Posted on 02/21/2015 10:12:40 AM PST by Kaslin
Every year we have a session at FreedomFest on “Tax Free Living and Investing Abroad.” The attendees want to know all about the benefits of renouncing their U.S. citizenship and living a “tax free” lifestyle abroad.
Last year, nearly 3,500 Americans said good-bye to the states to live in the Caribbean, Latin America, Asia and Europe.
Certainly, the U.S. government has imposed draconian rules and confiscatory taxes on Americans living abroad. It’s almost impossible now to open up a bank account in a foreign country because the foreign banks don’t want the hassle of dealing with U.S. tax authorities (it’s a misnomer to call it the “Internal Revenue Service.” It’s not “internal” – the IRS arm reaches out beyond our borders. Revenue is just a nice word for “taxation,” or even “theft.” And certainly the IRS is no “service” to anyone except bureaucrats and what Ayn Rand called “looters”).
In order to renounce your citizenship, you have to go to a foreign embassy and you have to pay an exit tax on all your net worth, which can be expensive if you are rich. You have to have another citizenship or passport to live abroad. You will have to pay taxes where you reside. (Even tax havens like the Bahamas have import duties you will have to pay.)
And then you have to get in another line for foreigners when you come back to visit the United States and immigration may give you a hard time. You will need a visa to return to the States, and even then, you can’t stay very long (no more than three months is recommended) or you will be charged taxes again on your worldwide income.
I know one friend who renounced his citizenship, then later regretted it and had to reverse the process – what a pain.
So think twice, my friends, about living the “care-free” lifestyle of an expatriate.
Suck it up or never come home again.
BTTT
I’ve wondered how one can become undocumented, it seems to be the way to go these days....
“I’m all for liberals fleeing the country but conservatives need to man up and help us take America back.”
Yup.
I’ve got some friends who live in Costa Rica most of the time but they would never renounce their citizenship. If things go to hell in the USA, they’ll be considerably worse in Costa Rica. All of those friendly Costa Ricans will arm themselves with machetes and go rich gringo hunting within the first 72 hours of real economic collapse.
They’ve got an escape plan to the USA because there is no better place to be than here.
Why don’t these ex-pats just do it Mexicans do, get up to the Mexican side of the Arizona/Sonora border and walk across. Make sure you’re packing no identity but a cheesy-ass Mexican consular ID.
As I understand the facts..., the VAST majority of those giving up their US citizenship ARE NOT "Fatcats" but are US citizens who have retired abroad and, due to our "IRS Rules", they are unable to bank in their locations! The vast majority of foreign financial institutions have merely decided to PROHIBIT US citizens from using their services so as to avoid draconian additional paperwork! If anyone has a data source indicating otherwise..., please post!
I think you are probably right.
Hmm, Renounce Citizenship now and leave and make it out alive, or do it later and be called an apostate by Caliph Obama and have my blood color the sandcastles at the beach....
Decisions, decisions...
Sarcastic reply or future foretold?
YOU DECIDE!
“All of those friendly Costa Ricans will arm themselves with machetes and go rich gringo hunting within the first 72 hours of real economic collapse. They’ve got an escape plan to the USA because there is no better place to be than here.”
Many, many other nations are not floating on a sea of debt.
Homes are not mortgaged. They are paid for with cash.
Food is locally grown and sold in local farmers markets.
Their government is not out hunting every last dime.
Life goes on as it did in 2008 during the credit crisis.
They are not used to living high on the hog.
If you have food, clothing and shelter and good neighbors, you’re good.
Contrast that with the current state of our own country.
The federal gov’t is floating on the largest pile of debt in history.
Social programs depend on continual debt.
Most state governments are floating debt, along with smaller divisions of government.
The IRS is out hunting every dime it can force from taxpayers.
States are raising revenue everywhere they can.
Property taxes have risen.
70% of “homeowners” have debt on their property.
We have the largest student loan debt bubble in history
American consumers, across all kinds of debt, own almost $12 trillion.
Jobs are fewer than in decades and the ones out there are part-time.
Stock market is in a colossal bubble thanks to the Fed.
Bond market is in a colossal bubble thanks to the Fed.
It simply costs more to live here with Obamacare, taxes, etc. and the risks of a collapse are worse.
And if you are unfortunate to be in a city, you will indeed be hunted when the EBT cards stop working.
In a financial crisis or as you write, “collapse”, I suspect our citizens will face worse trauma and be out hunting Hispanics.
The quiet life with food, clothing and shelter and good neighbors, far from Wall Street and DC is starting to sound pretty good.
Can you blame them?
I have seriously researched renouncing my citizenship and declaring myself an illegal immigrant. What do I have to lose besides the government intrusion in to my life and the huge tax check I write every 3 months?
A reflection of the contempt this government has for its (rich White) citizens and the love it has for non-citizens who come in looking for a handout.
I sometimes wonder, considering todays US demographics, if there still is an America to take back.
Many of our latter day immigrants came here to make a buck and are not interested in taking America back because they don’t know the history of it. ‘What America?’ they ask.
>All of those friendly Costa Ricans will arm themselves with machetes and go rich gringo hunting within the first 72 hours of real economic collapse.<
.
Yup.
And the same applies to many other locations around the world.
Americans are not very loved in the world and are now prime ISIS targets.
At least here there are millions of us who speak the same language and have the same basic values and background to join with for mutual protection and survival. I think we could also count on a lot of Canadians. I suspect a lot of British would find their way here as well in the event of a global collapse.
Australians and New Zealanders have a pretty strong defensive position of their own but would be strong allies.
You forgot to mention (very important) that many Americans are armed to the teeth.
It won’t be easy for criminals to intimidate their victims here as it will be in Europe.
Poor Euroweenies — only their elites will be able to protect themselves.
Most folks who renounce their citizenship it’s got nothing to do with politics. They’ve been living abroad for an extended period of time, they have a life there, spouse, kids, and one day they wonder why they’re still paying taxes to a country they haven’t seen in years and have no plan on heading back to.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.