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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Mark Adams who wrote (67687)	2/14/2001 3:29:14 PM
From: Horgad	Read Replies (1) \| Respond to of 436258

I read an article on this a while back. I looked and couldn't find the link. The way that I understand it the US made a law that said that you have to declare your assets upon expatriating and anything over a certain amount is taxed heavily. This was to try and close the inheritance tax loophole. Before, anybody subject to the inheritance tax could simply expatriate and gain citizenship in a country with no inheritance tax. There are other laws that try to make it so that you can not expatriate solely to avoid taxes. IE the USA can refuse to recognize your expatriation if they determine it was only done to avoid taxes. In that case you will continue to accumulate taxes on your income and capitol gains even if you are a resident and citizen of another country. The USA and other high tax countries fear competition from lower taxing nations. They want to trap the rich people and their wealth in the country... I think the trick now is to expatriate early to a tax haven before you have enough wealth to attract the blood suckers in Washington. Check this site for the latest tax haven news... sovereignsociety.com