Tag Archives: International Living

Why the IRS Can Now “Ground” You

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“If you’re a US citizen and believe you have an unfettered right to leave your country – and come back – think again.  Since the events of 9/11, your government has imposed draconian restrictions on international travel:  Initiatives like the ‘Automated Targeting System’ and ‘Secure Flight’ require airlines to turn over passenger data to the government.  ‘No-fly lists’ keep hundreds of citizens trapped in other countries, unable to return to their US homes.  Hundreds of thousands of US citizens can’t leave the US because they’re ineligible for a US passport, many because they’re behind in child support payments.  And we can now add ‘tax’ to the list of reasons.”

http://www.nestmann.com/why-the-irs-can-now-ground-you

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Russia moves to make failure to declare dual citizenship a crime

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“Parliament approved legislation on Tuesday requiring Russians to declare dual citizenship or face criminal prosecution.  The bill will impose a fine of up to 200,000 rubles ($5,800) or 400 hours of community service on Russians who have citizenship in another country and fail to tell the authorities.  Critics said the law would place people with two passports under suspicion and expressed fear its aim was to whip up nationalist fervor by hinting dissenters are in the service of foreign governments.  The law includes an exemption for Russians with dual citizenship who live abroad and for residents of Crimea, where Russia is busily issuing passports.”

http://www.reuters.com/article/2014/05/20/us-russia-bill-dualcitizens-idUSBREA4J0MJ20140520

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Puerto Rico as an Alternative to Renunciation

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“What if I were to tell you that you can gain many of the tax benefits of expatriation without giving up your US citizenship?  Puerto Ricans are US citizens, and the currency is the US dollar. No passport is required for travel to Puerto Rico by US citizens. However, Puerto Rico has its own tax system.  Bona fide residents of Puerto Rico who have Puerto Rican-sourced income are exempt from US taxation.  Under the new law, a US taxpayer who gains Puerto Rican tax residency will be exempt on his short-term and long-term capital gain income for US federal and Puerto Rican tax purposes.  Dividend and portfolio interest income are also exempt from Puerto Rican tax.”

http://www.internationalman.com/articles/puerto-rico-as-an-alternative-to-renunciation

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Estonia’s plan to let anyone become European – digitally

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“In the near future, those from outside the country will have an opportunity to apply for an Estonian e-resident ID card — which means that they can use Estonian online services, open bank accounts, and start companies without ever having to physically visit Estonia.  That is, if they pass a background check similar to the visa application process and sign up to identify themselves with biometrics such as their fingerprints or iris scans.  The Estonian Ministry of the Interior’s idea to give foreigners their own Estonian ID cards was conceived seven years ago. The Estonian government approved the concept of e-residency and the once seemingly-utopian idea is now finally is coming to life.”

http://www.zdnet.com/this-is-so-freaking-huge-man-its-insane-the-plan-to-let-anyone-become-european-digitally-7000029486/

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Is Puerto Rico Really the Perfect Tax Haven?

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“Anyone who becomes a bona-fide resident of Puerto Rico is now eligible for the following benefits, courtesy of a new law, Act 22:  100% tax exemption from Puerto Rico income taxes on all dividends and interest payments;  100% tax exemption from Puerto Rico income taxes on all short- and long-term capital gains accrued since becoming resident in the territory.  The law is ideal for wealthy US citizens or green card holders who are now paying federal income taxes as high as 39.6% (plus the 3.8% Obamacare tax) on passive income and want to reduce their federal tax liability. If you reside in Puerto Rico and live off your portfolio income, you pay zero tax in the US or Puerto Rico.”

http://www.nestmann.com/is-puerto-rico-really-the-perfect-tax-haven

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Hunting for Foreign Real Estate Bargains

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“There are a number of reasons for looking into real estate in Cyprus—including beautiful Mediterranean beaches, an agreeable lifestyle, and crisis-driven bargains.  Cyprus has long been and will continue to be a popular place to own property. It enjoys a pleasant winter and what many regard as the Mediterranean’s most beautiful beaches. People from all over the world come to Cyprus to retire and to own vacation homes.  In some cities, including Paphos and Limassol, foreigners are a majority. If you find the thought of joining them attractive, then the lingering effects of last year’s crisis could present you an opportunity to get in cheaply.”

http://www.internationalman.com/articles/hunting-for-foreign-real-estate-bargains

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More Renounce US Citizenship but Deny Stereotype

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“Renouncers — whose ranks have swelled more than five-fold from a decade ago — often contradict the stereotype of the financial scoundrel. Many are from very ordinary economic circumstances.  Some call themselves ‘accidental Americans,’ who recall little of life in the U.S., but long ago happened to be born in it. In recent years, federal officials have stepped up pursuit of potential tax evaders, using the Foreign Account Tax Compliance Act. Those trying to comply complain of costly fees for accountants and lawyers, having to report the income of non-American spouses, and decisions by some European banks to close accounts of U.S. citizens or deny them loans.”

http://abcnews.go.com/US/wireStory/renounce-us-citizenship-deny-stereotype-23483402?singlePage=true

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Quora: What is a job that exists only in your country?

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“Tehran traffic authorities have introduced restrictions on the amount of cars on its roads in attempt to reduce congestion and pollution in Tehran downtown.  They did this by adopting odd-even traffic restriction on alternative days. Cars with number plates ending with odd numbers were restricted one day and the next day cars with number plates ending with even numbers were restricted.  Since they have started using traffic cameras to check the car plate numbers, a new strange job has formed. They get money from you before you approach the traffic camera and just walk behind your car while you drive slowly.”

http://www.quora.com/Jobs-1/What-is-a-job-that-exists-only-in-your-country

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Penning the Sheep for a Shearing—Capital Controls, Part 2

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“A year or two early is always better than one day too late.  You will never know precisely when the day of reckoning will come… until it’s too late. And it will likely come as a surprise in order to ensure its effectiveness—like the sneak attack on Cypriot bank depositors did on that Saturday morning.  Even if capital controls are never imposed, you are no worse off for internationalizing your savings. In all likelihood, you’d be better off. You could sleep better at night knowing that you have insured your savings by diversifying your political risk. Also, many offshore banks are better capitalized and otherwise sounder than any bank you would find in your home country.”

http://www.internationalman.com/articles/penning-the-sheep-for-a-shearingcapital-controls-part-2

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The Only Legal Way to Opt out of Obamacare

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“My monthly health insurance premium recently increased by 25%. And my agent predicts that at the end of 2014 my premium will double.  Another reason Obamacare policies cost more is that they must provide a mandated set of benefits. Obamacare calls policies that offer benefits like reconstructive breast surgery for men ‘minimum essential coverage.’  If you’re over 65, Medicare is considered minimum essential coverage. But I’m too young for Medicare – and so are most of my clients. It turns out that the only way that an American citizen or resident can opt out of minimal essential coverage is by leaving the US and becoming a bona fide resident of another country.”

http://www.nestmann.com/the-only-legal-way-to-opt-out-of-obamacare

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