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No, when you are dead. Since you were once U.S. citizen in tax sense by owning U.S. properties and securities. (including you as permanent residents, or H1-B vi
by eugenejen 17y ago
No, when you are dead. Since you were once U.S. citizen in tax sense by owning U.S. properties and securities. (including you as permanent residents, or H1-B visa holders) The U.S. tax authority now has right to go to Swiss banks to request freezing of assets.
The worse part is when calculating your tax, the U.S. tax authority will treat you as a non citizen so they can tax assets more than 60k, instead of usually 1 million in 2009.
This just happens to one of the Taiwanese Billionaire, Wang Yung-ching. He owned U.S. properties and his company Formosa Plastics Corporation now is trying to estimate the amount of the tax they owe to U.S. tax authority, even the company is not a U.S. company and he has no U.S. citizenship and permanent resident status. But because both entities owns U.S. properties. The U.S. tax authority has their bites to all the company assets in Taiwan, too.
Meanwhile, his heirs in Taiwan still need to pay the inheritance taxes for their own shares of the inheritance.
- anigbrowl 17y agoHmm, that sounds interesting but it seems much more complex than you suggest. Mr Wang died in new Jersey and left no will; so far it seems there has not even been a decision over whether his estate should be divided by up by a NJ or a Taiwan court, which would result in different outcomes since some of his unmarried lovers would have inheritance rights under Taiwanese law. http://www.probatelawyerblog.com/2009/08/new-jersey-hosts-estate-fight-over-14-billion-legacy.html#more http://www.probatelawyerblog.com/2009/08/new-jersey-hosts-es... I also found information about estate taxes being paid in Taiwan, but not in the US: http://www.taiwantoday.tw/ct.asp?xitem=54144&ctnode=419&mp=9 http://www.taiwantoday.tw/ct.asp?xitem=54144&ctnode=419&... Incidentally, HN readers might be using one of Mr Wang's chipsets: http://en.wikipedia.org/wiki/Wang_Yung-ching http://en.wikipedia.org/wiki/Wang_Yung-ching
- eugenejen 17y agoThanks for amending it. I thought it will not be that popular for U.S. audience for his story so I simplified it. What I want to said is he is not a U.S. citizen and permanent resident. But he owns properties in U.S. I wonder what will be the case for Morris Chang? He retired from Texas Instrument after he was sure his pension and stock was vested. Then he left U.S. to Taiwan to found TSMC.