Blog
Facebook Co-Founder Unfriends USA…Now the Empire Strikes Back
Brazilian-born Facebook co-founder Eduardo Saverin relinquished his U.S. citizenship late last year. As an expatriate, Saverin must pay an “exit tax” on the value of any unrealized gains in his worldwide estate, less a $636,000 exclusion for 2011. I’m not privy to billionaire Saverin’s financial affairs, but I have no reason to doubt his statement [...]
Traveling in Asia with a Passport from the Commonwealth of Dominica
Last week, I arrived in Ho Chi Minh City after a series of three flights from the Caribbean. This place is hustling and bustling! Motorbikes zoom everywhere, the traffic is heavy, and the economy is booming. Yes, this may be the “Socialist Republic of Vietnam,” but opportunities abound here. For instance, many labor-intensive industries are [...]
Look to Europe for America’s Future
Austerity measures in France, Greece, and Spain demanded by these countries’ creditors have spurred unemployment, cuts in pension costs, and above all, politically motivated attacks on wealth. In France, socialist candidate Francois Hollande won a clear victory in the country’s May 6 presidential contest. Central to Hollande’s platform: an “end to austerity” and a whopping [...]
A Second Passport from St. Kitts & Nevis Unlocks a New World of Opportunities
A second citizenship and passport provides numerous benefits. It can expand your travel possibilities, give you the right to reside in other countries, enable you to cross international borders if your primary passport is lost or stolen, and even reduce your profile to terrorists. For U.S. citizens, a second passport has another benefit: it is [...]
Are You the Property of Your Government?
As a former U.S. citizen who has given up U.S. citizenship, I’ve visited dozens of countries using my Commonwealth of Dominica passport. One of the most interesting destinations has been the Republic of Cuba. Not being a U.S. citizen makes the process of visiting Cuba much easier. Due to a longstanding U.S. embargo against Cuba, [...]
Attention: U.S. Expats in or Near Vienna, Austria
James C. Sexton, Jr., LL.M., one of my business partners, will be in Vienna Tuesday, June 5, 2012, to deliver a free presentation in English focusing on the U.S. tax and disclosure obligations for U.S. citizens or long-term residents living overseas. It’s entitled “Tax Obligations of U.S. Citizens Living Abroad“ and will focus on assisting U.S. [...]
When the USA Rejects Your Expatriation
While you have an absolute right to give up your U.S. citizenship, you must make your intention to expatriate crystal-clear. A former client recently discovered this for himself. After acquiring a second passport, he subsequently made an appointment at a U.S. consulate and filed the paperwork to give up his U.S. citizenship. After a considerable [...]
FATCA: Big Brother Goes Global
Sometimes people ask what I fear most. My answer isn’t really what they expect. It’s not riots in central cities, a collapse of food supplies or other essential infrastructure, a terrorist attack, or even the growing U.S. police state. All of these threats are real, but all of them can be dealt with successfully through [...]
New Version of “Billionaire’s Loophole” Now Available
I’ve just completed the 2012 update to my report The Billionaire’s Loophole. If you’re considering expatriation, you need to read this report. The 2012 edition has some important updates from the 2011 edition, and if you purchased the report in the last year, you’re entitled to a free update. Just log on to your account [...]
Growing Numbers of Tax Refugees Exit USA—Permanently
If you’re a U.S. citizen or long-term permanent resident (“green card” holder), you have a unique responsibility: you must pay tax on your worldwide income, even if you live outside the United States. Not to mention capital gains tax, gift tax, and estate tax. Numerous additional obligations come with U.S. citizenship or permanent resident status. [...]