Comments on: Renouncing US citizenship NOT too expensive for the wealthy

By: Ronin

Ronin — Fri, 12 Nov 2010 06:15:04 +0000

Ah! I found the info regarding the 5-year tax-filing issue. I just hadn’t read EVERY post on your site. This is extremely helpful. I can’t say I’ll be taking the same path as you, but I salute your utter defiance to Uncle Sam, a.k.a. Big Brother. I’ll take a slightly less visible path to obscurity…

By: William Alexander

William Alexander — Sat, 08 May 2010 00:27:54 +0000

I had a Green Card about 25 years ago ( Canadian Citizen) but lost it at the border which was lucky as I had never heard of US Estate Taxes. Had I died and still had a valid Green Card I would have lost a lot of money in US estate taxes. Once the Green Card was turned in at the border I no longer paid Federal Taxes from which I deducted my Canadian taxes on form 1116 which meant I had no taxes to pay.
After 2yrs and 9 months the IRS sent me a note to say I and my wife had a few $s in our tax accounts and did I want them returned or not as I would lose them at the 3 year mark.
So I phoned up the IRS rep, told her I had a pension from the states and would also have US partial social security (ss) shortly. She notified me how to have tax withheld on my pension, there would be no tax on my SS
So I file a 1040NR and on the last page but one I list my US sourced income including tax withheld which brings my net tax to zero. I also list any bank interest since it is not taxed but they want to know.
This whole operation takes about 5 minutes, and you take advantage of the Canadian/US tax treaty claiming all articles in the treaty.
More recently, since we stay down south in the winter I have also filed the form 8840, closer connection to another country just in case regulations change and I don’t realise there has been a change. All very simple and the US IRS staff were most helpful.
Bill

By: James Lance

James Lance — Wed, 14 Apr 2010 11:46:45 +0000

Green card holders, although not having US citizenship, are regarded as “US Persons” by the IRS and the Treasury Dept (read FBAR form) and have to file and pay taxes on their world-wide income regardless of whether they are residing in the US or anywhere else in the world.

By: Are more and more Americans renouncing their US citizenship? | Be Vigilant

Are more and more Americans renouncing their US citizenship? | Be Vigilant — Tue, 09 Feb 2010 13:06:23 +0000

[...] http://www.nostate.com/2382/renouncing-us-citizenship-not-too-expensive-for-the-wealthy/ [...]

By: Mike Gogulski

Mike Gogulski — Mon, 22 Jun 2009 15:35:31 +0000

@Joe: I’m guessing this is just more bad work from the article’s author(s). No, a green card holder isn’t a citizen. There may be some follow-you-forever legal tax liability that attaches to you upon getting a green card, though. Frankly, I have no idea, having never been in that position.

By: Joe

Joe — Mon, 22 Jun 2009 13:53:04 +0000

What I find puzzling is the reference to “green card holders … [who] choose to renounce U.S. citizenship.” Isn’t a green card holder, by definition, a resident *alien*, i.e., a non-U.S. citizen?

By: Mike Gogulski

Mike Gogulski — Sun, 21 Jun 2009 14:01:57 +0000

Do go on…

By: i18t

i18t — Sun, 21 Jun 2009 11:50:00 +0000

Melancholy Sunday. Longing to tell my story. Renouncing career for personal discovery; only to realise my career is part of my journey.