Robert Hettinga <rah@shipwright.com>
However, as Black Unicorn has noted here before, the Phillipenes are the only other country besides the USofA where citizens are taxed any income you get, no matter where on earth you actually earn it.
It is not exactly that bad if you are outside the USA. I got ahold of the IRS codes on this before I left the USA (so about 2 years ago). The rule then was that the first $70,000 you earned was tax free if you were outside the USA for 330 days or more of the year. From another x-pat in Anguilla I heard that the $70 K had been increased. If you live outside the USA and have a corporation outside the USA, you might prefer that the corporation buy a company yacht rather than pay you more than $70 K. And at least on this tropical island, $70,000 tax free would go a very long way. It is true that if you are getting dividends and interest on your fortune that moving outside the USA won't help, unless you get rid of your US citizenship. And the USA wants you to pay capital gains on your fortune as if you sold everything for cash right before you got rid of your US citizenship. So it seems best to get rid of it before you are really rich. :-) -- Vince ----------------------------------------------------------------------- Vincent Cate vince@offshore.com.ai http://www.offshore.com.ai/vince/ Offshore Information Services http://www.offshore.com.ai/