Originally Posted by Kettlewell
Different countries have different requirements for renouncing your status as a citizen of the country, but you'd better have citizenship in some new country lined up first or you will have a tough time traveling the world without things like a passport and a document of some sort proving the nationality and ownership
of your boat. These days there aren't many places a USA citizen can establish residency without investing a lot of money
in the country first. Actually, I've been curious about that--what, if any, countries in the world allow just about anyone in who wants to become a citizen?
Lots of countries where you can establish legal
residency w out making a large investment, but not for "just anyone". You have to meet some basic criteria which vary a bit by country.
For example, background check or at least a police report and proof of a minimum income requirement....
Most Central American countries are pretty straight forward...Belize is a pain of course but the requirements are still not that difficult to meet. Guatemala
, and other CA4 countries are relatively easy. Ive been told that Panama
is easy too...and they are relaxing their immigration requirements for certain categories of workers.
"Just anyone", provided they have deep pockets, can still buy residency in many places or even a passport, but the prices have gone up substantially in recent years...partially due to USA pressure to stop doing it.
Ive not lived in the USA since 2004. I have legal
residency in Guatemala
and I still have to deal w USA taxes (Im still a long way from legal retirement
age). Residency in foreign country does NOT exempt you from Federal taxes. And if you still claim residency in a USA State they may come after you for taxes too (had to deal w that in the past too).
Renouncing your Citizenship is pretty serious business...especially in this post 9-11 world...imagine what kind of flags
that must raise in the HLS system! And do you really think the country where you establish citizenship is going to let you skate on taxes?? ...notice that Tax File fee in the Hutt process...gee...wonder what thats for? "Death and taxes" as the saying goes.
There are effective, legal, and easier ways to reduce your tax bill.