Congress Wants the IRS to Cancel Your Passport
If you think your U.S. citizenship gives you the right to a U.S. passport, think again. The government has several ways to cancel or refuse to renew your passport.
If you think your U.S. citizenship gives you the right to a U.S. passport, think again. The government has several ways to cancel or refuse to renew your passport.
Acquiring a passport in another country and then expatriating—giving up your U.S. citizenship and passport—is a very serious decision. If you change your mind and want to return "home" to the United States, you might not be able to.
It can... at least when it wants to ensure you're paying your taxes. Even though it goes against one of the hallmarks of the Bill of Rights, which reads:
If you don't trust U.S. banks to protect the monies you've deposited with them, you're hardly alone.
The United States is one of only two countries (the other is Eritrea, a military dictatorship) that taxes its citizens and long-term residents, no matter where they live. Even Americans who haven't lived in the United States in decades must pay tax on their worldwide income as if you never left. What's more, they must comply with complex reporting obligations, with violations subject to draconian civil and criminal penalties.
Whistleblower Edward Snowden needs to disappear if he is to avoid kidnapping, assassination, extradition, or deportation to the United States. If you're ever faced by a situation in which you need to disappear, right away, what would you do?
Sitting in a restaurant in Belize City last week, I was mesmerized by television reports describing NSA whistleblower Edward Snowden. Most of the press coverage of Snowden's leaks has dealt with the breathtaking scope of the U.S. government surveillance he revealed. But, I've been thinking about the reprisals that he's likely to face—and what options the United States has to force his return.
Do you have business or investment assets you're looking to protect from frivolous litigation? If you do, a Nevis limited liability company (NLLC) could be one if the most effective and least expensive ways to protect it.
It's not something you want to think about, but old taxes can come back to haunt you. This is especially true of returns you've never filed. The statute of limitations—that legal egg timer, normally set to three years—never starts to run on unreported activities. And there are cases now of the IRS going back decades, collecting big money—plus penalties and interest—on form-filing failures, accounting errors, and innocent mistakes by unwary people.
Official IRS statistics published in the Federal Register show that the number of U.S. citizens or long-term residents losing U.S. citizenship increased from 45 in the last quarter of 2012 to 679 in the first quarter of 2013. In 2012, according to IRS expatriation statistics, 932 Americans officially expatriated.
Why would someone want to become a resident or a citizen of Austria?
While you’d never know it reading recent headlines describing IRS targeting of conservative “Tea Party†type groups, a much larger IRS effort is underway to identify U.S. persons who have failed to disclose reportable and possibly taxable non-U.S. investments.
In the aftermath of the forced confiscation of bank accounts in Cyprus, the question that clients ask me most is, “could it happen here?†“Here†is wherever the client lives or invests, and could be the United States, Canada, Australia, New Zealand, Switzerland, or any other country. The answer is yes. This result stems from the nature of our modern financial system, built as it is on the flawed foundation of a poorly-understood concept called “fractional reserve banking.â€
(Mark here. I've known Paul Rosenberg, the CEO of virtual private network provider Cryptohippie, for many years. Paul recently re-launched his very informative "Freeman's Perspective" service, and I agreed to publish one of his articles. I hope you enjoy his writing.)
Now that the U.S. tax season is well under way, tax preparers all over the country are doling out appointments to those that live within our borders. But just what are the tax obligations and tax breaks, for U.S. citizens or green card holders living abroad?
Over the last few years, I’ve helped dozens of U.S. citizens and permanent residents (“green card†holders) give up their U.S. nationality or residence status. This is called Expatriation.
No, I’m not saying that you’re a dummy. What I am saying is that it’s easy for someone to monitor your cell phone activity. Almost any dummy can figure it out, hence the title "Cell Tracking For Dummies".
Australian residency is an often overlooked option for individuals seeking permanent residence in a first-world, English-speaking country.
Blowback- an unforeseen and unwanted effect, result, or set of repercussions
How many felonies have you committed today? If you're like most Americans, you probably violate federal or state law several times each day, without even knowing it.
Two weeks ago, I returned to the United States after more than three weeks abroad, first in the Caribbean, then in Europe. I've come back with new options for Fast-Track EU Citizenship.
I arrived here in the Commonwealth of Dominica earlier this week. It's always a pleasure to come here; I go through the "residents" line at passport control and the official stamps my Dominica passport with the notation "RR" for returning resident.
(This is an important update to a posting originally published Nov. 9, 2012).
In between eggnog, opening gifts, along with a bout of flu, last week I reviewed a fascinating article dealing with the near century-long tradition of passport denials by U.S. officials.
Do you routinely put the "do not disturb" sign on your hotel room door? If you do, you may fit the profile of a suspected terrorist, and the FBI and Homeland Security Administration want to know about it.
The Caribbean nation of Antigua & Barbuda is poised to become the third sovereign state to have a bona-fide citizenship-by-investment program, joining the Commonwealth of Dominica and the Federation of St. Kitts & Nevis.
The ongoing economic crisis in the European Union has led the governments of Ireland and Portugal to ease the path to residence--and eventual citizenship--for well-heeled migrants. Spain is considering a similar initiative, which is even more attractive due to lower investment requirements.
For the last three days, I've been in bustling downtown Panama City, Panama, speaking at an offshore conference. Panama is as dynamic as ever, and I've made considerable progress filing my application for permanent residence.
In a surprise initiative, the ruling party in Hungary has proposed legislation granting permanent residence and ultimately citizenship to investors who purchase government bonds valued at €250,000 or more.
Mark Nestmann will be a featured speaker and exhibitor at Live & Invest Overseas Emergency Offshore Summit to be held Nov. 14-16 in Panama City, Panama, at the luxurious Veneto Grand Hotel & Casino.