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Leaving USA ? Be aware of 30% tax....

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9 minutes ago, Yellowtail said:

It takes ten minutes to complete the return and another ten to get it ready to post. 

 

I have a California driver license I want to maintain, a phone, a safety deposit box at the bank, a lifetime fishing license and a number of relatives.

Depends on how much tax you're paying. It was worth it for me to cut ties. It even paid for my stay in Thailand.

 

BTW I have a California Driver's License with an out of state address printed on it . You don't need to live in California to hold a CDL. Of course you can drive anywhere with it. The car can't be registered in California though, that's a clear residency and one of the first things they look for, DMV records. Also, voter registration records, that helps proves state residency as well.

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  • Huh?  You don't need to be a citizen to receive Social Security. You really didn't know that? Most expats don't renounce their U.S. citizenship anyway and of the subset of expats that leave

  • It seems to me for all practical purposes this is mostly about U.S. citizens who revoke their citizenship. Which is rather rare compared to the number of expats that keep their citizenship, and contin

  • Where was this information obtained?  Project 2025?   Not that it directly affects me but first I have heard of this.    

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The title of this topic is going to cause panic with some people for no good reason  

 

It shouldn’t say 

Leaving the USA 

 

It should say

Rescinding your US citizenship 

  • Author

The first and second line should scare anyone ( they scared me when I left!) and they apply even if you don't give up US citizenship;

    • does not waive the benefits of the treaty applicable to residents of the foreign country, and
    • notifies the IRS of such treatment on Forms 8833 and 8854.

Penalties are huge! And what a job to go through, say 30 yrs, of books...

All assets can be frozen too.

 

My tax man was retired ex IRS investigator... I followed all his recommendations. All went well.

 

"Leaving the USA"?  It does sound like if one revokes?  Of course one has to actually pay to revoke as well. I do know someone who actually revoked and became a citizen of an EU (he married a lady from the EU) and besides paying the revocation fee (at thie time it was about $2,000) there were no other fees.  

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