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Wealthy people are renouncing American citizenship

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Re: Wealthy people are renouncing American citizenship

#151

Post by lordnacho »

fourthwaveska wrote: post #140
keewee7 wrote: post #82

Earlier quoted context omitted.

Spain is a NATO country involved in many American wars in the past 30 years. If you oppose US wars and hegemony you should have followed Edward Snowden and moved to a country that actually oppose American influence in the world.

Re: Nato, fair point. There is still a difference between being bullied into submission to American hegemony and being part of the us empire. I really, really detest cold weather and drunk people, both of which Russia has in abundance. Russia and China are just as offensive to my own moral compass as the USA. Once we attain citizenship I’m going to try to convince my family to move to Esbjerg, at least for a few year…

The city on the west coast of Denmark? Is that a typo?

Re: Wealthy people are renouncing American citizenship

#152

Post by hizanberg »

altcognito wrote: post #2

They’ve been allowed for decades to avoid paying for the infrastructure and management of the country while simultaneously holding most of the influence. “Renouncing citizenship” means they’ll give up none of the influence, lose the taxes, live how and wherever they want. The best thing to do is forbid them re-entry into the country nor to hold controlling interest in any company in the US. Faced with actual conseque…

IRS thinks Green Card Holders who are non-citizens and non-residents owes them taxes on income on their country of residence and citizenship.

They're effectively the only country that believes they're entitled to non-citizen and non-resident income, but we're the "selfish lot" for relieving ourselves of a double tax burden to a country we don't reside in? No thanks you can have it back.

Re: Wealthy people are renouncing American citizenship

#153

Post by BrianOnHN »

luffapi wrote: post #139
BrianOnHN wrote: post #92

Good riddance. "Wealthy" people contribute capital. The government can print more money to replace them at the expense of the same "wealthy" people who most likely got "wealthy" from exploitative practices opposed to conscious capitalism.

They will continue to cash in from the systems of exploration they’ve already created.

I'm pretty sure generational wealth has the most to lose from printing money. So they can try to continue being exploitative. But the government should print money to fund competition.

Re: Wealthy people are renouncing American citizenship

#154

Post by roenxi »

opheliate wrote: post #125
roenxi wrote: post #93

Earlier quoted context omitted.

The observation that it is in everyone's interest for society to function is a core plank of libertarian thinking. If everyone was going to opt out then libertarianism would not work. The core argument is that the government doesn't need to step in to fix society, because the incentives are so strong that society will sort itself out through people realising that if the ship sinks they will drown so they have to keep…

IMO the ship "sinking/floating" analogy is far too simplistic for this discussion. Everyone has a different idea of what the ship "floating" looks like: If you're someone with a lot of wealth, the current state of things might look completely reasonable. If you're very poor, the fact that 0.1% of people control 25% of the world's wealth might look a lot less like society is functioning correctly. Society could easily…

If you're worried about people being oppressed, moving away from basic principles of freedom and liberty is probably not the path you want to take.

If libertarianism would result in a great many oppressed people, any sort of centralisation of power will result in even more oppressed people. Beefing up government power is no solution to oppression; the worst oppressors are invariably governments. The worst of the great catastrophes and oppression of the last century were perpetrated by strong centralised governments.

Re: Wealthy people are renouncing American citizenship

#155

Post by psychlops »

circular_logic wrote: post #63

Interesting facts about renouncing American citizenship: - There is renunciation fee that has to be paid and currently stands at $2,350 (the highest in the world).[1] - A final tax return will sill need to be filed. [1] - An Expatriation tax is payable if [..] Your net worth is $2 million or more on the date of your expatriation. you will be treated as having disposed of your assets the day before your expatriation a…

The stimulus checks allowed them to afford to renounce citizenship.

Re: Wealthy people are renouncing American citizenship

#156

Post by cblconfederate »

alephnan wrote: post #73
rwmj wrote: post #60

Earlier quoted context omitted.

No one's moving the Europe for the lower taxes.

Cyprus gives you access to the EU while being a tax haven. https://www.vox.com/recode/2020/11/9/21547055/eric-schmidt-g...

It's no different than ireland (same % taxation), are they both tax havens? Cyprus is not on the OECD tax havens list for years, and in fact are considered a rather safe choice, hence the rise in popularity of their residence/citizenship programs (and their fees)

Re: Wealthy people are renouncing American citizenship

#157

Post by xtracto »

altcognito wrote: post #2

They’ve been allowed for decades to avoid paying for the infrastructure and management of the country while simultaneously holding most of the influence. “Renouncing citizenship” means they’ll give up none of the influence, lose the taxes, live how and wherever they want. The best thing to do is forbid them re-entry into the country nor to hold controlling interest in any company in the US. Faced with actual conseque…

>The best thing to do is forbid them re-entry into the country nor to hold controlling interest in any company in the US.

This is so wrong at so many levels. Im not from the USA, yet I own Disney stock and visit the USA every year for tourism. Should i be blocked as well?

Re: Wealthy people are renouncing American citizenship

#158

Post by sumedh »

the_lonely_road wrote: post #18
djKianoosh wrote: post #8

Earlier quoted context omitted.

so where are they all going?

New Zealand it seems. An island country of 5 million with some of the most expensive real estate and highest suicide rates of the developed world.

> highest suicide rates of the developed world.

If I am not mistaken most of those suicides are among the Maori people not the white people of NZ.

Re: Wealthy people are renouncing American citizenship

#159

Post by cblconfederate »

pjerem wrote: post #101
alephnan wrote: post #73

Earlier quoted context omitted.

Cyprus gives you access to the EU while being a tax haven. https://www.vox.com/recode/2020/11/9/21547055/eric-schmidt-g...

Well, you know that you pay taxes on the country you live & work in ? So you have to find a job and a house in Cyprus. And on top of that, Cyprus is one of the few european countries that are not yet in the Schengen area. So you'll have to stay on the tiny 9,251 Square Kilometers.

Ehm, you can travel to all of EU, the only thing that changes is you stand on a different line in the airport

Re: Wealthy people are renouncing American citizenship

#160

Post by geomark »

Retric wrote: post #137
circular_logic wrote: post #63

Interesting facts about renouncing American citizenship: - There is renunciation fee that has to be paid and currently stands at $2,350 (the highest in the world).[1] - A final tax return will sill need to be filed. [1] - An Expatriation tax is payable if [..] Your net worth is $2 million or more on the date of your expatriation. you will be treated as having disposed of your assets the day before your expatriation a…

That honestly seems quite reasonable. Citizenship comes with all sorts of obligations like getting drafted and serving on juries, taxes are simply the most obvious. On the up side you can apparently still qualify for Social Security benefits.

Yeah, but receiving payments can be an issue because U.S. banks won't deal with you without a U.S. address.
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