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Giving up US citizenship
Old 05-05-2010, 05:50 AM   #1
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Giving up US citizenship

An anonymous author has just published a free PDF guide for US citizens who want to (legally) take their life and wealth elsewhere.

Thought it might interest some people here.
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Old 05-05-2010, 07:31 AM   #2
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Interesting, I assume you would lose your SS, but guide says that's not so.
But if you are trying to escape taxes, you still have to pay taxes on the SS
and your US investments.
TJ
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Old 05-08-2010, 08:01 AM   #3
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This is probably the biggest mistake a person can make in their lifetime. (Besides killing themselves).
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Old 05-08-2010, 09:22 AM   #4
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I can understand this if one is going towards another country for a good reason like marrying and setting up life in another country and planning to leave the US permanently. But IMHO it is stupid to do so for financial issues. Not to mention that the US financial system is better than most foreign ones.
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Old 05-08-2010, 11:48 AM   #5
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You won't see me waiting in line to give up my U.S. citizenship. I don't like taxes any more than the next person, but I'm not insane either.
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Old 05-08-2010, 11:57 AM   #6
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My family has more than 3 1/2 centuries invested in this country - I'm not going to be the one to cause my ancestors to roll over in their graves.
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Old 05-08-2010, 01:04 PM   #7
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I believe it sometimes takes an outside perspective to summarize an internal situation:

"A simple way to take measure of a country is to look
at.....how many want in.......and how many want to get out."
~Tony Blair

Many people desperately want to get into the US, but more telling is what they are willing to endure to get here.

Consider those that are willing to pack themselves into tractor-trailers and ride for hours in dangerous desert heat; they are willing to walk for hundreds of miles, led by brutal human smugglers who hold those who do not perish during the journey hostage in a drop house when they arrive at their destination; who are willing to load their families and life’s possessions onto flimsy rafts and risk shark-infested waters; all of them willing to risk everything for a chance at a better life here in the US.

And then consider those who babble on mindlessly about how badly they want to get out of this country; most notably Hollywood multi-millionaires like Barbra Streisand and Alec Baldwin. With their wealth (earned here) , they could leave this country at any time, travel wherever they want, and live wherever they want, in great luxury. Neither has yet to leave; they are still running their mouths instead of running the engines on their private jets.

My personal opinion is that whoever wants to leave; great. Go!- Don't let the door hit you in the a$$ on the way out. Renounce your citizenship, we don't want or need you back. Send all your like-minded friends a picture postcard when you get to where you are going.

I'm staying.

Rant over, we now return to our regularly scheduled programming.
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Old 05-08-2010, 01:42 PM   #8
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Quote:
Originally Posted by Westernskies View Post
Consider those they are willing to pack themselves into tractor-trailers and ride for hours in dangerous desert heat; they are willing to walk for hundreds of miles, led by brutal human smugglers who hold those who do not perish during the journey hostage in a drop house when they arrive at their destination; who are willing to load their families and life’s possessions onto flimsy rafts and risk shark-infested waters; all of them willing to risk everything for a chance at a better life here in the US.

And then consider those who babble on mindlessly about how badly they want to get out of this country; most notably Hollywood multi-millionaires like Barbra Streisand and Alec Baldwin.
There's a striking difference between these two groups: one of them has little or nothing to lose, the other group has a lot to lose.

I'm not advocating leaving or staying. The USA is a great country and brought us many incredibly great things, like the internet! Just thought the info might be something that someone might be interested in.
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Old 05-08-2010, 01:42 PM   #9
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Did anyone actually read this crap? This makes the tinfoil beanie, guns and ammo crowd look good.

Reasons to renounce your US citizenship.

1) Freedom from the global U.S. tax net.
2) Freedom from the death tax.
3) Freedom from the U.S. government’s War on Solvency.
4) Freedom from being treated like a “toxic citizen.”
5) Freedom from the paperwork prison.
6) Freedom to invest without tax distortions that encourage capital misallocation.
7) Freedom from being crushed by the fiat currency landslide.
8) Freedom from the accountability for how the U.S. government spends your money.
9) Freedom to radically increase your charitable giving.
10) Freedom from the risk of getting trapped.


Then, where to go. Two recommendations.
Quote:
Citizens of both St. Kitts-Nevis and Dominica enjoy freedom from income tax, corporate tax, capital gains tax, and any other taxes on all assets and income originating outside each respective country. Also, neither nation charges its citizens death tax.
This is a joke. Sorry for the harsh reaction but it really is a load of , well, bull manure.
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Old 05-08-2010, 02:24 PM   #10
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"Did anyone actually read this crap? "

No, I responded without reading it and it looks worse when you post some of the text. anyone who wants to go for those reasons plezzzze go, in fact let me know how I can help.
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Old 05-08-2010, 02:49 PM   #11
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anyone who wants to go for those reasons plezzzze go, in fact let me know how I can help.
I second the motion.

Note to Tigger - I do not mean to criticize you or your posting of the link. My commentary was directed at the author - "A Former US Citizen".

Note to "A Former US Citizen". If you're reading this: Good riddance!
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Old 05-08-2010, 04:31 PM   #12
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Considered leaving the US some years ago. After reading more and more about NZ (my fantasy of choice) I decided Oregon USA still had the strong advantage for me. May not be the best in everything, but in balance, hard to come close.
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Old 05-08-2010, 04:47 PM   #13
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Note to "A Former US Citizen". If you're reading this: Good riddance!
There ya go.......

Whether as a protest in the 60's, a political statement ref some election outcomes in the past decade or folks making their "points" today, this leave the country talk is pure, ignorant BS.
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Old 05-08-2010, 09:09 PM   #14
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I love my county and would never, ever consider giving up my US citizenship. It's more precious that gold.

I do, however, reserve the right to gripe about stuff. That doesn't mean I don't love the USA. In fact, because I love this country so much, I want to work to make it a better place for all of us. Yes, I realize my ideals don't mirror everyone else's. However, I believe when people of different frames of mind make an effort the end result is better. That's what makes this country great. Freedom to disagree. Finding common ground. Taking into account diverse opinions and making it all work somehow. I am proud to be an American.
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Old 05-08-2010, 09:31 PM   #15
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My U.S. citizenship is my most valued possession. I breathe a huge sigh of relief as a second generation American that my grandparents had the grit to leave Europe where opportunities for advancement in life for people of their standing were sparse to non-existent in the early 1900's.
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Old 05-08-2010, 09:58 PM   #16
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I love my county and would never, ever consider giving up my US citizenship. It's more precious that gold.

I do, however, reserve the right to gripe about stuff. That doesn't mean I don't love the USA. In fact, because I love this country so much, I want to work to make it a better place for all of us. Yes, I realize my ideals don't mirror everyone else's. However, I believe when people of different frames of mind make an effort the end result is better. That's what makes this country great. Freedom to disagree. Finding common ground. Taking into account diverse opinions and making it all work somehow. I am proud to be an American.
Purron, well put. We disagree about a lot of things, but I'm proud to stand beside you as a fellow American.
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Old 05-09-2010, 10:29 AM   #17
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I am pleased to report that the IRS has taken steps to make it harder for folks (particularly high-income folks) to renounce their citizenship to avoid taxes
Expatriation Tax
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Old 05-16-2010, 03:35 PM   #18
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Related NY Times article with examples of people for who it actually seems to make sense.
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Old 05-16-2010, 04:52 PM   #19
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I'm pretty thoroughly assimilated in the US and consider myself and my kids thoroughly American. My grandparents' generation managed to send their eldest child alone and penniless to the new world as a teen. Hard work and family ties allowed the rest of them to follow some years later. My parents were the first to complete formal education including college. I was expected to graduate college, attend graduate school if I wanted, choose any profession to my liking and enjoy all the great freedoms we have here. I have so much and sometimes take a lot for granted. One of my freedoms is to complain about anything here I don't like. There's no way in the world I would give up the citizenship that was so hard won by my ancestors, defended by my parents and grandparents generations, and still the envy of most of the world. I will happily defend your right to say whatever foolish thing you want without reprisal and even allow you to "opt out" of the greatest political experiment and most successful incarnation of freedom in the history of the world. I think ex-pat retirees are great adventurers and glad they have a lifestyle they enjoy. Even if I one day join their world globe trotting ways, there's no way I'm giving up my citizenship.
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Old 05-16-2010, 07:40 PM   #20
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A few years ago I went to Brazil. I was shocked by the profound disparity between the few wealthy individuals and those in poverty. There were roadside stands, like a giant flea market. Those people didn't have homes. There were shacks in back where they strung up a hammock every night. Crime is reportedly rampant in the cities.

I remember the customs agent who said, "Welcome home" after I went through the processing. I was so happy to be home! I didn't realize how much I dearly love this country, with all the blemishes. It was like returning to a loud, boisterous family that constantly argues, makes up, etc. yet is so alive! Whatever our disagreements, I will always remember the generations who sacrificed for me to enjoy this wonderful life.
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