Posted on 03/28/2010 7:15:31 PM PDT by Nodems2000
Actually, I’ve spent more time in Italy than any other European country and with the exception of a lack of cable, gypsies and bad air conditioning, I thoroughly love it. Those people know how to live. Truthfully, Tuscany or Venice. Don’t care much about the dirt.
New Expatriation Law
The provisions of IRC § 877A apply to all U.S. citizens and former long-term permanent residents who expatriate on or after June 17, 2008, (a covered expatriate) if they meet any of the following three tests:
Net Income Tax Test: For the five-year period before expatriation, the individual had an average annual U.S. income tax liability of at least $139,000 in 2008 (this number will be adjusted annually); or
Net Worth Test: The individual’s net worth is at least $2,000,000; or
Certification Test: The individual fails to certify that he or she satisfied all applicable U.S. tax obligations for the five years before expatriation.
The new tax regime applies to certain individuals who relinquish their US citizenship and certain long-term U.S. residents (i.e., green card holders) who terminate their U.S. residence (hereafter referred to as ‘expatriates’). The so-called ‘mark-to-market’ tax will apply to the net unrealized gain on the expatriate’s worldwide assets as if such property were sold (the ‘deemed sale’) for its fair market value on the day before the expatriation date. Any net gain on this deemed sale in excess of US$600,000 will be taxable.
In addition, trustees of non-grantor trusts must withhold and pay over to the IRS 30 percent of the portion of any distribution (whether direct or indirect) that would have been taxable to the expatriate had he not expatriated. Failure to withhold the tax could subject the trustee to direct liability for the unpaid U.S. tax.
The Act became law on 18 June, 2008.
Can you tell me how to go about doing this? I need to get retirement funds out before they take them.
Thanks for the tip!
My beer addled description made it sound like I was lumping Arenal and Tamarindo together though. Arenal is a nice area (mountainous, wet, green and cool like ireland) though there is not much of a town nearby. Tamarindo is an OK beach but as I said it seems to be a hangout for US hippies who don’t seem to care much for the town. There are some nice B&Bs outside of the town center though.
Roads in Costa Rica are riddled with potholes. If you book a rental car in advance you will probably want something with a good suspension and clearance.
Don't forget to write.
Otherwise I'd find Honduras tempting myself.
As it is, I was on the phone with Panama just this weekend starting up a new business operation there, just so I have the option if needed.
I think this idea, or one like it, was floated in the movie “Timecop”. I’d prefer Hawaii, btw, and it wouldn’t take many of us to take it over and make it completely solid for conservative politics.
Thank you. How I wish it was still like that and that future generations had the same opportunities that their ancestors did.
It’s really not a matter of guts for me. I’m 67 and diabetic. I have a bullseye on my head to be eeked out of medical care. If I stay, I will probably die 10 or 15 years sooner than if I had great medical care. CR has the THIRD best healthcare in the world, America has 37th. I’ve fought for my country and been politically active all my life. But there comes a time when you have to make a decision and I’ve decided it’s a losing battle. You are fighting for your country. Who is your “country” - the people, the land, the government? There is a huge number of people that hate us and that’s growing and will not stop. The government is a disaster. Land - you can find beautiful land anywhere. Please don’t tell me it’s freedom because we are NOT free anymore - we have been socialized. I will be 6 ft under by the time, if ever, this country is normalilzed again.
Exactly. We have been either conditioned or brainwashed to believe that we are the most free people in the world. And really, what IS freedom? I didn’t come up with this question without asking myself many questions. The main issue for me is healthcare. I won’t get it here, so what options do I have?
I can’t speak for all Latin American countries, but I know that health care in most of them, including Honduras, is equal to that in the US — at a fraction of the cost. For example, the hospitals in San Pedro Sula (Honduras)provide top quality health care (on the same level as other US medical facilities with the exception of the Mayo Clinic and one or two other facilities of that nature), with the average room costing under $50 a day.
Panama has excellent, affordable health care. Costa Rico’s has also improved immensely.
Absolutely!
then leave
Don’t leave until after the Nov. elections. Vote the scum bags out!
Ping
Thanks. We might need you and would certainly appreciate your fighting along side of us.
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