Posted on 09/27/2013 3:57:22 AM PDT by the scotsman
'The number of Americans giving up their citizenship has rocketed this year - partly, it's thought, because of a new tax law that is frustrating many expats.
Goodbye, US passport.
That's not a concept that Americans contemplate lightly. But it's one that many of them seem to be considering - and acting on.
The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012. It's still a small proportion of the estimated six million Americans abroad, but it's a significant rise.
The list is compiled by the Federal Register and while no reasons are given, the big looming factor seems to be tax.'
(Excerpt) Read more at bbc.co.uk ...
That's really not that hard. Like, a non-US spouse can have the offshore account in her name and the $ can be xfered easy enough. Or an acct in the name of an in-law, or a lawyer. The problem is that it's a goofy unenforceable law that can end up being defined to mean almost anything a rogue fed can want it to mean.
I have no money in a foreign bank, all my money is with a huge brokerage company in the US.
Since I am a retiree in Nicaragua, I have several benefits granted o me by the country, I get 20,000 of imported goods tax free, a car up to 25,000 tax free and in exchange I can not Work here and make an income, whitch would defeat retirement...
I have capital gain taxes from stock trading and I have to pay taxes on that but no longer make an income.
There are tax rules in the USA which allows people to GIFT money to family members tax free...we developed a method to do so to avoid taxes and allow money to get to us via the family network of looking out for the family.
Managing money isn’t just for the super rich...
Btw my property taxes or my house and property was 300.00 USD my dads farm and 8 acres was cheaper...he isn’t near the ocean as I am...
Largest fraud is the worthless money being churned out to float the central banks nd stock market...
“I have not filled a a tax return in over 15 years.”
My accountant says you can get away with that as long as you never ever come back to the USSA. ; )
“From what I hear, one in the US needs to rake in $100,000 per year, just to keep up a middle class life.”
That would depend on 1) your debt situation and 2) your cash flow to expense ratio. Right now my annual expenses run about $20,000/year and I don't live in a dump but I don't live in Palm Beach either. ; )
I'm not too sure I understand what you mean by “I get 20,000 of imported goods tax free...” Can you expound on that?
I get a nice annuity from my company and I have some savings. US taxes and my health care are deducted from my annuity income. I will be paying the USSA taxes no matter where I live but at the very least I won't be taxed twice in Nicaragua. I think the same holds true for Panama?
I like your property tax bill! What about water, AC (gots to have AC), cable/Internet, and any other expenses you may have? How is the health care where you live?
My accounts are in a probate trust. No where big enough for a family trust, yet. So, you just withdraw what you need or are allocated. I take it you don’t live in a little village that has no access to the larger banks? Am I correct in that? Do you still file with the IRS annually? That’s my main concern - the reporting to the IRS!!!!
That's the problem. The US government IS NOT user friendly. It's appalling. What motivated you to go to Panama?
You can keep your stateside accountant, or just use some online tax prep software. My accountant takes care of the trust and a couple of foundations I established.
My city isn't so big, but there are lots of banks all over the islands. I file my papers, but deliberately set things up so I stay under paying taxes any more. My grandkids can do that!!!
In such circumstances, the best course of action would be to hire those with the most expertise. 2+2=4.
And get rid of the dead wood (old capitalist term).
I started my SS while in Slovakia. My SS rep was a really great Polak guy in the US embassy in Warsaw, Poland.
He set me up for direct deposit to a bank in Slovakia.
When I moved to the Philippines, I filled out the SS direct deposit form at my new bank, BPI. My very next SS payment was in their bank. SS payments to expats come from the US embassy in your country of residence.
My SS comes by direct deposit to my Philippine bank from the US embassy in Manila.
They have a large and friendly SS staff that will reply to any email on the same day. One could not ask for any better service.
I was never motivated to go to Panama.
When I first went south the canal was part of America. I didn't leave but what happened is that in '79 the U.S. got weak kneed, limp wristed, ran, hid, and renounced its sovereignty. On top of that the weak kneed, limp wristed, renouncing US government had the gall to tell me that if I ran and hid back in the States just like they did then I'd get fired from my job. No problem. In 2000 they still fired me anyway so now I can be a Texan living whereever I want.
It's a free country, what's left of it.
When I first went south the canal was part of America. I didn't leave but what happened is that in ‘79 the U.S. got weak kneed, limp wristed, ran, hid, and renounced its sovereignty. On top of that the weak kneed, limp wristed, renouncing US government had the gall to tell me that if I ran and hid back in the States just like they did then I'd get fired from my job. No problem. In 2000 they still fired me anyway so now I can be a Texan living whereever I want.
The tone of your response surprised me. Didn't quite understand why “they” wanted you to hide.....
Anyways, I remember Carter giving the Panama Canal away. What an ass he was. Now we have the Anti-Great One in charge. Looks like a few Americans see the changes here as a huge negative. Imagine a POTUS thinking that he can Kill and American on US soil without at the very least a warrant? WTFrick!!! Now the infantile idiocy of The Anti-Great One trying to shut down access to the ocean, the WW2 Memorial, the Vietnam Memorial, Mount Rushmore....WTFrick!!!! I don't like the way the Executive Branch is calling 50% of the US population arsonists, terrorists, ect. The tone of the US Government of today reminds me of Germany of the early 1930s. It looks like a few people (like 20+ million) are getting a worried as well.
http://www.freerepublic.com/focus/f-news/3075673/posts
On a lighter note here is an interesting post.
http://www.freerepublic.com/focus/f-news/3075198/posts?page=14#14
....The tone of your response surprised me. Didn't quite understand why they wanted you to hide... ...I remember Carter giving the Panama Canal away...
America voted in Carter so he could lead America's running'n'hiding from Panama. "They" ran'n'hid but I did not because they said my job (working for America at the time) required me to stay put. That was then, but now... Will Obamacare be the New Panama Canal for Conservatives?
Sorry if my tone sounds low, haven't had my full morning's ration of coffee yet, but thing's really are pretty good. We live in very interesting times...
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