im fed up with taxes
 

but i want to be legit.

i might want to get the ball rolling on renouncing my (US)citizenship. Any advice? anyone do it yet? Become canadian i take it? what country do u apply for citizenship in?

Re: im fed up with taxes
 

All you have to do is stand up and proclaim to anyone within earshot, "I RENOUNCE MY UNITED STATES CITIZENSHIP!" Then go from there.

Re: im fed up with taxes
 

[ QUOTE ]
but i want to be legit.

i might want to get the ball rolling on renouncing my (US)citizenship. Any advice? anyone do it yet? Become canadian i take it? what country do u apply for citizenship in?

[/ QUOTE ]

The lawyers will have to help you out with this one.

My understanding is you have to pay all your currently owed taxes before the US will consider the move anything other than tax avoidance.

This is not an unbeaten path,


D$D

Re: im fed up with taxes
 

Renouncing your citizenship to avoid paying taxes isn't going to work. 3/4 of Hollywood would have done so already if there was a way.

Re: im fed up with taxes
 

[ QUOTE ]
but i want to be legit.

i might want to get the ball rolling on renouncing my (US)citizenship. Any advice? anyone do it yet? Become canadian i take it? what country do u apply for citizenship in?

[/ QUOTE ]

1. It is perfectly legal to renounce your US citizenship for tax purposes. The catch is to do so, you must pay US taxes for 10 years after you renounce.

2. You'll only save money if you work a normal job and play poker part time. The US actually has the lowest personal income tax rates of all industrialized countries. True, you get screwed on gambling income, but IMO, as soon as the other quasi-socialist European countries (and Canada, and Australia, etc) figure out how much tax revenue they're leaving on the table, they well may change their laws. Work a normal job in those countries and you get slammed on taxes much worse than in the US. Take the UK. Income tax rates are higher plus there's like a 17.5% VAT on purchases.

Re: im fed up with taxes
 

How will you apply for citizenship???? You can't say you are a US citizen.. How will you get out of the US. Passport no good anymore. How will you stay in the US--You need some type of 'green card', can't get one in the U S. Go to Mx. but they only issue visitor cards to their citizens. I would imagine thats the same for any country. For another country to accept you as a citizen you would have prove yopu would be an asset to their country. You could not work in this country without a work permit. Etc etc etc. If you really want to avoid taxes change your lifestyle and learn to 'fly under the radar'. It can be done but you have to know what you are doing.

http://travel.state.gov/law/citizens...nship_776.html

Re: im fed up with taxes or are you fed up with citizenship ??
 

If you work for an employer and reside outside the US, you may qualify for an exclusion from US taxable income of around $81K annually for that earned income.

What you need to complete this is a place to live and work that would not itself tax you on those same earnings.

You take it from there. I am sure you're capable of figuring out what is best for you.