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Leaving the U.S. & Taxes
Posted on 7/17/09 at 10:17 am
Posted on 7/17/09 at 10:17 am
Let's say you have a job that pays seven figures a year and you can do it anywhere in the world via computer.
What country can you live in and pay zero taxes? At what point can you legally not file a U.S. tax return?
Assume also that visiting the U.S. from time to time would be nice.
Thanks!
What country can you live in and pay zero taxes? At what point can you legally not file a U.S. tax return?
Assume also that visiting the U.S. from time to time would be nice.
Thanks!
9
Posted on 7/17/09 at 10:21 am to Homeboy
Somalia doesn't have an income tax.
ETA: Also, Brunei has no income tax.
ETA: Also, Brunei has no income tax.
This post was edited on 7/17/09 at 10:25 am
Posted on 7/17/09 at 10:25 am to Homeboy
quote:
At what point can you legally not file a U.S. tax return?
I believe that you would have to pay US taxes unless you remove your citizenship.
Alot of countries such as the Netherlands and other EU countries give you tax break in thier country if you have to pay US taxes. The Us might give you a tax break as well.
but if i didn't have to pay US taxes, I would prbly go with Switzerland or Lietchenstien (Sp?)
Posted on 7/17/09 at 10:30 am to petar
If you live outside the U.S. and don't spend more than 30 days on U.S. soil during the tax year, you are exempt from paying U.S. income taxes on the first $87,600 (for 2008) of income. But you must pay taxes on the rest of your income.
Here is the IRS link for that information:
IRS Publication 54
Here is the IRS link for that information:
IRS Publication 54
Posted on 7/17/09 at 11:08 am to petar
I can assure you that nowhere in Europe is the right answer. It's not only income tax to worry about; the sales tax rates over there are generally absurd.
Posted on 7/17/09 at 11:23 am to Homeboy
The British Virgin Isles
Posted on 7/17/09 at 11:48 am to Homeboy
I'll one-up your question.
What's the big deal about American citizenship?
If you could work like you mentioned, what's the incentive to retain American citizenship?
What's the big deal about American citizenship?
If you could work like you mentioned, what's the incentive to retain American citizenship?
Posted on 7/17/09 at 11:50 am to Meauxjeaux
quote:Have you ever worked abroad? That blue passport is like a 'get out of jail free' card if you're ever in a tight spot in many countries.
what's the incentive to retain American citizenship?
Posted on 7/17/09 at 11:58 am to petar
quote:
I believe that you would have to pay US taxes unless you remove your citizenship.
Good grief... step away from the computer... slowly. Consider going for a walk or something
Posted on 7/17/09 at 11:58 am to LSURussian
Traveled to Spain many years ago. That's about it.
That's why I'm asking. In kind of a 'normal course of life', what's a real benefit?
If you wanted to live in say, Belize, Brazil, Italy, Australia, Turk and Caicos, etc... would keeping American citizenship be a big deal?
That's why I'm asking. In kind of a 'normal course of life', what's a real benefit?
If you wanted to live in say, Belize, Brazil, Italy, Australia, Turk and Caicos, etc... would keeping American citizenship be a big deal?
Posted on 7/17/09 at 12:00 pm to Meauxjeaux
Your passport expiring would prohibit you from traveling as freely to other countries, that is the only negative I can think of if you are living on Turks and Caicos, Jost Van Dyke, etc...
Otherwise sign me up
Otherwise sign me up
Posted on 7/17/09 at 12:06 pm to lsuin09
St. Croix. Know an attorney that did this.
Posted on 7/17/09 at 4:17 pm to go ta hell ole miss
Thanks.
Given the population shift can see the U.S. hitting an 80-90% top rate. Estate taxes will also come back. Retirees will be leaving the U.S. in droves.
Given the population shift can see the U.S. hitting an 80-90% top rate. Estate taxes will also come back. Retirees will be leaving the U.S. in droves.
Posted on 7/17/09 at 4:47 pm to Homeboy
quote:
What country can you live in and pay zero taxes?
If your income is less than the foreign earned income exclusion amount for a given year then you can live in any foreign country and pay no U.S. income tax, but you may be subject to tax by the nation you are residing in. Even if your income is below the foreign earned income exclusion amount you still have to file a tax return, and you may be liable for self-employment tax to pay for future Social Security benefits. The foreign earned income exclusion amount for 2009 is $91,400.
quote:
At what point can you legally not file a U.S. tax return?
When you give up your U.S. citizenship or die.
Posted on 7/17/09 at 4:58 pm to Homeboy
quote:
What country can you live in and pay zero taxes?
Either US or that country's? Probably not a country you would want to live in
Posted on 7/17/09 at 5:45 pm to Homeboy
Dubai probably.
Posted on 7/19/09 at 1:38 am to siliconvalleytiger
I wonder how hard it is to get an American visa once you denounce your citizenship..
Posted on 7/19/09 at 1:45 am to Homeboy
quote:
What country can you live in and pay zero taxes?
Monaco. 0% income tax.
quote:
At what point can you legally not file a U.S. tax return?
At whatever point you decide to give up your U.S. citizenship. If you wish to retain your citizenship you must continue to pay federal income tax on all of your earnings.
quote:
Assume also that visiting the U.S. from time to time would be nice.
You'll have to have a visa if you give up your citizenship.
Posted on 7/19/09 at 1:48 am to Poodlebrain
quote:
The foreign earned income exclusion amount for 2009 is $91,400.
Does this include capital gains and dividends? my mother lives in mexico off of savings but has to pay u.s. federal income tax.
Posted on 7/19/09 at 2:05 am to JFremani
quote:
I wonder how hard it is to get an American visa once you denounce your citizenship..
Ask Lee Harvey Oswald, he didn't seem to have any trouble
This post was edited on 7/19/09 at 2:11 am
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