460 people renounced their U.S. citizenship in first quarter of year | Fox News

I wouldn't have ever guessed it was that many. They escaped their IRS liability and renounced their worldwide travel freedom. But I'm sure most of these people(as well as their accountants and lawyers) took a good look at the pros/cons. Interesting statistic to say the least.

I'd be really curious to see any sort of statistics regarding the financial situation of these folks. They haven't entirely escaped their IRS liability - not yet, anyhow. Just take a look at this: Expatriation Tax

Basically, they are taxed on all their worldly assets as though they had sold them off before renouncing. (Not unlike the taxes levied by some other countries on those who transfer assets to another country.)

No one argues that the US system of taxation by citizenship is unfair. But like so many things in the US, you have to have the $$$ to be able to free yourself of it, whether in taxes or in lawyer's fees. (Now THAT would be an interesting statistic - how much each of these new ex-citizens paid in lawyer's fees to achieve their current state!)
Cheers,
Bev

When you just look at the ones who made headlines and moved to non-ESTA states - it may have been worth it even after taxes/fees - let's hope their B2s will be approved.

Hi Bev,

Not much has changed. The doomsday book, was ordered by William The Conquerer or William I of England. "While spending the Christmas time of 1085 in Gloucester, William had deep speech with his counsellors and sent men all over England to each shire to find out what or how much each landholder had in land and livestock, and what it was worth"

The intention was for William to read the book and find the most valuable properties and take them first, then to confiscate as he choose.

Domesday Book - Wikipedia, the free encyclopedia

The "shire reave" these days is known as the sheriff. In an eviction, the sheriff moves the belongings of the unfortunate dispossessed person to the curb.

The Rosetta Stone the three sided stone when translated was just the tax code in three languages. The more things change, the more they stay the same.

Denise Rich was estimated to have saved $56 million in taxes by renouncing her citizenship. She was advised to do it now, because next year would have cost a lot more, with higher taxes kicking in.

Cheers

As long as Denise has another nationality and resides outside the US, I tend to feel that she shouldn't have to pay taxes to the US except on income derived from US sources. Taxes tend to work that way in most civilized countries these days.

But if she saved $56 million, then good for her! I wonder what country she IS living in these days, because no doubt that country will be happy to have her "contribution."
Cheers,
Bev

Denise Rich Dumps Citizenship to Save on Taxes | Reuters

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Permanent Resident since 2010 - Oakville, ON

Eduardo Saverin (Brazillian born) co-founder of facebook, renounced his USA citizenship just prior to facebook's IPO. He is expected to save more than Denise Rich, since the IPO will multiply his net worth.

The last official act of the Roman Empire was to increase income taxes to 67%. At that tax rate the people couldn't take care of the needs of their families, and dispersed to tax-friendlier territories. The empire fell, without a war, without an invasion, and some have said they just taxed themselves out of existence. No government can give anyone $1 unless it has first confiscated that $1 from someone else. Robin Hood may have sounded noble, stealing from the rich and giving to the poor, but robbing Peter to pay Paul, is a policy only supported by Paul.

Cheers,

People may renounce for a variety of different reasons, and there are plenty of reasons to promote such activity. The other day, the US government reported that it is a security threat to be a US citizen. Banks around the world, including in the US, are denying their services to US citizens. Americans abroad cannot access many US services. The US government is troubled with a two-party monopoly and massive debt. One could almost ask, why are not more people renouncing?

There are some nations which have more worldwide travel freedom than the US. They might even have more freedom in general than the US. In my view, the focus of the current US government should be on how to attract or encourage people to become or remain US citizens.

"just prior " is false:


With "just prior", one would think maybe days or even weeks. Yet, Saverin renounced about a half a year prior to the IPO.

Hello swisspinoy,

Back in 1979, I did a project engineering in Basel for Sandoz. Have several friends there.

Just prior came from his renouncing citizenship as part of the plan for IPO. His financial advisors explained to him how much less it would cost if he renounced prior to the IPO. The IPO was planned for nearly 18 months. They originally had planned to execute the IPO several months before it was actually executed.

Cheers,

__________________
BS801 Permanent Resident Visa granted 16 July 2012.