I am a reader and supporter of the 5 flags philosophy. Some of the strategies are more easily applied than others. As the literature states, a US citizen is at a distinct disadvantage in regards to his global assets and income compared to other citizens of the world.
If a US citizen were to completely divest himself from all personal assets and be supported by other 3rd party sources. i.e. trusts IBC’s and management companies as a “religious worker” or something of that sort, is there a way by which he could continue to retain his passport/citizenship, and obtain dual citizenship elsewhere? The question is also, would it, or could it be prudent? It is still a stretch for most with multi-generational ties to leave their homeland under the pretext that he can only re-enter it for a 30 day period, and only by obtaining a visa. providing he is an expatriot of the US
I’m new to many things and have some experience in others, but this is my current understanding. I’m all ears and appreciate the experience, feedback, and objectivity this forum is capable of providing.
Everybody I know or have heard of who puts money into offshore trusts that they can’t later control like it was their own bank account regret it bitterly later. It is no fun to have to beg & plead for your own money! And then not get it!
There is no problem keeping full control of your assets outside your country of origin For instance if a us citizen gets another pp, moves to another country & puts his old USA pp in a drawer & forgets about it for the next 10-20-50 years. Bye Bye. If he is not a high profile high net-worth person, a subject can even go back and forth to his home country as much as he wants. There is an earned income tax exemption of around 170,000 pr couple these days & you can legally make quite a bit more tax-exempt if u know the rules.
If he wants to escape taxes completely and earns, say, a “visible” over 250,000$ a year, then it becomes a choice of either paying some taxes & filing paperwork, becoming a PT, or simply not returning to the home country.
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