What is the deal with this? If you are a young online pro and you want to move to another country to avoid taxes, you still pay US taxes for 10 years??? Can somebody please let me know the details on this. Is the 10 year thing set in stone or are there ways to get around that?

For example, what are online pros living in Canada, the UK, Thailand etc that came from the US doing? Are they still paying taxes to the US and will they have to do so for 10 years?

I was also looking at the number of people who are successful in doing this and I guess now they have made it a huge pain in the ass to renounce your US citizenship.

If you were a young pro with about 50k in the bank and a friend with 100k who both want to move out of the US what would you do and where would you go?

Can someone please explain this to me? I looked into it a bit but I am still pretty confused about the topic. If you are successful in renouncing does that mean you are no longer responsible for paying any sort of taxes for the US?

Thank you.

In the long run Having a US Passport will be worth more than you have to pay in taxes. Do not renounce your citizenship unless you can get a passport of equal value. EU, and maybe Canada or Australia would be the only ones.

I wouldn't leave U.S citizenhip unless i get a EU passport. Or a British one , which is mejor because you can work in Australia without a permission.

First, if you earn your money abroad, you are not taxed on the first ~90K you make. This would apply to most people.

Second, there is some sort of exit tax as you go through the renunciation part. It is a one time tax and then no more taxes.

Third, if you renounce your citizenship you need citizenship somewhere else. You can't just live somewhere else because that somewhere else will not give a visa or residency to someone who doesn't have citizenship to anywhere. Before you renounce US citizenship, you need to get some other citizenship first.

And last, I doubt that if you do it they would ever let you back in, even for a visit. They would just deny you a visa. I think...

British passports are subject to the same restrictions as everyone else when it comes to working in Australia. We are no longer a British colony.

BTW I think the first 91.5k you earn outside the US each year can be excluded from US taxes.

Unless you are paying six figures tax/year, I don't see how it could be even remotely worth it to give up your citizenship, even in the case where it was a viable option (i.e. you had dual citizenship) - pretty damn handy having dual citizenship if they are complementary to one another.

Almost certain that this is only the case with a NZ passport.

a british passport is a EU passport.

http://moneycentral.msn.com/content/...es/P119350.asp

I'm too lazy to do it, but if you use the search function there have been several threads on this subject.

First step is getting citizenship someplace else.

That is extremely difficult and/or expensive in any place you'd want citizenship - so if you are like most people who think about this, you'll never get past this step.

The ten years thing is after you renounce (and I don't know if thats accurate or the details). If you stay a US citizen you owe tax forever - if you live abroad there is an exemption on some of your taxes up to the first $90kish. You still must file though.

Speak to a tax professional and/or lawyer if you are serious about this stuff. Every thread I've ever read on these topics is full of false information.

Welcome to the Hotel California
You can check-out any time you like
But you can never leave

Once a slave taxpayer, always an asset to the system.

World is one big f'ed up mess IMO, we can run but we can't hide.

A British passport is an EU one, but an EU passport is not necessarily a British one.

I would assume people are using EU/Schengen Zone interchangeably here despite them being meaningfully different.