5 ms·

Mind sharing which one you're pursuing or which ones you think are worthy nationalities to hold?

by nirvana 14y ago

mahmud 14y ago
Be a U.S. citizen but don't live there. That is the best option of them all, and one I took.
- mahyarm 14y ago
  Why not be Canadian and not live in the USA?
  - jarek 14y ago
    If you aren't a permanent resident you are almost always tied to your current job, and can technically be required to leave within two weeks if you are laid off or fired. (Getting a new job that would accommodate your visa requirements on a two-week notice might not be trivial.) If you are a permanent resident, you are subject to many of the annoyances discussed (i.e., IRS) without the benefits of citizenship...
    - mahyarm 14y ago
      He was talking about not living in the USA specifically, so your not tied to your job like that, and you don't have any US tax requirements unless the income comes from the USA.
      - jarek 14y ago
        Wow, sorry, I completely missed the "not" in your post. My bad.
- ios84dev 14y ago
  But then you still have to pay taxes on worldwide income right?
  - deleted 14y ago
    [deleted]
  - culturestate 14y ago
    The tax system for overseas income is complicated, especially if you hold foreign assets (bank accounts or corporate interest), but the short version is that any income earned as an employee up to ~$95,000 can be excluded. It's called the foreign earned income exclusion.
    - jarek 14y ago
      To add to this, you legally have to declare to the U.S. government all foreign cash in excess of $10k. You may not pay tax but you definitely have to file regardless.
    - refurb 14y ago
      Don't forget that if you live in a country that has a tax treaty with the US, any taxes paid to your home gov't counts towards any taxes you would pay to the US. So if you live in a higher tax jurisdiction (i.e. the majority of the countries in the world), your US tax bill ends up being $0. However, you still have the hassle of filing your US tax return each year.
    - refurb 14y ago
      I didn't think it was that complicated at all. I held assets in Canada while working in the US and all I had to do was declare what they were and how much. i.e. Mutual fund account - $32K
- brd 14y ago
  What? This is most certainly not the best option. As a U.S. citizen you are required to pay taxes on income earned worldwide and from my understanding you can only deduct up to ~95k in 2012. From what I've read, being a US citizen and working abroad is expensive and one of the main motivations for people to renounce their US citizenship.
  - mahmud 14y ago
    I can't afford not to be a U.S. citizen. I'm a non-millionaire atheist black man with a Muslim name and an American accent. My kind don't last long in the wilderness, I will be traded by intel agencies like a baseball card.
  - deleted 14y ago
    [deleted]
  - jacaranda 14y ago
    Not necessarily true. if the US and the country have a tax treaty, you can offset the taxes you paid the host country. This credit is limited to the amount of US tax liability reported on Form 1040. Also the US has generous foreign income exclusion exemption ($92900) if you live outside the country for a whole calendar year or as a bonafide resident and earn that income from US based sources
rdtsc 14y ago
Normally these are collected along the way while "moving on up in the world". Start in some poor country. Get citizenship in another slight better country and so on. Now "better" is subjective and defined by the individuals. For example, most people would consider Belize better than South Sudan. Some just optimize based on the most travel permissive citizenships. Like, say the British passports let you in quite a few countries without a visa, so does an US passport but the countries are different.
jarek 14y ago
Personally I think a combo of one of EU countries and Australia or Canada is nice. You get pretty much all of the first world benefits, can live anywhere in the EU while it's still together with minimal hassles, have Australia/Canada when you're missing an environment a little more the U.S., without the crazy that's U.S. citizenship and corresponding tax laws. (But of course I'd think so as a dual CA/EU citizen.)

Mind sharing which one you're pursuing or which ones you think are worthy nationalities to hold?

by nirvana 14y ago

Mind sharing which one you're pursuing or which ones you think are worthy nationalities to hold?

mahmud 14y ago

Be a U.S. citizen but don't live there. That is the best option of them all, and one I took.

mahyarm 14y ago
Why not be Canadian and not live in the USA?
- jarek 14y ago
  If you aren't a permanent resident you are almost always tied to your current job, and can technically be required to leave within two weeks if you are laid off or fired. (Getting a new job that would accommodate your visa requirements on a two-week notice might not be trivial.) If you are a permanent resident, you are subject to many of the annoyances discussed (i.e., IRS) without the benefits of citizenship...
  - mahyarm 14y ago
    He was talking about not living in the USA specifically, so your not tied to your job like that, and you don't have any US tax requirements unless the income comes from the USA.
    - jarek 14y ago
      Wow, sorry, I completely missed the "not" in your post. My bad.
ios84dev 14y ago
But then you still have to pay taxes on worldwide income right?
- deleted 14y ago
  [deleted]
- culturestate 14y ago
  The tax system for overseas income is complicated, especially if you hold foreign assets (bank accounts or corporate interest), but the short version is that any income earned as an employee up to ~$95,000 can be excluded. It's called the foreign earned income exclusion.
  - jarek 14y ago
    To add to this, you legally have to declare to the U.S. government all foreign cash in excess of $10k. You may not pay tax but you definitely have to file regardless.
  - refurb 14y ago
    Don't forget that if you live in a country that has a tax treaty with the US, any taxes paid to your home gov't counts towards any taxes you would pay to the US. So if you live in a higher tax jurisdiction (i.e. the majority of the countries in the world), your US tax bill ends up being $0. However, you still have the hassle of filing your US tax return each year.
  - refurb 14y ago
    I didn't think it was that complicated at all. I held assets in Canada while working in the US and all I had to do was declare what they were and how much. i.e. Mutual fund account - $32K
brd 14y ago
What? This is most certainly not the best option. As a U.S. citizen you are required to pay taxes on income earned worldwide and from my understanding you can only deduct up to ~95k in 2012. From what I've read, being a US citizen and working abroad is expensive and one of the main motivations for people to renounce their US citizenship.
- mahmud 14y ago
  I can't afford not to be a U.S. citizen. I'm a non-millionaire atheist black man with a Muslim name and an American accent. My kind don't last long in the wilderness, I will be traded by intel agencies like a baseball card.
- deleted 14y ago
  [deleted]
- jacaranda 14y ago
  Not necessarily true. if the US and the country have a tax treaty, you can offset the taxes you paid the host country. This credit is limited to the amount of US tax liability reported on Form 1040. Also the US has generous foreign income exclusion exemption ($92900) if you live outside the country for a whole calendar year or as a bonafide resident and earn that income from US based sources

rdtsc 14y ago

Normally these are collected along the way while "moving on up in the world". Start in some poor country. Get citizenship in another slight better country and so on. Now "better" is subjective and defined by the individuals. For example, most people would consider Belize better than South Sudan. Some just optimize based on the most travel permissive citizenships. Like, say the British passports let you in quite a few countries without a visa, so does an US passport but the countries are different.

jarek 14y ago

Personally I think a combo of one of EU countries and Australia or Canada is nice. You get pretty much all of the first world benefits, can live anywhere in the EU while it's still together with minimal hassles, have Australia/Canada when you're missing an environment a little more the U.S., without the crazy that's U.S. citizenship and corresponding tax laws. (But of course I'd think so as a dual CA/EU citizen.)