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Fun topic: if you were to renounce US citizenship

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  • Fun topic: if you were to renounce US citizenship

    Now, this is purely hypothetical -- I would never do it, but... you hear about people fleeing the US more & more in the media with this very strange election cycle.  Plus the past several years US citizenship has been renounced in record numbers -- the most publicized example was the co-founder of facebook who renounced it to reside in Singapore (income tax rate = 0).

    So, if you wanted to do it, where would you reside?

    Purely hypothetically:  if I had a very high income stream from active earnings (1-2 million/year), perhaps Monaco?  I just visited southern France & Italy and that whole area is just so beautiful.  On the flip side the cost of living would be atrocious, and if I was not able to get a Monaco citizenship/residency with its tax benefits, France or Italy are much, much worse than the US on that front.  Plus most people in this particular situation would probably get their income from capital appreciation/dividends, which are taxed at much lower rates.

    More realistically:  I would consider splitting my time 50/50 between Panama & Alaska (or Nevada, or Wyoming).

    Thoughts, comments, unrealistic pipe-dreams (perhaps starting your own country from an unclaimed island)?

  • #2
    I think you'd have to have a specific place in mind where you're living and planned to stay. Most people that renounce I think are already abroad and tired of the onerous tax issues even while being out of country for a significant period of time. I've heard people talk about dual citizenship, I remember Belize used to be popular, but many of these simple ones are no longer possible.


    • #3
      Ecuador has been at the top of the list for expats for both cost and quality of living for the last 2 years. However, Singapore scored tops in 2 other lists I just looked at. I'd probably choose Germany because my husband's ex lives there. We're good friends and I've visited a lot and learned a bit of the language - which makes a huge difference. Plus it's very easy to get to almost anywhere else in Europe.

      If money were no object and I were retired, I'd live in NYC half the year and New Mexico the other half.
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


      • #4
        Someone fleeing the onerous tax situation in the US with a high active income stream might also need to look at the extradition treaty laws as well !


        • #5
          Mars?  The moon?  A Galilean moon?

          When I moved from a high-tax state to a no-tax state, taxes were a huge pain in the rear that year.  When you pull the trigger on AK/Panama, let us know how it goes--there are likely a lot of lessons to share.