If your looking to give up U.S. citizenship, it is now going to cost you $450 to do so.

http://www.huffingtonpost.com/2012/0...n_1252906.html


This is most likely due to the massive increase of renunciation of U.S. citizenship that has occurred over the past few years. In 2008, only 146 people gave up U.S. Citizenship in that year by 2010 that number had increased to 1,534 and in 2011 1,024 had done so in the first 1/2 of the year. It would be interesting to find out the average tax savings of the people that have given up U.S. citizenship over the past several years. I was reading an article a few months ago about a women that had been living in Switzerland for the past several years was paying $50,000 to basically keep a U.S. passport.

Ill probably be using that hopefully

Well the US is the only country that taxes on citizenship, the rest tax on residency. Thank the new world order, the rothschild family and the federal reserve

Whatever, I'm still adding to the 2013 number.

Whatever the reasons would be to give up to that, that price wouldn't be an obstacle.

One of the most famous persons to give up Citizenship was Sir John Templeton who saved $100 million in taxes by giving it up back in 1964. Imho I think that if the new tax increases Obama is proposing become law, that it may spike to 3000 persons giving up citizenship a year,before it starts going down again.

While I have no plans of ever going back to my country of origin (up there in northern Europe), I'd never give up my citizenship/passport. I mean, I can pretty much travel to anywhere in the world by just jumping into the plane and have no need of visas (or just pay for them at arrival) with that thing.

Taxes? What taxes?

Originally Posted by Oukast

While I have no plans of ever going back to my country of origin (up there in northern Europe), I'd never give up my citizenship/passport. I mean, I can pretty much travel to anywhere in the world by just jumping into the plane and have no need of visas (or just pay for them at arrival) with that thing.

Taxes? What taxes?

You dont need to give up yours,since they dont have the same kind of tax laws. The United States is the only country in the world that taxes its citizens on worldwide income no matter where they reside after a certain amount.

and it costs $500k to get a citizenship through an EB5.

You're VERY lucky to be born a US citizen. Makes no sense to give that up.

The US is the only country that actually take care of its people globally.

Originally Posted by clyde

and it costs $500k to get a citizenship through an EB5.

You're VERY lucky to be born a US citizen. Makes no sense to give that up.

The US is the only country that actually take care of its people globally.

I'll sell you my identity for $500k

Originally Posted by clyde

and it costs $500k to get a citizenship through an EB5.

You're VERY lucky to be born a US citizen. Makes no sense to give that up.

The US is the only country that actually take care of its people globally.

If your planning on doing long term business directly in the U.S. and you will make way more then $500,000 that will even offset the higher tax rate, then it is a good investment. And its not really buying citizenship as it still hard to get. There's a reason that those 1500 people gave it up in 2010,they looked at the disadvantages and advantages of giving it up vs keeping it,and decided it was in their best interest to give it up.

This mad me curious, how much tax one has to pay to maintain his/her US citizenship?

Originally Posted by shadowfax

This mad me curious, how much tax one has to pay to maintain his/her US citizenship?

No offense but you are somewhat confused. You wont lose your citizenship for not paying taxes,but if you keep your citizenship you have to pay taxes or get declared as a tax evader and extradited back to the U.S. for tax evasion charges. I believe its up to $90,000 a year is exempt from U.S. taxes and anything over that is taxed.

I'm not giving up my US citizenship for anything.. (it helps that I don't have another :P)

Anyway, I wonder how many people outside of the US actually pay taxes if they don't live there / will not move back? How strict are they about following up on this?

Originally Posted by brainstorm1

I'm not giving up my US citizenship for anything.. (it helps that I don't have another :P)

Anyway, I wonder how many people outside of the US actually pay taxes if they don't live there / will not move back? How strict are they about following up on this?

They were willing to put out criminal charges on several Swiss bankers, They have 4 overseas IRS offices,the most recent being Beijing(opened 2010 I think). They are pretty serious about catching tax evaders.

Thank God I'm not American lol.

USA spreading democracy worldwide with bombs and tanks since WW2

Originally Posted by khirad

USA spreading democracy worldwide with bombs and tanks since WW2

This thread is about money,not about politics.

Originally Posted by Baloney

Oh my.. What is happening on Obama's Government?

It isn't him,its just the World has changed so much in the past 20-25 years.

Internet+fall of communism+EU growing+Schengen Agreement=Massive changes that affect the cash flow in the world. Even Airline Industry growing greatly has caused alot of changes to the world,but that has been going on for the past 60 years.

Originally Posted by ejrussell

Well the US is the only country that taxes on citizenship, the rest tax on residency.

Correct. And I was wondering why the woman living in Switzerland that the OP stated pays $50K to be able to pay Swiss taxes + US taxes?

I'm not US citizen but I moved my business from my country of origin where I paid 65% taxes to the US where I pay 20%...

However, since Bush, it's been harder and harder to do business there. It's getting a bit better now paperwork wise but if it become more difficult, I may move again and lay off staff there...

Originally Posted by Roparadise

You dont need to give up yours,since they dont have the same kind of tax laws. The United States is the only country in the world that taxes its citizens on worldwide income no matter where they reside after a certain amount.

yep and just wait til you see what's coming next

Originally Posted by clyde

and it costs $500k to get a citizenship through an EB5.

$500K (in designated rural areas) will not do the trick alone. If the half kilo of paper works that goes with it is not acceptable, you're out...

Don't forget, before proving you're a foreign investor/business person, you need to prove you're not a t.er.ro.ri.st first now. And I use visas for the US since 1996...

Cracking down on tax evasion on people outside of the US? Kind of strange. I imagined if I had a foreign bank account, earning foreign currency etc., all that info would be private and they would be unable to get very far.

I guess they are quite adamant about it, which makes sense. In all honesty as Americas we DO have quite a lot of freedom/rights. I never once applied for a visa when I was traveling around Europe, some places in the middle east etc.

uncle sam taxes =)) ... I know taxes seems to be quite high on states but ... I don't see any reason for anyone to give up hes us citizenship just for taxes proposes. There is a logic behind taxes ( not now since forever ... if you look into medieval era there was taxes too lol ) So ... none will '' tax '' you if you aren't make money's , if you make moneys / get profit from doing anything somewhere for me it's seems logic to pay your share to the greatest thing .... I hope this makes sense lol .

Gotta pay the federal mafia one way or another.
If you guys are interested in this stuff, google 'the escape artist'

Originally Posted by GreyGhostSEO

Gotta pay the federal mafia one way or another.
If you guys are interested in this stuff, google 'the escape artist'

I used to go to it alot,but its too focused on retirement for older people. And alot of the articles on eastern european countries are outdated by about 4 or 5 years. Alot of good content for retireing to beach countries though.