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It will now cost to give up U.S. citizenship

Discussion in 'BlackHat Lounge' started by Roparadise, Feb 4, 2012.

  1. Roparadise

    Roparadise BANNED BANNED

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

    http://www.huffingtonpost.com/2012/02/03/us-boosts-passport-fees-s_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.
     
    Last edited: Feb 4, 2012
  2. transam7410

    transam7410 Power Member

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    Ill probably be using that hopefully
     
  3. ejrussell

    ejrussell Regular Member

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    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
     
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  4. inigmanoir

    inigmanoir Newbie

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

    Madruga Senior Member

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    Whatever the reasons would be to give up to that, that price wouldn't be an obstacle.
     
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    Last edited: Feb 4, 2012
  6. Roparadise

    Roparadise BANNED BANNED

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    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.
     
  7. Oukast

    Oukast Senior Member

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    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? :cool:
     
  8. Roparadise

    Roparadise BANNED BANNED

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    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.
     
  9. clyde

    clyde Elite Member

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    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.
     
  10. inigmanoir

    inigmanoir Newbie

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    I'll sell you my identity for $500k
     
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  11. Roparadise

    Roparadise BANNED BANNED

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    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.
     
    Last edited: Feb 4, 2012
  12. shadowfax

    shadowfax Power Member

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

    Roparadise BANNED BANNED

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    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.
     
  14. brainstorm1

    brainstorm1 Jr. VIP Jr. VIP Premium Member

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    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? :rolleyes:
     
  15. Roparadise

    Roparadise BANNED BANNED

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    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.
     
  16. sfidirectory

    sfidirectory Senior Member

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    Thank God I'm not American lol.
     
  17. khirad

    khirad BANNED BANNED

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    USA spreading democracy worldwide with bombs and tanks since WW2
     
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  18. Roparadise

    Roparadise BANNED BANNED

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    This thread is about money,not about politics.
     
  19. Roparadise

    Roparadise BANNED BANNED

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    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.
     
    Last edited: Feb 4, 2012
  20. Codythebest

    Codythebest Senior Member

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    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...
     
    Last edited: Feb 4, 2012