4 ms·

Honestly, for that amount of money I'd renounce my citizenship and move to another country then sell it there. Stupid law.

p49k 7y ago
Renouncing your citizenship involves first settling any tax obligations, so that would get you nowhere.
- ginko 7y ago
  Plus you're almost certainly going to be charged with animal smuggling when trying to cross the border with it.
- frittig 7y ago
  of course if you get caught participating in a terrorist group while abroad, you may get your citizenship stripped for free. I think that I saw that suggestion on Reddit once
  - ricree 7y ago
    Note that this only for naturalized citizenship, and even then only for a limited time afterwards. As I understand it, the prevailing precedent of the Supreme Court is that revoking citizenship is something that a person must willfully do with the intention of having their citizenship revoked. This wasn't always the case, as it used to be that Congress could declare revoking actions that applied even without intent. So it's possible that this could change, but it's been the case for over half a century and unlikely to change anytime soon.
  - lightbyte 7y ago
    Be careful, you also run the risk of getting assassinated by drone strike like Anwar al-Awlaki did.
  - gamblor956 7y ago
    Citizenship is separate from tax residency. So you'd end up stateless but still owing US taxes.
fortran77 7y ago
There's a 30% expatriation tax! https://www.irs.gov/individuals/international-taxpayers/expatriation-tax https://www.irs.gov/individuals/international-taxpayers/expa... North Korea isn't the only state that makes it hard for citizens to leave....
- gamblor956 7y ago
  Most countries have an expatriation tax. Just wait till you see what France and Belgium charge expats trying to leave...
- magduf 7y ago
  My reading of this page shows that this only applies to really wealthy people. You had to have been paying over $160K in income taxes every year before you left, or have a net worth of over $2M. Of course, if your net worth is a whopping $100K plus some worthless artwork that the IRS says is worth $50M, you might have a problem...
  - brokensegue 7y ago
    Inheritance tax only applies to the really wealthy also

p49k 7y ago

Renouncing your citizenship involves first settling any tax obligations, so that would get you nowhere.

ginko 7y ago
Plus you're almost certainly going to be charged with animal smuggling when trying to cross the border with it.
frittig 7y ago
of course if you get caught participating in a terrorist group while abroad, you may get your citizenship stripped for free. I think that I saw that suggestion on Reddit once
- ricree 7y ago
  Note that this only for naturalized citizenship, and even then only for a limited time afterwards. As I understand it, the prevailing precedent of the Supreme Court is that revoking citizenship is something that a person must willfully do with the intention of having their citizenship revoked. This wasn't always the case, as it used to be that Congress could declare revoking actions that applied even without intent. So it's possible that this could change, but it's been the case for over half a century and unlikely to change anytime soon.
- lightbyte 7y ago
  Be careful, you also run the risk of getting assassinated by drone strike like Anwar al-Awlaki did.
- gamblor956 7y ago
  Citizenship is separate from tax residency. So you'd end up stateless but still owing US taxes.

fortran77 7y ago

There's a 30% expatriation tax! https://www.irs.gov/individuals/international-taxpayers/expatriation-tax https://www.irs.gov/individuals/international-taxpayers/expa... North Korea isn't the only state that makes it hard for citizens to leave....

gamblor956 7y ago
Most countries have an expatriation tax. Just wait till you see what France and Belgium charge expats trying to leave...
magduf 7y ago
My reading of this page shows that this only applies to really wealthy people. You had to have been paying over $160K in income taxes every year before you left, or have a net worth of over $2M. Of course, if your net worth is a whopping $100K plus some worthless artwork that the IRS says is worth $50M, you might have a problem...
- brokensegue 7y ago
  Inheritance tax only applies to the really wealthy also