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Old 07-18-2007, 11:51 AM
BigAlK BigAlK is offline
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Join Date: Jul 2006
Posts: 874
Default Re: Legal workaround/possible $$ laundering for US players?

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Don't know what it would be specifically, but it would probably have to be something serious enough to cause me to renounce my US citizenship and move to another country

You could do that, but you'd still be required to pay US income taxes for 10 years. Look it up.

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Only if you leave specifically for tax reasons, actually.

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I decided to look it up. The IRS Website says that prior to June 2004 you weren't liable for taxes if you renounced your citizenship for other than tax reasons. It appears that this is not the case after that ("Amended IRC 877 eliminates the tax avoidance criteria for imposition of the expatriation tax on certain types of income for 10 years following expatriation"). What this means in real terms (ie "certain types of income") I don't know.
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