|
PureBytes Links
Trading Reference Links
|
Leslie> You CAN live quite nicely and walk away in such a manner that the
Leslie> IRS cannot get you. Two options:
Leslie> (1) if you are a US citizen, renounce it --this has no impact on
Leslie> your children or spouse although you will not be able to vote.
Leslie> Once you stayed away from the US for 18 months plus one
Leslie> consecutive day, you can come and go as you please. If you
Leslie> return prematurely, the IRS will consider your move a tax
Leslie> avoidance scheme and force you to pay up.
Leslie> (2) if you are not a US citizen, walk away and declare residency
Leslie> in a tax haven. The IRS cannot touch you. You can also walk
Leslie> away with your IRA money and they cannot touch you. Being a
Leslie> cautious sort, I refrained from obtaining US citizenship 20 years
Leslie> ago.
According to the IRS, you will still be liable for US taxes.
"If you expatriated in 2001, you are presumed to have tax avoidance as
a principal purpose if:
Your average annual net income tax for the last five tax years ending
before the date of the action is more than $115,000, or
Your net worth on the date of the action is $579,000 or more "
http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html
--
Regards,
Greg
"A society of sheep must in time beget a government of wolves."
-- Bertrand de Jouvenal
|