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2 Posts
Great Forum.
Here is my situation : I am a French Born Citizen (French Passport Holder) as well as a Naturalized Citizen of the United States (US Passport) since 2005. I currently live in West Africa. I do have a Social Security Number in the US but I have left the US over 3 years ago. I do not hold any US Assets or Properties of any kind. I haven't been filing any taxes in the US for over 4 years (Would not have been significant enough of a filing anyway). I have a US drivers License as well
Both my US and French passport are under my current French Name . I also have the possibility through my father's to obtain a new passport from a West African Country. I should be able to obtain this new foreign passport under a different name. My Father's original name.
I am currently working on a large project in Africa with big earning potential and i am trying to set myself up to avoid the Big Brother's Tax Hammer. As the asset volume will be significant enough to raise the US Taxman interest.
My questions : How should I go about setting myself up to avoid paying US taxes as much as possible if any at all ?
Should I obtain my New West African Passport and open a company and bank account under that new passport/Nationality ? Will that solve my problem. ?
Is it a problem to have a new passport with a different name or could it be a blessing in my case. ?
I know European Banks requires Dual US/EU citizen to declare their status and they do report assets/income to the IRS. Are there Banks that do not apply by these rules ?.
Will using my West African passport to protect my assets/income/ allow me to avoid these headaches. ?
While I have no Assets in the US or plan to own any (rental will be fine) I will still like to Enjoy living there for a Few Months in a year or more and easily enter/leave the country with my US passport.
I plan to be living between France, West Africa, Asia and US. So could try to have a fixed residence wherever is best.
I have heard about something called the International Consultant status which allow to pay a fixed reasonable tax no matter where you live. any input on this ?
I am Trying to Avoid a renunciation of Citizenship if at all possible which seems to be more trouble and does not take effect before 10 years later anyway from what I understand.
Thank you very much for your great assistance.
Joe
Here is my situation : I am a French Born Citizen (French Passport Holder) as well as a Naturalized Citizen of the United States (US Passport) since 2005. I currently live in West Africa. I do have a Social Security Number in the US but I have left the US over 3 years ago. I do not hold any US Assets or Properties of any kind. I haven't been filing any taxes in the US for over 4 years (Would not have been significant enough of a filing anyway). I have a US drivers License as well
Both my US and French passport are under my current French Name . I also have the possibility through my father's to obtain a new passport from a West African Country. I should be able to obtain this new foreign passport under a different name. My Father's original name.
I am currently working on a large project in Africa with big earning potential and i am trying to set myself up to avoid the Big Brother's Tax Hammer. As the asset volume will be significant enough to raise the US Taxman interest.
My questions : How should I go about setting myself up to avoid paying US taxes as much as possible if any at all ?
Should I obtain my New West African Passport and open a company and bank account under that new passport/Nationality ? Will that solve my problem. ?
Is it a problem to have a new passport with a different name or could it be a blessing in my case. ?
I know European Banks requires Dual US/EU citizen to declare their status and they do report assets/income to the IRS. Are there Banks that do not apply by these rules ?.
Will using my West African passport to protect my assets/income/ allow me to avoid these headaches. ?
While I have no Assets in the US or plan to own any (rental will be fine) I will still like to Enjoy living there for a Few Months in a year or more and easily enter/leave the country with my US passport.
I plan to be living between France, West Africa, Asia and US. So could try to have a fixed residence wherever is best.
I have heard about something called the International Consultant status which allow to pay a fixed reasonable tax no matter where you live. any input on this ?
I am Trying to Avoid a renunciation of Citizenship if at all possible which seems to be more trouble and does not take effect before 10 years later anyway from what I understand.
Thank you very much for your great assistance.
Joe