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

[JimTripper]

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.

[Jingthing]

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 

[GypsyT]

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.

 

[sqwakvfr]

"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.