Yep...working on it. May even end up overseas.
“May even end up overseas”
I brought this up before Obama was elected and got sh*t for it.
Someone I know has a sailboat, and is just going to travel for a couple years. Has some money, etc.
“May even end up overseas.”
It is a seductive thought, but if you’re a US citizen (or resident), and if you have significant assets, your chance of escaping without being taxed is rather unlikely. Even after leaving the country, there are some things that can be taxed up to 10 (ten) years out. Same for estate taxes.
Do your research though. Your situation will be different than everyone else’s. If you want a fast citizenship (residency won’t do), consider Nevis/St. Kitts, or Dominica. Are going somewhere to retire, or work? You can retire rather comfortably in Belize without a lot of trouble (as a pensionado, or whatever furin term they use down there), but your income will still be taxed by the US. It’s a nice country though. They speak American, and the diving is good.
You may already be a potential citizen of Israel, if you are Jewish. Seems like there are other countries like Ireland and Italy that allow activation of citizenship if you’re not more than a generation of two removed from someone having citizenship in that respective country.
Some of the aforementioned countries even allow you to hold dual citizenship, but dual citizenship would not allow you to pull the plug on US citizenship, and the temporally distant possibility of removal of taxes on income and estates.
Still, if time is on your side and you’ve no problem with renouncing your US citizenship, you might consider Singapore as a possibility. The toll on that bridge runs at or a little less than a cool $1 mil US. This is not a fee, but an investment in a business, or approved government investment scheme. As I recall, you would need to be permanent resident status for a couple of years before you could apply for citizenship. What’s interesting is that some of their taxes have actually gone down over the last few years. >8-0
What a concept! Still, it is a first world country. That’s something to think about as well.
‘Course, you could just forget all of this and “hop into the trenches” with the rest of us and take the country back over the next few years. You’re not going to get a quick tax disconnection by moving away, and there is a certain visceral satisfaction in exerting political restitution and revenge on the Marxist infidels. Personally, I rather enjoy the conflict. You won’t be alone if you stick around. You clearly might be if you expatriate.