Thinking of leaving?::::::::
The sign says "GONE FISHIN" but does it mention any date of return? It doesn't because ya never know how long your little fishin trip may take. Hell, the weather may be so bad, you just might decide to go back home after just one day. It might work out that you stay away forever. Who knows? Any way, here's a few starter tips and a warning.
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And here's the catch, or the warning :
Exit Tax for U.S. Expatriates to Become Law28 May 2008
New rules will impose tax on expatriates and withholding requirements on trustees
Giving up a U.S. passport will soon carry a steep price tag. A new law passed by the U.S. Congress and sent to the President will subject certain individuals who expatriate or give up their green cards to immediate tax on the inherent gain on all of their worldwide assets and a tax on future gifts or bequests made to a U.S. citizen or resident.
Tax practitioners had been made to feel like the boy who cried wolf in recent months as the U.S. Congress repeatedly threatened to enact legislation aimed at U.S. citizens who expatriate. Congress finally made good on those threats by unanimously passing the Heroes Earning Assistance and Relief Tax (HEART) Act (the ‘Act'), which provides tax relief for active duty military personnel and reservists.
The new tax regime applies to certain individuals who relinquish their US citizenship [1] and certain long-term U.S. residents (i.e., green card holders) who terminate their U.S. residence (hereafter referred to as ‘expatriates'). [2] 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.
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But don't be discouraged. If you have that much money, your doin okay in my books. So there ya go. I searched the world over and thought I found true love, you met another and whoops !
you've GONE FISHIN
P.S. don't ask me! I'm no expert, not even a real ex-pat. To become a real bonified ex-pat, you have to relenquish your US Citizenship. I still have mine, even after 29.X years of living abroad. Make that 30. Damn, time flies when your havin fun!
And this little diddy for your entertainment pleasure. You do like fishin, dontcha?
