Question about the super-rich who renounce US Citizenship to avoid taxes

[El_Mero_Mero]

How does that work? I was reading about the FB co-founder who moved to Singapore to avoid paying taxes. He can still visit the USA whenever he wants though, right? I'm assuming that legally he just has to leave the USA after 90 days and return to Singapore, right?

 

[El_Mero_Mero]

Any input?

 

[David_TheMan]

How does that work? I was reading about the FB co-founder who moved to Singapore to avoid paying taxes. He can still visit the USA whenever he wants though, right? I'm assuming that legally he just has to leave the USA after 90 days and return to Singapore, right?

He can visit like any other foreigner.
He renounced his citizenship, has citizenship in another nation, uses his passport of his new nation to visit the US like the millions of others who visit this country over the course of a year.

 

[thekingsmen]

The super rich can invest in U.S. interests( stocks, assets, agendas, domestic and foreign policies). A regular person will be taxed.

 

[Tom Foolery]

How does that work? I was reading about the FB co-founder who moved to Singapore to avoid paying taxes. He can still visit the USA whenever he wants though, right? I'm assuming that legally he just has to leave the USA after 90 days and return to Singapore, right?

I don't think he can comeback. But then again he's rich, so who knows.
Senators to Saverin: Don't come back. Ever. - Economy

 

[David_TheMan]

I don't think he can comeback. But then again he's rich, so who knows.
Senators to Saverin: Don't come back. Ever. - Economy

He can come back easily, bill is nothing but showman ship.

 

[ⒶⓁⒾⒶⓈ]

..The US is one of the few countries that taxes its citizens on foreign earnings...meaning if you owned factories in china you owe the IRS even if you live in china and hadnt lived in the US all year

So for many rich people who live overseas with profitable foreign holdings figure its cheaper and better to renounce than handing over 1/3 of what you made to the IRS to pay for shyt youre not even there to use

And IF you dont pay what they figure you owe they can freeze your bank accounts and get your assets seized and have you arrested and extradited to face a prison sentence..and your host countrys lawyers cannot fight the extradition because you are a US citizen wanted by the US govt

one day youre living the good expatriate life sunshine, beaches and bytches ...the next youre someones bytch in some federal prison in ketucky

 

[Domingo Halliburton]

The US is one of the few countries to tax ex-pats abroad. So you get these situations where they renoince their citizenship.


Edit: it was already said above me