Posted on 09/06/2009 3:05:12 AM PDT by Maggie Maggie Maggie
Ping!
If these ultra-wealthy just want to not pay their taxes it seems like the best strategy would be to join the Obama administration an pull a “Charlie Rangel”.
I’m never going back either. We need more of you wealthy types to move to Tokyo and create some nice international businesses here.
“What these lists fail to show is the vast and increasing numbers of wealthy US citizens who are just ‘dropping out’ – taking all of their wealth and leaving the US without renouncing. They just disappear off the US tax rolls and appear on some other country’s tax rolls.”
Sounds like a good option. Next, find a country with no income tax. Question, can you still use US banks without penalties. This might be a way to go for not-so-wealthy retired people, assuming they can still collect on Social Security.
At least it will keep the next generation of lawyers employed. We can’t have them on the breadlines.
They can always become Americans again by going to Palestine, Yelling, Alahu Akbar!" and getting an immigration visa under Obama's " I Love Palestinians" immigration program.
while Austria is one of the few European countries where it is possible to purchase citizenship
WADS of cash, obliging bureaucrats, and an urgent need for fresh travel papers are a connection that in most countries is dealt with by the police. But there is a respectable end to the trade. In most rich countries a hefty investment brings a visa that can eventually turn into a passport: $500,000 typically secures an American “investor visa”. For the British equivalent it is £200,000 ($392,000). But three countries—Austria, and the Caribbean island states of St Kitts and Dominica—have refined the process further, offering citizenship, in effect, for cash.
For the typical respectable applicant, a rich person from a poor country who wants to avoid hassles with visas, it looks tempting. Awarded to foreigners who provide scientific, artistic, cultural or economic benefits (ie, investment), an Austrian passport—which requires neither prior residence in Austria, nor any knowledge of German—allows visa-free entry to 125 countries and territories; St Kitts and Dominica allow entry to more than 50, including Britain (but not America). Compare that to 25 mostly poor countries for Indian passports. Customers may also be people from countries such as America, whose citizenship may expose them either to terrorism, or to the tax authorities. …
http://www.economist.com/displayStory.cfm?Story_ID=E1_RGPPPDN
You would be surprised how simple it would be to “drop-out” and keep using US banks. Once you open an account with a bank in the US...it’s pretty much permanent. They will never go back and ask questions. There is the issue of income and social security numbers....but frankly, if you only keep enough cash in a checking account to cover travel and local bills....and never show any income, then IRS never gets in your business.
As for countries willing to take you....there are probably over forty that you can work various deals with. Panama is currently one of the top ones that openly recruit....but you’ve got various options. The advantage with most of these is that they really don’t have sophisticated means to track your wealth, so other than property taxes....they won’t be in your face.
It won’t surprise me if half a million Americans “drop-out” in 2009/2010. The curious thing is that they will move their US wealth....without the involvement of the IRS and avoid further issues or taxes.
Also you can do “investor visas” and similar very easily. In the Philippines, simply buy a condo unit for $40K USD in an approved area and get an R1 visa. Costa Rica, Panama, Belize etc. have similar setups.
Then they wound’t have to worry about the IRS.
Sounds like some Action Movie plot, but it could work.
Awarded to foreigners who provide scientific, artistic, cultural or economic benefits (ie, investment), an Austrian passport.
If immigration reform passes, this becomes more of a viable option for more people.
Then people will be able to renounce their American citizenship and not have to live in a foreign country- and instead just stay here as undocumented workers.
Who cares? Use HSBC, UBS, RBS, Fortis, any one of a large number of major and stable International banks. ATMs work world-wide...;)
Open the account in an overseas locale, and the foreign office will not have visibility into it save balances. For example, an HSBC account opened in Hong Kong keeps your information private; using the HSBC branches in the US means you can withdraw or deposit, but nothing else is reported/tracked.
Regards,
Don’t let the door hit ya where the Good Lord split ya.
ping!
No Good Bastards. Make their millions off the system we have in place and at the first hint of trouble, they are scurrying like the freakin’ rats they are. I WOULD LOVE to see the list of names. And if they honestly believe by renouncing their citzenship of this great country, that they are protecting their money and assets.......wait till foreign factions find out who they are and how much they have. GOOD RIDDENCE you cowards and don’t come back.
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