Look into Puerto Rico. They have some new tax advantages. There's a thread here on the forum somewhere about it.
BURNING MY US CITIZENSHIP
- Thread starter pledgerar
- Start date
Listen man, fuck the haters. The only good piece of advice you've gotten in this thread is to retain an attorney-IN-FACT. And no, that's not some shit you're going to learn with Dr. Google because this isn't knowledge that the big fat IRS wants you to know. You are a sovereign man of this state in every sense of the word and you don't need to be listening to all of this bullshit. And to all the people calling you out at your $36k/yearly income. Give me a break. What is money, anyway? It's just some words on a piece of paper.
PM me and I can give you the contact of a guy I know personally that has experience in these matters. He'll set you up.
Hong Kong is one of the few places in the world without civil forfeiture. It's a good place to have a bank account in. I immigrated to HK back in 2004 on an Investment Visa and I have not regretted it. It blows away third world shit holes like Thailand when it comes to both infrastructure and rule of law.
But I would be careful about opening any offshore bank accounts now as a US citizen due to FATCA.
OP you're clearly not serious. You need to have savings and significantly more income before you move offshore.
Also the proper procedure is to obtain residency offshore, like in Singapore or Hong Kong, wait until you qualify for permanent residency, then apply for nationality and wait for approval. Then and only then should you renounce your US citizenship.
Also if you can relinquish instead of renounce your US citizenship, it's better because you legally avoid the tax compliance bullshit that the IRS requires. However it's important to note that even if you aren't tax compliant, the IRS can't stop you from renouncing. But if you aren't tax compliant, then you probably will never be able to visit the US as a tourist and you won't be able to have any assets in the US either.
You can only relinquish your nationality rather than renounce if the new country you're living in doesn't require you to first renounce your citizenship. Hong Kong and Singapore require you to renounce your citizenship. But lets say for example that you have Irish ancestry in your family. You can claim Irish nationality if you can show proof of ancestry, and you wouldn't be required to renounce your existing nationality before you obtain your new Irish passport. In such a scenario you can relinquish your US nationality. You can only relinquish your US nationality if you already have a pre existing second nationality.
You should seek legal advice before you do anything. Don't rely on a forum post.
You should only renounce your US nationality when you get the following kind of confirmation of your new nationality:
I think we can all agree that this guy doesn't make a lot of money. However, since he's open minded and willing to live abroad, here's how I see his two choices:
1) Continue living in LA. Spend plurality of income on rent. Spend the rest on a meager lifestyle that rarely gets him laid; or
2) Move to a semi-decent country abroad. Have buying power skyrocket. Eat out everyday, live on the beach, relax, and have "gold-diggers" blow him for a shot at his soon to be renounced citizenship.
Personally I'd go with option #2.
As humans, a lot of our happiness is derived from how "successful" we are compared to those around us. Most people assume that being more successful will make us more fulfilled. That's true, but typically an easier path is to find a different group to compare ourselves to.
1) Continue living in LA. Spend plurality of income on rent. Spend the rest on a meager lifestyle that rarely gets him laid; or
2) Move to a semi-decent country abroad. Have buying power skyrocket. Eat out everyday, live on the beach, relax, and have "gold-diggers" blow him for a shot at his soon to be renounced citizenship.
Personally I'd go with option #2.
As humans, a lot of our happiness is derived from how "successful" we are compared to those around us. Most people assume that being more successful will make us more fulfilled. That's true, but typically an easier path is to find a different group to compare ourselves to.
Your only decent option for acquiring a second nationality with that level of income is to claim a EU citizenship based on your ancestry.
If someone in your family immigrated from Italy, Spain, Germany, etc and you can prove a direct blood linkage to that person, you might be able to get citizenship. Some countries have a limit on how many generations you can go back, others don't. I got my Italian passport by proving that my great-grandfather was born in Italy.
Can't even tell you how useful EU passports are. Pretty much the same benefits as a US passport in terms of entering countries visa-free, but without the hassle. I opened a bank account in Hong Kong a couple of months ago and the first thing they asked me when I walked into the bank was "Are you American?"
If someone in your family immigrated from Italy, Spain, Germany, etc and you can prove a direct blood linkage to that person, you might be able to get citizenship. Some countries have a limit on how many generations you can go back, others don't. I got my Italian passport by proving that my great-grandfather was born in Italy.
Can't even tell you how useful EU passports are. Pretty much the same benefits as a US passport in terms of entering countries visa-free, but without the hassle. I opened a bank account in Hong Kong a couple of months ago and the first thing they asked me when I walked into the bank was "Are you American?"
Hmm, so if your great grandparents came from EU you can get EU citizenship? Can you be dual and does it add tax liability from both countries? Any good benefit to being swiss, german or english? Besides being white lol.
If I moved anywhere it'd be central America, but high speed internet outside the city in many places doesn't exist. Satellite internet would be a couple grand a month. But it's still tempting.
If I moved anywhere it'd be central America, but high speed internet outside the city in many places doesn't exist. Satellite internet would be a couple grand a month. But it's still tempting.
No other country except the US and Eritrea taxes people based on citizenship, so in my case unless I lived in Italy, I would never have to pay anything to the Italian government. Same principle applies not just to every EU country but to the entire world, with those two exceptions I mentioned.
Main benefit of a EU passport is the right to abode in 30+ different countries. I can just move and live permanently all across the continent, with no paperwork whatsoever.
Another benefit is visa-free travel to pretty much the entire world. If you check the rankings of "best passport to have" EU countries are always at the top.
You will be allowed to keep your original citizenship, so you can legally have and use two different passports. I was born in Uruguay so I have a Uruguayan passport, which comes handy for living in Latin America because of Mercosur and other treaties, and I claimed Italian citizenship through my ancestry so I also have an Italian passport that I can use to live in Europe and travel everywhere visa-free, USA included.
Main benefit of a EU passport is the right to abode in 30+ different countries. I can just move and live permanently all across the continent, with no paperwork whatsoever.
Another benefit is visa-free travel to pretty much the entire world. If you check the rankings of "best passport to have" EU countries are always at the top.
You will be allowed to keep your original citizenship, so you can legally have and use two different passports. I was born in Uruguay so I have a Uruguayan passport, which comes handy for living in Latin America because of Mercosur and other treaties, and I claimed Italian citizenship through my ancestry so I also have an Italian passport that I can use to live in Europe and travel everywhere visa-free, USA included.
Keep your citizenship and live outside the US for a while. You'll save on federal income tax but you'll still be liable for Socialist Security/Medicare taxes. If you get married, you can exempt about $200k in income from federal income taxes. This way you don't have to change any of your accounts.
Definitely. Thanks for the advice. I didnt even consider exemptions that will give me time to orient myself.
i have found out that Payoneer will pay out to the country I am planning on moving to. Anyone have issues with Payoneer that I might not be aware of?
Other than the fact it's an American company head quartered in New York, you mean?
Hey I just wanted to let you know that you misspelled social security just an FYI.
