Procedure for Renunciation of U.S. Citizenship
http://travel.state.gov/law/citizenship/citizenship_776.html
http://travel.state.gov/law/citizenship/citizenship_776.html
1,500 Americans renounced their citizenship in 2010
- Thread starter misterno
- Start date
Guys, if you're making major money, and are expected to in the future, consider this -
Come to England
Marry a British girl (it can be a sham if you want, just to get citizenship)
Renounce your Police state US citizenship
Take out British citizenship
Contact the taxman and tell him you're becoming a tax-exile, this will mean you pay no UK taxes but can only stay in the UK for a maximum of 90 days per year. Anyone can do this, it's not hard.
Then go wherever you want in the world, 1-2 months in the UK, 6-8 months in the US, a few months in Mexico, Canada etc.
Do this for say 10 years then either take out US citizenship again (assuming you won't have to pay a crapload of taxes) or stay British
When you've finished making all your tax-free money you can bring it all back to the UK tax-free.
Then go back to the US, if you want.
Come to England
Marry a British girl (it can be a sham if you want, just to get citizenship)
Renounce your Police state US citizenship
Take out British citizenship
Contact the taxman and tell him you're becoming a tax-exile, this will mean you pay no UK taxes but can only stay in the UK for a maximum of 90 days per year. Anyone can do this, it's not hard.
Then go wherever you want in the world, 1-2 months in the UK, 6-8 months in the US, a few months in Mexico, Canada etc.
Do this for say 10 years then either take out US citizenship again (assuming you won't have to pay a crapload of taxes) or stay British
When you've finished making all your tax-free money you can bring it all back to the UK tax-free.
Then go back to the US, if you want.
Quote from Visaria:
You may be able to do this, but you have to pay the UK govt £30k a year.
No you don't, you only have to pay that if you're not a British citizen. UK expats for example, living and working in Hong Kong or Australia don't have to pay it and don't have to pay UK tax either. But they do have to pay taxes in the country they're working/living in.
But a true tax-exile doesn't live in any country. He/she flips between a few of them. Hard if you're say a plumber (need to be in a certain place/areas) but not hard if you're a trader because your office and place of work is where your computers are, not where your business is.
Forced travel and no taxes? That is quite an attractive option you've mentioned here.
In the US you can avoid paying taxes and IF you get caught, they generally will give you the opportunity to pay it back with penalties and interest. If you fight it, then they put you in prison.