said:
AFAIK the US is the only country in the world that will tax you on income earned abroad. Not only that, but they'll still collect for 10 years if you relinquish your citizenship!
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There are loop holes, but having to go through this crap is ridiculous...

What about the fact that America has a 45% death tax on all assets.

Fuck that.

I'm working on becoming a Canadian citizen then I'm just going to live wherever I damn-well please and pay whatever pennies in taxes I'm due.
 
Soupyone said:
I'm working on becoming a Canadian citizen then I'm just going to live wherever I damn-well please and pay whatever pennies in taxes I'm due.
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But still, you're going to be paying taxes to the US for anything over 100K or so. In fact, I've lived abroad (EU) for a couple of years. I still had to pay FICA (~15%). I was exempt from Federal on the first 100/102K but paid it on the rest.

Unless of course, you give the IRS the middle finger and move to a tax shelter that won't extradite you (if it ever came to that). But you'll never be able to step foot here again.

I know how you feel man. Every year, come tax time, I put in serious thought to getting the fuck out of here. We pay so much in taxes and compared to places like say, Sweden, we don't get shit for our money.

Oh wait a minute, scratch that, the government is using my money to keep me safe from "terrorists".
 
megatabbers said:
But still, you're going to be paying taxes to the US for anything over 100K or so. In fact, I've lived abroad (EU) for a couple of years. I still had to pay FICA (~15%). I was exempt from Federal on the first 100/102K but paid it on the rest.

Unless of course, you give the IRS the middle finger and move to a tax shelter that won't extradite you (if it ever came to that). But you'll never be able to step foot here again.

I know how you feel man. Every year, come tax time, I put in serious thought to getting the fuck out of here. We pay so much in taxes and compared to places like say, Sweden, we don't get shit for our money.

Oh wait a minute, scratch that, the government is using my money to keep me safe from "terrorists".
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I'm actually going to renounce my citizenship...

I'm glad to have been born in the Western world, but I'm as soon as I can afford to move abroad indefinitely I'm gone.

If I ever did visit it would be to Florida or NYC a month or two at a time once or twice a year tops...

Living in America is a sheltered existence if you're of the means to earn and thrive anywhere...
 
megatabbers said:
I know how you feel man. Every year, come tax time, I put in serious thought to getting the fuck out of here. We pay so much in taxes and compared to places like say, Sweden, we don't get shit for our money.
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Dude are you high,, do you have any Idea on how much tax we pay in scandinavia to keep up with all the free shit.
 
Soupyone said:
I'm glad to have been born in the Western world, but I'm as soon as I can afford to move abroad indefinitely I'm gone.
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So you're going to move to a place like thailand or South America? Just be prepared for the loss of the welfare state. What's going to happen when your eighty years old, senile, and your internet monies are gone? I don't know your situation or plans in life are, but there are certain benefits to living in the West and it's not a simple decision to renounce your citizenship. There is a reason why virtually every business owner in SE Asia (at least that i know) remains a citizen of their respective countries. Having all your money in an unstable corrupt country with no safety net is no way to find yourself in old age if it ever does come to that. To me at least it's worth paying FICA just to know I won't wind up in a ditch somewhere on the side of the road as people walk over me.
 
onkelmicha said:
Dude are you high,, do you have any Idea on how much tax we pay in scandinavia to keep up with all the free shit.
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That's what I'm talking about. You guys actually get free shit. The only people in this country that get free shit (aside from the disabled who rightfully should get it) is lazy fucking leeching welfare check collecting scum. The people who work hard don't get jack shit except the "privilege" of subsidizing others' laziness.

Look at "Octo-Mom". She's an extreme case but there are plenty of duo, trio and quadro moms that don't think before getting knocked up. Scratch that, they do think... they think about getting more welfare per child, that is.

I know you guys are having similar problems and your "Eutopian" system is going to cave in on itself one day, however, I still believe you guys are getting more bang for your buck ATM. I could be wrong but from what I hear from a good friend who's living there, your tax dollars go a long way.

What are the tax rate ranges over there? Here they're well north of 50% if you're making decent money. That is, when you factor in all the different ways government rapes you.
 
Dulce said:
So you're going to move to a place like thailand or South America? Just be prepared for the loss of the welfare state. What's going to happen when your eighty years old, senile, and your internet monies are gone? I don't know your situation or plans in life are, but there are certain benefits to living in the West and it's not a simple decision to renounce your citizenship. There is a reason why virtually every business owner in SE Asia (at least that i know) remains a citizen of their respective countries. Having all your money in an unstable corrupt country with no safety net is no way to find yourself in old age if it ever does come to that. To me at least it's worth paying FICA just to know I won't wind up in a ditch somewhere on the side of the road as people walk over me.
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FICA? you serious brah? you bankin on the fact that there MIGHT be something for you 40 years down the road from the US government? You must like to gamble cause nothing is gar. brah
 
Dulce said:
To me at least it's worth paying FICA just to know I won't wind up in a ditch somewhere on the side of the road as people walk over me.
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I hate to break this to you, but if you think your FICA is going to carry you through old age, you're better off digging that ditch now and diving in head first because you're going to be in for a BIG SHOCK (that's if we even get anything back from FICA).

You can not expect the welfare state to take care of you, unless (and as written above) you're a lazy fuck who knows how to work the system... and... are willing to your forgo your dignity and self-respect for the handout.

It's best to take those internet monies, while you still have them, and invest them into something like a piece of real estate that cashflows. And even if it doesn't cashflow and simply breaks even, then at the very least, when you're old you can sell the damn thing and live off that lump sum of money.
 
Dulce said:
So you're going to move to a place like thailand or South America? Just be prepared for the loss of the welfare state. What's going to happen when your eighty years old, senile, and your internet monies are gone? I don't know your situation or plans in life are, but there are certain benefits to living in the West and it's not a simple decision to renounce your citizenship. There is a reason why virtually every business owner in SE Asia (at least that i know) remains a citizen of their respective countries. Having all your money in an unstable corrupt country with no safety net is no way to find yourself in old age if it ever does come to that. To me at least it's worth paying FICA just to know I won't wind up in a ditch somewhere on the side of the road as people walk over me.
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My "internet monies" happens to be generated by a business I own, I'm not some CPA affiliate looking to work in Thailand...

Swiss Bank
+
Canadian Citizenship
+
Bahamanian Residence (the bahamas are only 30 minutes by plane away from where I am right now)
+
South Florida Correspondence office
+
Monaco Playground
=
Doing better than I ever would of been doing as an American drinking the two party kool-aid stirred up to pay for Uncle Sam's bullshit.

BTW, I don't know how much money you make, but I'm fucking liquid. I'm not worried about shit like social security.
 
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