Saverin expatriation.
#1
Saverin expatriation.
One sure fire way to annoy Americans is to relinquish US citizenship. I believe that Saverin will be paying the expatriation tax and will continue to pay any US tax due, but that gets lost in the volume of the outrage. Saverin will also find it much easier to invest his money outside the US as a non-US citizen. I have also considered expatriation, not to avoid paying US tax, but to make my taxes less complicated and to make my financial life easier in the UK.
http://www.nydailynews.com/news/mone...icle-1.1079936
http://www.nydailynews.com/news/mone...icle-1.1079936
#2
Re: Saverin expatriation.
One sure fire way to annoy Americans is to relinquish US citizenship. I believe that Saverin will be paying the expatriation tax and will continue to pay any US tax due, but that gets lost in the volume of the outrage. Saverin will also find it much easier to invest his money outside the US as a non-US citizen. I have also considered expatriation, not to avoid paying US tax, but to make my taxes less complicated and to make my financial life easier in the UK.
http://www.nydailynews.com/news/mone...icle-1.1079936
http://www.nydailynews.com/news/mone...icle-1.1079936
#3
Re: Saverin expatriation.
Do wonder in days past, why folks would try to get to the US to reduce their tax bill...
#4
Re: Saverin expatriation.
The thing is it would only come into force if you are expatriating for "tax reasons". So if you go ahead, expatriate and end up paying the greater 30% tax surely that shows that you did not expatriate for tax reasons.........also the greater 30% tax rate will reduce the capital gains that you'll have to pay in your country of residence as you'll have a greater FTC.
Last edited by nun; May 18th 2012 at 2:11 pm.
#5
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Saverin expatriation.
I think this is the perfect riposte to the ever-increasing burden imposed by the IRS by FATCA etc on people who have no intention of trying to avoid their US tax obligations. The outrage is both predictable and hilarious.
#6
Account Closed
Joined: Mar 2004
Posts: 2
Re: Saverin expatriation.
I think it is more to do with the shock horror that somebody would not want to be a USC.
#8
Account Closed
Joined: Mar 2004
Posts: 2
Re: Saverin expatriation.
I think most USC's assume otherwise.
#9
Re: Saverin expatriation.
Agreed. It's American Exceptionalism and the "shining city on the hill" thing. If you ever challenge those two holy grails Americans become very defensive and then very aggressive. Its not particular to Americans, if you gave up your UK citizenship some in the UK would react in a similar way, but probably not to the same extent.......it's a hyper sensitive subject for the Americans.
Last edited by nun; May 18th 2012 at 4:42 pm.
#10
Re: Saverin expatriation.
Agreed. It's American Exceptionalism and the "shining city on the hill" thing. If you ever challenge those two holy grails Americans become very defensive and then very aggressive. Its not particular to Americans, if you gave up your UK citizenship some in the UK would react in a similar way, but probably not to the same extent.......it's a hyper sensitive subject for the Americans.
#12
Re: Saverin expatriation.
I think Boiler is right, it is perceived as an insult to America, more important to some than lost tax.
#13
Forum Regular
Joined: Mar 2012
Posts: 66
Re: Saverin expatriation.
I fully support Saverin's right to take his money elsewhere - American should not be turned into a financial prison. So I suppose I understand both sides of the coin.
#14
Account Closed
Joined: Jun 2011
Location: UK
Posts: 4,891
Re: Saverin expatriation.
Go on then, I'll bite. What advantages does a US passport have over other, lesser, ones?
#15
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,543