Posts Tagged ‘Expatriation’
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, [...]
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 [...]
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. [...]
Amended Tax Treaty Effectively Ends Swiss Bank Secrecy for U.S. Clients
Switzerland’s tradition of bank secrecy dates back three centuries. In 1713, the canton of Geneva enacted an ordinance that prohibited bankers from divulging any information about their clients’ transactions. Since then, the Swiss have successfully rebuffed demands to end or restrict bank secrecy from adversaries ranging from Napoleon to Adolph Hitler. But while Napoleon and [...]
The Four-Phase Plan to Disconnect from the United States
Chris Martenson at Chrismartenson.com recently commissioned me to write an article on expatriation to be posted on his Web site. Chris is the author of the well-known “Crash Course” which explains how our economy, energy systems and environment face overwhelmingly difficult challenges in the years ahead, and explores likely implications for the future. His primary [...]