Any countries I can move to and pay zero tax on my poker income?

[Unarmed]

Dual US/Cdn citizen. Don't particularly care where I live as long as it's hot. /images/graemlins/grin.gif Willing/able to purchase a house in cash for up to 500k if it helps in attaining citizenship or whatever. (read that's helpful in some countries) Anyway, I'm pretty clueless as to whether this is even possible or if it would take 5 years+ to accomplish. Heard of the 80K exemption and will go that route i I can't somehow get everything tax-free.

Thanks!

[WordWhiz]

The U.S. still taxes you on income you make outside of the country. Sorry.

[Unarmed]

Well, Im currently in the US but actually a Cdn for tax purposes. (lived there my whole life up until the last two years)

[TheMetetron]

If you are a Canadian Citizen and not a US Citizne, there are tons of places.

Buenos Aires for one.

[neverforgetlol]

can you move out of the country and renounce your citizenship?

[Sanchez1Fan]

[ QUOTE ]
The U.S. still taxes you on income you make outside of the country. Sorry.

[/ QUOTE ]F*** that! even if you no longer live in the u.s.? if so that's some major b.s.

[TheMetetron]

[ QUOTE ]
can you move out of the country and renounce your citizenship?

[/ QUOTE ]

Yes but that's retarded because you don't want to be stateless. Oh and even if you do it you owe taxes for the next 10 years afterwards anyways. And if they think you did it for tax reasons, you owe taxes forever or you can't come back, even to visit.

Enjoy!

[TheMetetron]

[ QUOTE ]
[ QUOTE ]
The U.S. still taxes you on income you make outside of the country. Sorry.

[/ QUOTE ]F*** that! even if you no longer live in the u.s.? if so that's some major b.s.

[/ QUOTE ]

Yes, welcome to my world.

[WordWhiz]

I didn't even mention the best part: Even if you renounce your U.S. citizenship, you're still on the hook for taxes! As long as you make over some $ threshold (which is pretty low), the govt assumes you're jumping ship to avoid taxes, and chases after your assets. Fun, no?

[Unarmed]

[ QUOTE ]
can you move out of the country and renounce your citizenship?

[/ QUOTE ]

Yes. Though Id rather not, Canada's a wonderful spot. I'd happily ditch my US citizenship, though I don't think it's necessary as I've never paid tazes in the US and I dont have a SSN yet or any other ties to the US (bank account, drivers license, etc)

As far as the Cdn government is concerned, you are a Cdn resident until you establish permanent residency in another country. So, what Im looking for is a country thats hot and doesn't tax poker where I can gain permenant residency rather quickly. Also, I have 5 yrs institutional portfolio management exp and a sick resume so I could get a fgn company to hire me and help me get residency, but I really dont want to work in finance anymore. I'd do it for a year or two tho if absolutely required, but I think once you bail on the company that gets you in you have to leave the country. Not entirely clear on that... Also, I thnk in many countries you dont even have to have a skilled job or whatever to get in, just throw down a ton of money on a house and youre set.

[TheMetetron]

Umm, if you are US Citizen as well, you still owe taxes. Whether or not you've bothered to get a SSN. Uncle Sam is going to anally rape you someday.

[Unarmed]

[ QUOTE ]
Umm, if you are US Citizen as well, you still owe taxes. Whether or not you've bothered to get a SSN. Uncle Sam is going to anally rape you someday.

[/ QUOTE ]

K that's fine, its not too difficult for a dual citizen to denounce their US citizenship anyway AFAIK.

[TheMetetron]

[ QUOTE ]
[ QUOTE ]
Umm, if you are US Citizen as well, you still owe taxes. Whether or not you've bothered to get a SSN. Uncle Sam is going to anally rape you someday.

[/ QUOTE ]

K that's fine, its not too difficult for a dual citizen to denounce their US citizenship anyway AFAIK.

[/ QUOTE ]
No, it isn't. As far as I know though, if you didn't do it by 18, you are still going to owe US taxes for 10 years after denouncing citizenship. They generally give dual citizens until their 18th birthday to decide if they want to have dual citizenship or not.

Also, if you are living in the USA, you would no longer be able to do so as a Canadian citizen unless you were on a student visa or something similar.

Realize that if you live in a foreign country for the entire year, you can get an $80k income exemption from tax to the USA. If you make less than that, I'd file taxes in that manner and keep the citizenship. USA citizenship is one of the most valuable things in the world. I wouldn't intentionally give up any 1st world country citizenship with out a huge reason to do so.

[r0eKY]

panama city panama has no tax on over sea income i think and its a nice place

[Jeff W]

It's renounce... not denounce.