The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/renouncing-your-us-citizenship-used-to-be-a-way-to-10862409.aspx

Subject:  Re: Citizenship v. Residency Date:  5/13/1999  7:51 PM
Author:  prowley Number:  15485 of 130845

Renouncing your US citizenship used to be a way to keep your money, that is until 1995 when they changed the law so that you are taxed on your total worth on exiting. Basically your government wants you to pay big time for the priviledge of being a US citizen, regardless of whether you live here and or not, and also wants you to pay big time if you don't want that priviledge.

Here's some info: http://www.cyberhaven.com/offshorelibrary/expattax.html

Don't forget, you are living in the land of the free, as long as you pay to get in, stay, and leave. I'm British (and currently non-green card), so I may have a "slim" chance of getting out with my loot, I believe if you have a green card for a little too long you get as stuffed as US citizens upon leaving - call it the great escape.

Sorry if this is a trifle negative, but I am up to here with the US tax situation, it's a wonder anyone ever actually gets rich here (and stays rich) with the rather large slice your government wants from what you have made.

Good luck - and be *well* informed before you do anything.
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us