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Ten Benefits of Expatriation


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TheMatrix

The following is an excerpt from the free 29-page Expat Guide written by a former U.S. citizen who wants to remain anonymous. Read what he has to say from a been there, done that perspective and maybe take your own first steps to move to greener pastures.

 

Everybody has their own personal reasons for expatriating, but here are some of the benefits:

 

 

1) Freedom from the global U.S. tax net. Taxing you no matter where you breathe on this earth is wanton American exceptionalism. What other nations don't dare do to their citizens, the U.S. government doesn't think twice about. Once you renounce, it's your choice either to live the rest of your life free of any tax net, or to pick a place you want to be year-round and opt into the tax system (assuming its not a tax-free jurisdiction). If you do, you'll at least know you have the freedom to walk away from it by simply moving elsewhere.

 

 

Taxes in the U.S. are already high, and rates are set to increase across the board. To gain some perspective, its clarifying to calculate the number of months per year you work for the government. How many months did it take to pay all the federal, state, and local income taxes, capital gains taxes, FICA taxes, property taxes, and AMT plus the raft of permitting, licensing and accounting costs you incur over the course of a year? Add corporate taxes if youre a business owner. And dont forget the new 3.8% health care surcharge tax on all investment income, including dividends. Be honest and add it all up. Youll then have a decent idea of how much it costs you in time and money to be a U.S. citizen every year. That cost will rise dramatically going forward.

 

 

Heres the take-away: The biggest guaranteed return on your capital that youll ever have is investing your money free of taxes. Do some long-run compounding calculations with and without taxes to see what I mean. Ill wager John Templeton did.

 

 

2) Freedom from the death tax. Its political label is the estate tax, but the fact is the tax is based solely on your demise. I used to think the death tax only applied to gains on assets that had not been taxed already. How naïve I was! It grabs half of all your assets, regardless of the fact that you've paid taxes on them.

 

 

If you have over a few million dollars net worth, your heirs will be writing a heart-stopping check to the IRS. They also may be forced to liquidate your assets to raise cash. This has happened to countless small businesses and family farms. And if youre a young, talented entrepreneur who goes on to earn substantial wealth over the course of your life, the death tax has you in its crosshairs too.

 

 

The death tax is 45% now and is scheduled to jump to 55% in 2011. Either way, the amount is staggering. Expatriation lifts the death tax burden from your children and other heirs.

 

 

3) Freedom from the U.S. governments War on Solvency. Washington's crazed debt addiction is uncontrollable and endemic. U.S. politicians have strapped an inconceivably large debt burden on the backs of their subjects. It pays to spend some time on www.usdebtclock.org. The multi-trillion dollar debt avalanche roars on, headed straight towards economic hell. After Debt Per Taxpayer and Liability Per Citizen, check out U.S. Unfunded Liabilities to see a number thats suited to astronomical calculations not economics.

 

 

Don't be tricked into thinking this is a partisan issue. It's sobering to review the debt records of both Democratic and Republican administrations

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Alan S

Very "US-centric" and many of those points apply to other countries, some of which have even more "negatives".

 

 

However, worth dscussing.

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smokey

Dont let the door hit you in the A?? on your way out...

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JamesMusslewhite

Damn son, sounds like someone really needs a big hug.:tinkerbell:

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USMC-Retired

You need to put the beer down and think about what you just wrote. You think life is better here and all the crap a average Filipino has to put up with.

 

What country would you chose?

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There are only two countries left in the world that have an economic citizenship program,

 

 

So why does'nt the writer tell everyone what those two countries are ? ? ?

 

If he already renounced his US citizenship why does he want remain anonymous ? He can alwasys change his name also !

 

I doubt he

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smokey
There are only two countries left in the world that have an economic citizenship program,

 

 

So why does'nt the writer tell everyone what those two countries are ? ? ?

 

If he already renounced his US citizenship why does he want remain anonymous ? He can alwasys change his name also !

 

I doubt he

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RogerDuMond

There is one big downside to all of this. If a person were to officially renounce their US citizenship and not become a citizen of another country, they would be considered legally stateless. This not only means that you wouldn't have the protection of any country, but that you couldn't travel from country to country. You would no longer have a passport as you would have to give that up when you went through the legal renunciation process.

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Willie

Sympathetic to many of the points made. Good questions asked by others. Care to answer?

Edited by Willie
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JamesMusslewhite

I think the dude just Expatriated to the State of Confusion.:shitstormretarded:

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Willie

I think the dude just Expatriated to the State of Confusion.:shitstormretarded:

 

Perhaps a wee bit too much coconut water... :thumbs_up:

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There is no question that things in the States are not good but if the author thinks is so bad.. All i got to say is put up or shut up. Renounce and tell us how things are 5 -10 years from now. Its always greener on the other side until you move over.

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ricosadao

Sympathetic to the OP although not an American myself..

 

(..which beckons the question...what the heck am I?)laugh.gif

 

Two points I want to make..

 

Regarding the national debt ,that applies to Eurozone debt too..

 

These debts will never be repaid..

 

Debts at a 100% of GDP getting paid?

 

Are you kidding me..?

 

These debts will be liquidated.

 

I wouldn't like to have money in the banks when this happens though..or be in the Army ..cough cough..

 

Second point..

 

There are many countries which will accept you as an immigrant..

 

Mostly in Central and South America..

 

The catch is that you have to marry a local woman..

 

This is the cheapskate's way and imho has less paperwork and hassle.

 

So the doors havent closed yet.

 

As said though I also believe that western govts will try to make it very difficult for people to escape the PC hellhole that the West is becoming.

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Sympathetic to the OP although not an American myself..

 

(..which beckons the question...what the heck am I?)laugh.gif

 

Two points I want to make..

 

Regarding the national debt ,that applies to Eurozone debt too..

 

These debts will never be repaid..

 

Debts at a 100% of GDP getting paid?

 

Are you kidding me..?

 

These debts will be liquidated.

 

((I wouldn't like to have money in the banks when this happens though..or be in the Army ..cough cough..))

 

Second point..

 

There are many countries which will accept you as an immigrant..

 

Mostly in Central and South America..

 

The catch is that you have to marry a local woman..

 

This is the cheapskate's way and imho has less paperwork and hassle.

 

So the doors havent closed yet.

 

As said though I also believe that western govts will try to make it very difficult for people to escape the PC hellhole that the West is becoming.

 

 

When the shit hits the fan,most expats unless they receive income within the Peens(which will also be heavily affected) receive there income from pensions,disability,retirements etc. Lechon kano anybody.

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Headshot

Steve, do you think that is good advice? I think you should renounce your citizenship right away if you think so little of being an American citizen. Personally, I think that voluntarily giving up American citizenship is about the worst idea I have ever heard. There is a reason why people all over the world want to gain American citizenship. You obviously have no appreciation for what you have and the advantages that your citizenship gives you. When I was a child, I was told that, "where much is given, much is expected." Well, Americans are given a lot. There is no other people on Earth that has been so blessed in the last 200 years as the Americans. The crisis our country is in right now will pass, and when it does, those who jumped ship will be howling to get back in...just like the draft dodgers who fled during the Vietnam War. The US let those traitors back in (though I will never again respect the leaders who allowed that to happen), but I'm not so sure our government would be so tolerant and forgiving if the draft dodgers had actually renounced their citizenship.

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