4 ms·
I don't have much to say about this issue either way, but it's not as ironclad as you make it seem. It's less trivial but people can and do renounce their US c
by ch4s3 7y ago
I don't have much to say about this issue either way, but it's not as ironclad as you make it seem.
It's less trivial but people can and do renounce their US citizenship. It can be expensive, but probably not 2%-6% of you net worth in perpetuity expensive. Now, you will have to find a new flag of convenience, but you can do that from probably somewhere b/t 500K and 1.5 million in a desirable locale.
- dialtone 7y agorenouncing citizenship comes with an exit tax of 23.8% of your assets. https://1040abroad.com/faq/renouncing-u-s-citizenship/ https://1040abroad.com/faq/renouncing-u-s-citizenship/
- pmoriarty 7y agoThe last time I checked, which was admittedly a long time ago, if you have a net worth of over $100k when you renounce your US citizenship, it is assumed you are doing so for tax evasion purposes and you will be continued to be taxed for the next ten years.