Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Renouncing citizenship
Old 03-11-2011, 03:56 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 11,463
Renouncing citizenship

1,534 give up citizenship, ease tax issues

Seems like there are more people doing this now a day... I know we have talked about this off and on....

1,534 give up citizenship, ease tax issues | Business | - Houston Chronicle

Texas Proud is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-11-2011, 04:25 PM   #2
Full time employment: Posting here.
RetiredGypsy's Avatar
Join Date: Mar 2008
Posts: 527
I wish it would have gone into more detail about where these people were. Some statistics about what percentage of these people are living in what country, or have dual citizenship elsewhere, would have made it more interesting.

Hopefully they considered the legal issues beyond simply being taxed too high before they made their decisions.

I'm free and I like it!
RetiredGypsy is offline   Reply With Quote
Old 03-11-2011, 04:59 PM   #3
Recycles dryer sheets
fisherman's Avatar
Join Date: Jul 2007
Posts: 475
A famous example of this to avoid taxes is Templeton of the Franklin Templeton Funds.
Worked the plan and now living the Dream!
fisherman is offline   Reply With Quote
Old 03-11-2011, 05:00 PM   #4
Thinks s/he gets paid by the post
ls99's Avatar
Join Date: May 2008
Posts: 4,457
IMHO the USA citizenship is one of the most valuable rights that I ever acquired. At great cost to me, most of the expense had nothing to do with money.
One example, 3 yrs. in the US Army staring in 1967. I earned the citizenship, in more ways than I can count.

It is one thing I'll never give up.

Be interesting to see how many of those that gave it up will whine and clamor to get it back.
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 03-11-2011, 05:01 PM   #5
Full time employment: Posting here.
Calgary_Girl's Avatar
Join Date: Jun 2004
Location: Calgary
Posts: 772
We've toyed with the idea of DH doing this since he is now a Canadian citizen. However, according to our tax accountant who specializes in cross-border taxation, it's not as simple as just renouncing DH's U.S. citizenship.

Apparently, the U.S. government is one step ahead of us and the U.S. can now, by law, impose a deemed "exit tax" on DH's worldwide assets. The U.S. government can also hit DH's U.S. and Canadian retirement and other tax-deferred plans with a 30% withholding tax at the time of expatriation.

I wonder why the article didn't mention this?
I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either.
Calgary_Girl is offline   Reply With Quote
Old 03-11-2011, 05:02 PM   #6
Full time employment: Posting here.
RetiredGypsy's Avatar
Join Date: Mar 2008
Posts: 527
I can see someone outside the U.S. Embassy: "What do you mean I don't have any rights here? I was born in America!" "Sir, you gave up your citizenship." "But I was born there, I still have my rights!"

I'm free and I like it!
RetiredGypsy is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Could you pass the US Citizenship Test? Mmm Rrr Other topics 4 10-10-2010 06:46 AM
Giving up US citizenship Tigger Life after FIRE 82 07-04-2010 02:11 PM
Citizenship? Zero FIRE Related Political Topics 79 05-06-2010 11:26 AM
Citizenship & Taxes Trek Other topics 3 12-23-2007 06:03 AM


All times are GMT -6. The time now is 02:22 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.