161–170 of 401 posts
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The act is not in question...its the motives that are.
Less hassle with visas? If you want to avoid taxation there are better places to go than Cyprus. People go to Cyprus specifically because they want a Schengen passport.
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This is not a tax dodge. There is no way to dodge taxes as a US citizen by moving abroad, the US is the only country in the world with a real global taxation system. EDIT further information I posted below: The US has the unique position of being able to actually enforce this due to the fact the USD is the reserve currency of the world and every country needs to stay on the good side of the US Treasury to transact in…
Uhm acquiring another citizenship to give up American can totally be a tax dodge. The key is giving up the American one.
So expatriation can protect you from paying taxes on capital gains from future assets, but it doesn't do much to protect you from capital gains on assets you currently own.
[0] https://www.irs.gov/individuals/international-taxpayers/expa...
If this is indeed for a tax dodge, what's funny is that the US Government helped fund Google. Or, more accurately, they funded the research into the seemingly esoteric problem that became Google; > In 1995, one of the first and most promising MDDS grants went to a computer-science research team at Stanford University with a decade-long history of working with NSF and DARPA grants. The primary objective of this grant…
The question, then, is why we bothered effectively handing Page and Brin free startup funds without claiming any IP or equity stake in the resulting products, then act surprised when they don't want to pay taxes on the money they made.
Governments have already have already found outsourcing their manufacturing to contractors had superior results to doing so in house. I think nuclear weapons are about the only thing which isn't privatized.
The government already has an effective equity share anyway over everybody - it is called taxes. Money being mobile has other economic benefits but comes at the cost of allowing more fringe case shenanigans.
The article does not mention why, but considering that cypress has an extradition treaty with the States of America, It’s likely for tax reasons as all rich people do
he would have to renounce his US passport/citizenship tho
Edit: Oh, I see, you’re responding to GP about tax advantages. Yes, as a US citizen he will still owe US tax on worldwide income. Doesn’t mean there aren’t a bunch of loopholes around unrealized gains though.
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Well, the article says it's unknown why, but even speculating what nefarious things could you do with it? Cyprus is part of the EU.
This is the real problem. The EU shouldn't allow sale of citizenship in host countries, essentially paying a way to get into the EU. I highly doubt that would be possible to enforce though.
If this is indeed for a tax dodge, what's funny is that the US Government helped fund Google. Or, more accurately, they funded the research into the seemingly esoteric problem that became Google; > In 1995, one of the first and most promising MDDS grants went to a computer-science research team at Stanford University with a decade-long history of working with NSF and DARPA grants. The primary objective of this grant…
And hey Google made money due to Internet being there. Who created the internet? Darpa and universities.
Cyprus is under investigation by the EU, along with Malta for “selling” citizenships.
I do not understand why selling citizenships is wrong. If both the seller and the buyer agree to a price, what's the problem?
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> There is no way to dodge taxes as a US citizen by moving abroad Well, no way to "legally avoid"; "dodge" is broader, and there are probably many ways of dodging taxes that are easier if the institutions you deal with in your daily life aren't subject to US jurisdiction and regulations designed to expose tax evasion to US authorities. Also, typically you want to have at least one national citizenship, so if you are…
you still have to pay exit taxes on renouncing, so not clear this is a good way of avoiding tax.
(https://www.irs.gov/individuals/international-taxpayers/expa...).
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Isn’t the US government not allowed to own any IP? I’m pretty sure the Constitution says so. That’s why JPL is a thing; so NASA can pay JPL to do research (giving JPL, a company, the IP).
Seems like straight up theft to me. Why is that not owned by the public?