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)?
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)?
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