But then you still have to pay taxes on worldwide income right?
The tax system for overseas income is complicated , especially if you hold foreign assets (bank accounts or corporate interest), but the short version is that any income earned as an employee up to ~$95,000 can be excluded. It's called the foreign earned income exclusion.
To add to this, you legally have to declare to the U.S. government all foreign cash in excess of $10k. You may not pay tax but you definitely have to file regardless.
The idealogically pure idea of stateless citizens working in harmony of their own free accord is a fantasy that doesn't mesh with reality and just as dangerous as any Marxist Communist fantasy. In the right here and right now states are far from perfect, and we are in the middle of a period where lots of forces are pushing for greater consolidation of power in the hands of the state. But the benefit of having governm…
In what way is communism dangerous? I fail to see any inherent danger in a form of society that distributes its wealth evenly across its citizens.
It requires the use of force to redistribute weatlh. It also removes the price mechanism, thus robbing the people of information required to produce and evaluate.
I don't know DS but my guess is, Singapore doesn't recognize dual citizenship, hence you must renounce your US citizenship to get a Singapore passport. http://sivers.org/singapore
That's correct. In fact Singapore is so against dual citizenship that even people who have dual citizenship by birth must choose one or the other once they become adults: by age 22 they must renounce all other citizenships, or lose their Singapore citizenship. Denmark is another country with a similar law, which causes a reasonable amount of angst among Danes reaching that age. Particularly true of those with US/Dani…
Are there any other EU countries that (1) a young Dane could reasonably obtain citizenship from, and that (2) do not require renouncing other citizenships? The idea is that a dual US/Danish citizen approaching the age where Denmark requires renouncing one or the other could obtain some other EU citizenship first, and let the Danish citizenship go. He'd still be able to live/work in Denmark as an EU citizen.
The idealogically pure idea of stateless citizens working in harmony of their own free accord is a fantasy that doesn't mesh with reality and just as dangerous as any Marxist Communist fantasy. In the right here and right now states are far from perfect, and we are in the middle of a period where lots of forces are pushing for greater consolidation of power in the hands of the state. But the benefit of having governm…
In what way is communism dangerous? I fail to see any inherent danger in a form of society that distributes its wealth evenly across its citizens.
The pursuit of communism resulted in the tragic deaths of over 100 million innocents during the 20th century. More than were killed by Nazism, Facism, and Japanese Imperialism combined. And that is merely the darkest portion of the shadow that communism has cast on human civilization, the full extent of suffering and loss is on a scale that makes the Black Death look like a walk in the park.
I'm a little disappointed that this would be posted and not include a commentary about the number of reasons that he would have for doing this. It seems rather useless to simply troll government websites for "revealing" data and make no other comment about it. We can add nothing to this data point beyond conjecture without understanding why a person makes this decision. EDIT: So people have figured out that he's move…
He didn't marry a Singaporean. His wife was born in India.
I'm a little disappointed that this would be posted and not include a commentary about the number of reasons that he would have for doing this. It seems rather useless to simply troll government websites for "revealing" data and make no other comment about it. We can add nothing to this data point beyond conjecture without understanding why a person makes this decision. EDIT: So people have figured out that he's move…
He didn't marry a Singaporean. His wife was born in India.
Good point, his wife is Tamil. I didn't delve into his personal details with great gusto. :-)
In that case though, given Singapore, it's a good middle ground between India and the US culture wise.
There's been talk recently of wealthy americans fleeing the country for tax reasons. If Obama gets reelected, as is expected, he's gonna go all out in his second term (I'm an Obama supporter but I dislike the idea of taxing the entrepreneurs more to fund the lazy government workers).
...Obama has a propsal to tax entrepreneurs? Rant time: I despise what political discourse in this country has become. Rather than talk about policy we've trained everyone (like marshallp here) to regurgitate sound bites about how this or that politician is "gonna go all out" to do whatever evil thing sounds fun this week. Look: tax policy is a bunch of boring laws. You can read them if you like. You can look at prop…
One of the pay-fors for the PPACA is a 3.8 additional tax on investment income above a certain level. Successful entrepreneurs looking to take some money out of their business have a good chance of hitting this tax.
That's correct. In fact Singapore is so against dual citizenship that even people who have dual citizenship by birth must choose one or the other once they become adults: by age 22 they must renounce all other citizenships, or lose their Singapore citizenship. Denmark is another country with a similar law, which causes a reasonable amount of angst among Danes reaching that age. Particularly true of those with US/Dani…
Are there any other EU countries that (1) a young Dane could reasonably obtain citizenship from, and that (2) do not require renouncing other citizenships? The idea is that a dual US/Danish citizen approaching the age where Denmark requires renouncing one or the other could obtain some other EU citizenship first, and let the Danish citizenship go. He'd still be able to live/work in Denmark as an EU citizen.
I can't seem to find discussion of it being done, so perhaps there's some barrier I'm not aware of, but I believe Sweden should be a plausible route for that. A Dane who lives in Sweden for at least two years is eligible for Swedish citizenship under a special citizens-of-other-Nordic-countries fast track, and, since 2001, Sweden permits dual citizenship. In addition, since 2000, the Øresund Bridge makes it possible to live in Malmö, Sweden, while working in Copenhagen across the strait, so you don't even have to fully move to Sweden, just sleep there.