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To: SeekAndFind
This entire exit tax and time frames of living in Cali when wanting to leave is BS.

Transfer your money/investments/assets to another State or Country (Cayman Islands) BEFORE you leave. I've read about many who did so and still get Cali Franchise Board dunning letters about taxes owed and they just ignore them. It may take a couple of letters to Franchise Board, but after a while they just give up.

If your money and assets are out of California, there is nothing they can do. Unless the Fedgov steps in, which they can't and won't, take your money and run and ignore California. Of course it gets complicated if you maintain a business or sale in Cali. But for the most part, yes, you can liquidate and take your assets elsewhere.

Yes, the Fedgov attempts to tax your income/profits while living out country as a USA citizen, but again, think off-shore accounts. I've been looking into once I leave this socialist state of Cali. Costa Rico, Cayman Islands, Bermuda, and a couple others don't inforce it. Surprisingly, Switzerland now has an agreement with the US about moneys transferred.

41 posted on 01/21/2013 11:38:28 PM PST by A Navy Vet (An Oath is Forever.)
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To: A Navy Vet

The Franchise Board may place a lien on your out of state property that includes escalating penalties and interest. I speak from experience. Do not ignore their letters; hire a mean dog CA tax attorney to fight them. If you are clean, the state will likely fold immediately if threatened with a counter-suit.


42 posted on 01/22/2013 2:46:57 AM PST by Jacquerie ("How few were left who had seen the republic!" - Tacitus, The Annals)
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To: A Navy Vet

RE: Yes, the Fedgov attempts to tax your income/profits while living out country as a USA citizen, but again, think off-shore accounts.

Let’s talk about offshore accounts then.

There used to be a time when Switzerland was considered the safest, most secure, most secret offshore account one can ever have. Even the Nazis placed their money in Swiss accounts.

Guess what happened in 2008? The IRS, using the might of the United States of America, DEMANDED that the Swiss Banks REVEAL the names and accounts of EVERY AMERICAN with money in Swiss banks.

The Swiss at first, refused to comply and fought it. Guess what America did? They threatened the businesses of Swiss banks doing business in America — UBS, Credit Suisse, etc.

Eventually, the Swiss capitulated. That happened I think in 2009. Thousands of American account holders were revealed to the IRS and employees of UBS and other Swiss banks were prosecuted for helping Americans move their money to secret Swiss bank accounts.

Read all about it here:

http://www.panamalaw.org/UBS_closing_accounts_of_americans.html#

and here:

http://www.time.com/time/business/article/0,8599,1917648,00.html

UBS is the biggest IRS culrpit because of their huge presence in the USA, but that’s just a start.

Suffice it to say that if you are an American and you have substantial amount of money overseas and you don’t want the IRS to go snooping on it, SWITZERLAND IS NOT THE PLACE TO GO TO ANYMORE.


58 posted on 01/22/2013 6:53:16 AM PST by SeekAndFind
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