Suggestions on how to achieve going home??
Jun 23rd 2009, 12:09 pm
#31
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
10 years - This only applies to people who have had a GC 15 years and have $2 mill in assets or pay $136k or something ridiculous pa in taxes or who are a citizen and renounces
In that case they have to pay taxes for 10 years and have their current unrealized capital gains (including house) taxed as income and in the case of a citizen they can be barred from visiting the US
A 'normal' GC holder who has been here a few years would just pay up their current year
The nasty stuff is for rich people who go to live in Switzerland basically
its all here
http://www.expatfocus.com/renouncing...nent-residence
I really feel edgy about citizenship - there are advantages when someone dies, (social security of partner etc) and quite a few other tax things, but they get really vindictive when it come to renouncing in the case of a returnee to the elephant's graveyard of their birth.
It's a lottery as to whether it will be of benefit
In that case they have to pay taxes for 10 years and have their current unrealized capital gains (including house) taxed as income and in the case of a citizen they can be barred from visiting the US
A 'normal' GC holder who has been here a few years would just pay up their current year
The nasty stuff is for rich people who go to live in Switzerland basically
its all here
http://www.expatfocus.com/renouncing...nent-residence
I really feel edgy about citizenship - there are advantages when someone dies, (social security of partner etc) and quite a few other tax things, but they get really vindictive when it come to renouncing in the case of a returnee to the elephant's graveyard of their birth.
It's a lottery as to whether it will be of benefit
Jun 23rd 2009, 12:14 pm
#32
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,102
Re: Suggestions on how to achieve going home??
10 years - This only applies to people who have had a GC 15 years and have $2 mill in assets or pay $136k or something ridiculous pa in taxes or who are a citizen and renounces
In that case they have to pay taxes for 10 years and have their current unrealized capital gains (including house) taxed as income and in the case of a citizen they can be barred from visiting the US
A 'normal' GC holder who has been here a few years would just pay up their current year
The nasty stuff is for rich people who go to live in Switzerland basically
its all here
http://www.expatfocus.com/renouncing...nent-residence
I really feel edgy about citizenship - there are advantages when someone dies, (social security of partner etc) and quite a few other tax things, but they get really vindictive when it come to renouncing in the case of a returnee to the elephant's graveyard of their birth.
It's a lottery as to whether it will be of benefit
In that case they have to pay taxes for 10 years and have their current unrealized capital gains (including house) taxed as income and in the case of a citizen they can be barred from visiting the US
A 'normal' GC holder who has been here a few years would just pay up their current year
The nasty stuff is for rich people who go to live in Switzerland basically
its all here
http://www.expatfocus.com/renouncing...nent-residence
I really feel edgy about citizenship - there are advantages when someone dies, (social security of partner etc) and quite a few other tax things, but they get really vindictive when it come to renouncing in the case of a returnee to the elephant's graveyard of their birth.
It's a lottery as to whether it will be of benefit
Jun 23rd 2009, 12:17 pm
#33
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
Unless we have the misfortune to win the lottery
Jun 23rd 2009, 12:22 pm
#34
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,174
Re: Suggestions on how to achieve going home??
In that situation, I wonder if you could set up a LLC company and have the company receive the lottery win and you draw a minimal salary from the company and the company buys a house/car which you receive as a perk or sub lease.
Company would be able to have limited/low taxes, especially if you set up in Delaware and would be able to claim all these expenses.
Probably wouldn't be allowed, but I do wonder
Company would be able to have limited/low taxes, especially if you set up in Delaware and would be able to claim all these expenses.
Probably wouldn't be allowed, but I do wonder
Jun 23rd 2009, 12:37 pm
#35
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
In that situation, I wonder if you could set up a LLC company and have the company receive the lottery win and you draw a minimal salary from the company and the company buys a house/car which you receive as a perk or sub lease.
Company would be able to have limited/low taxes, especially if you set up in Delaware and would be able to claim all these expenses.
Probably wouldn't be allowed, but I do wonder
Company would be able to have limited/low taxes, especially if you set up in Delaware and would be able to claim all these expenses.
Probably wouldn't be allowed, but I do wonder
It's nice to be informed first though and I wonder what percentage of people know all this stuff before they apply for citizenship or stay with a GC for 8 years. They might even tighten up more so everyone is penalised and followed for 10 years- it needs watching
Quite ironic that in the land of success, only the successfull are in line to be penalised and punished so hard and the poorer ones can walk away with no obligations
It's a bit like marriage really, the awful truth of what you have done only becomes apparent later - oops she is home I had better minimize everything before I am permanently minimized
PS I found this on the state dept website - the 'banned from the US' thing only applies to residency as it says >>>
D. DUAL NATIONALITY / STATELESSNESS
Persons intending to renounce U.S. citizenship should be aware that, unless they already possess a foreign nationality, they may be rendered stateless and, thus, lack the protection of any government. They may also have difficulty traveling as they may not be entitled to a passport from any country. Even if they were not stateless, they would still be required to obtain a visa to travel to the United States, or show that they are eligible for admission pursuant to the terms of the Visa Waiver Pilot Program (VWPP). If found ineligible for a visa or the VWPP to come to the U.S., a renunciant, under certain circumstances, could be barred from entering the United States. Nonetheless, renunciation of U.S. citizenship may not prevent a foreign country from deporting that individual back to the United States in some non-citizen status.
Last edited by exvj; Jun 23rd 2009 at 12:44 pm.
Jun 23rd 2009, 12:44 pm
#36
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Joined: Dec 2005
Posts: 88,102
Re: Suggestions on how to achieve going home??
Yes and I would sell the house up and realise all the gains tax free or at normal cap gains rates the year before before I renounced citizenship
It's nice to be informed first though and I wonder what percentage of people know all this stuff before they apply for citizenship or stay with a GC for 8 years. They might even tighten up more so everyone is penalised and followed for 10 years- it needs watching
Quite ironic that in the land of success, only the successfull are in line to be penalised and punished so hard and the poorer ones can walk away with no obligations
It's a bit like marriage really, the awful truth of what you have done only becomes apparent later - oops she is home I had better minimize everything before I am permanently minimized
It's nice to be informed first though and I wonder what percentage of people know all this stuff before they apply for citizenship or stay with a GC for 8 years. They might even tighten up more so everyone is penalised and followed for 10 years- it needs watching
Quite ironic that in the land of success, only the successfull are in line to be penalised and punished so hard and the poorer ones can walk away with no obligations
It's a bit like marriage really, the awful truth of what you have done only becomes apparent later - oops she is home I had better minimize everything before I am permanently minimized
Jun 23rd 2009, 12:55 pm
#37
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
Luckily there are probably only 1% who fit the high wealth rules. Still if you are unemployed then unemployment is 100% as they used to say
I will keep my tax bill under $136kpa and $2 mill in the bank, and the rest in my underpants where it will be safe and I will just look like a typical Walmart shopper
A day out in London should then rid me of my US Citizenship/GC with no consequences should it become desirable
Jun 23rd 2009, 2:12 pm
#38
Banned
Joined: Jul 2008
Posts: 1,769
Re: Suggestions on how to achieve going home??
Cricket - good idea! Ive started to look at consolidating my credit card debts -my husband though this evening is starting to talk about filing bankruptcy ... for himself ... the only huge worry I have about this is that when I come to submit paperwork for his visa, will that effect the visa process? Are there any questions on the paperwork to that effect? i.e have you ever declared bankruptcy? etc et
Does anyone know the answer???
Does anyone know the answer???
I'm not sure but I think bankruptcy could affect his application. You would need to check.
Bankruptcy is a bad idea and one that should be avoided if possible. It's often regarded as the cheats way out of paying bills (because so many people do it), then anyone who is made bankrupt through no fault of their own, such as in this current climate, is affected by those who squandered money then made themselves bankrupt to get out of paying.
I'm not saying this is what your husband is doing but there are repercussions of declaring yourself bankrupt, and really it should only be a last resort.
A far better way is to agree a minimum payment with all creditors.
They will respect you more, your credit rating will stay in tact and it shouldn't cause problems for you down the track with matters such as visa applications.
Hope this helps.
Jun 23rd 2009, 5:09 pm
#39
Forum Regular
Joined: Jun 2009
Location: Canada
Posts: 144
Re: Suggestions on how to achieve going home??
Yes you were correct in that - but the main thing is that all the qualifications about huge annual tax bills ($136k+) and 2 mill assets etc are not likely to apply to most of us so walking away and not being on the hook is what normally happens
Unless we have the misfortune to win the lottery
Unless we have the misfortune to win the lottery
Jun 24th 2009, 8:17 am
#41
Forum Regular
Joined: Jun 2009
Location: Canada
Posts: 144
Re: Suggestions on how to achieve going home??
Wow, that's not fair. Here in Canada, lottery winnings are tax exempt.
Jun 28th 2009, 5:07 pm
#43
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Joined: Nov 2006
Location: Medowie, Near Newcastle
Posts: 83
Re: Suggestions on how to achieve going home??
Here in Oz, if you declare yourself bankrupt you are liable to surrender your passport for up to 3 years, so whether visa app granted or not this could still cause a problem.
Les
Les
Jun 29th 2009, 4:17 am
#44
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Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
Seems to me that Canada is the place overall.
I can have my brekky and drive to Vancouver and be there before lunch - so I can have the best of both if I am canny about it
A load of cheap demerol stuffed inside a totem pole on the roof rack and head back
I can have my brekky and drive to Vancouver and be there before lunch - so I can have the best of both if I am canny about it
A load of cheap demerol stuffed inside a totem pole on the roof rack and head back
Jun 29th 2009, 7:37 am
#45
Forum Regular
Joined: Sep 2008
Posts: 63
Re: Suggestions on how to achieve going home??
We've been here in the US for almost five and a half years - came in on a K1 and K2, and have our 10 year greencards in hand. But I'm not happy - in fact I'm downright bloody fed up of it. I've given it a fair go and it just hasn't worked out. Problem now is how are we going to get back home. Husband, USC, will be coming but financially it's one horrible mess.
The house that we bought at the end of 2007 is now worth $18,000 less ... there's debt that has acccumulated, most of which is on my husband's side. I'm 52, I can't give it another couple of years - I have to get back asap to secure employment otherwise I'm never going to be able to find work back in the UK.
Husband is almost 59, eligible to take his early retirement - roughly $2000 per month but, once he takes that we get no medical/dentail cover.
Is Bankruptcy the answer?? Just hand the keys back to the bank?? And if we did that, how would that effect getting a spousal visa for my husband? I don't like the idea of doing that at all ... but I just can't see how we can possibly apply for a visa with all of this hanging around us.
Does anyone have any suggestions??? Any at all???
The house that we bought at the end of 2007 is now worth $18,000 less ... there's debt that has acccumulated, most of which is on my husband's side. I'm 52, I can't give it another couple of years - I have to get back asap to secure employment otherwise I'm never going to be able to find work back in the UK.
Husband is almost 59, eligible to take his early retirement - roughly $2000 per month but, once he takes that we get no medical/dentail cover.
Is Bankruptcy the answer?? Just hand the keys back to the bank?? And if we did that, how would that effect getting a spousal visa for my husband? I don't like the idea of doing that at all ... but I just can't see how we can possibly apply for a visa with all of this hanging around us.
Does anyone have any suggestions??? Any at all???
From what I hear there are so, so many ex-pats returning to UK looking for work and struggling to find anything with this massive UK recession and half of unemployed Europe there illegally.
I would hang on a bit longer until your OH's pension is in the bank, thats my best suggestion, sorry, I know how tough and emotional it all is.
