Twitter – @InvestmentMigration
I am a proud member of the Investment Migration Council and have spoken at their forums.
The covid 19 pandemic has proven how important it can be to have a second citizenship or residence.
Between March and May of 2023 I had three discussion/podcasts with “Vance” of MyLatinLife.com.
I have put them all in one post. They will be of interest to “Digital Nomads” and “Remote Workers” generally.
All 3 episodes from John Richardson (@ExpatriationLaw) & My Latin Life 🌴
1) https://t.co/NxVOnvfk79
2) https://t.co/swPgdvuwiH
3) https://t.co/fkiSyvYPg5— My Latin Life 🌴 (@MyLatinLife) July 6, 2023
Interview 1:
Interview 2:
Interview 3:
John Richardson – Follow me on Twitter @Expatriationlaw
@SenateFinance Chair @RonWyden new report outrageously says "Dual citizenship affords unique opportunities for cross-border tax evasion". AARO response:https://t.co/L65GLhux81
AARO will meet w/Wyden staff in May during Overseas Americans Week to express extreme dissatisfaction.
— AARO (@aaro) April 9, 2023
As described by AARO (“Association of American Residents Overseas”) in an April 7, 2023 blog post:
On March 29 the Senate Finance Committee Democratic staff issued a report titled “Credit Suisse’s Role in U.S. Tax Evasion Schemes of its investigation of Credit Suisse’s compliance with a 2014 plea agreement with the Department of Justice involving the bank’s participation in a conspiracy to hide offshore accounts from the IRS.
Per Committee chair Senator Ron Wyden’s (D-OR) press release, the report details Credit Suisse’s role in a “potentially criminal tax conspiracy” involving accounts of a U.S. based family that were closed 10 years ago, recycles the Clinton/Bush era tax evasion case by U.S. businessman Dan Horsky, and discusses large undeclared accounts belonging to 23 ultra-high net worth U.S. citizens.
We are surprised that such a large and well-resourced committee working for two years was unable to unearth so little misconduct at a mega-bank that has now collapsed due to mis-management. Most outrageously, the report states that “Dual citizenship affords unique opportunities for cross-border tax evasion,” which gives the impression that ordinary Americans living abroad are prone to criminal tax evasion.
AARO has a meeting scheduled with Senator Wyden’s office in May during our annual Overseas Americans Week, during which we will express our extreme dissatisfaction with this characterization. We will let you know if there are any developments.
AARO deserves thanks and credit from all Americans overseas for publicly pushing back on the report created and published by the Democrat led Senate Finance Committee. The report is outrageous, a waste of public funds and appears to be a “back handed attempt” to justify the hiring of more IRS agents and increasing/justifying the imposition of FBAR penalties. The report is NOT (contrary to media reports) really about Credit Suisse. The report uses Credit Suisse as a “prop” to remind the people of America, that there are some people in America (it all took place ten years ago), who deliberately attempt to evade the payment of U.S. tax. The modus operandi includes moving their money to financial institutions and entities outside the United States. Yes, it’s true. Of course, as an added benefit the Senate Finance Committee gets to demonize Swiss banks (in general) and Credit Suisse (in particular). But make no mistake. The Senate Finance report is NOT about Swiss banks. It’s an advertisement to justify the hiring of more IRS agents funded by the Inflation Reduction Act, to legitimize the imposition of more FBAR penalties and to suggest that Republicans are (somehow) soft on tax evasion.
Why this report is dangerous for U.S. citizens generally and for Americans abroad specifically
Introduction
#FairTax policy is good policy. Why @FairTaxOfficial means restoring "freedom and dignity of the individual" (as well as creating a "fairer" tax system). Imagine a world where #Americansabroad were no longer #GILTI and @citizenshiptax would be meaningless. https://t.co/NgjktVL4wu
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) June 30, 2022
I was recently introduced to the “Fair Tax“. My introduction to the “Fair Tax” was enhanced by the opportunity to host Jim Bennet and Steve Hayes as guests on my podcast. I encourage people to listen to these podcasts here, here and here. You will appreciate the character and commitment of Mr. Bennet and Mr. Hayes.
In simple terms, the “Fair Tax” would replace Subtitle A (Income Tax), Subtitle B (Estate and Gift Tax) and Subtitle C (Employment Tax) of the Internal Revenue Code. These Subtitles would be replaced with one National Sales Tax (currently proposed to be 23%). A general description of how the Fair Tax is envisioned to work is available here. Because the U.S. would no longer be trying to exercise tax jurisdiction outside the United States, it would no longer have to be concerned with the complex rules of international tax, no longer have GILTI and Subpart F rules and U.S. citizens would be free to live outside the U.S. without having the problems of having to comply with two tax systems.
(Notice this means that the U.S. would be taxing ONLY domestic consumption. The U.S. would no longer be taxing income driven by events outside the United States. Because the U.S. would be taxing activity ONLY in the U.S., it would have a “territorial tax system“.)
The purpose of this post is to argue that the adoption of the “Fair Tax” is both better tax policy, but also tax policy that is consistent with the nurturing and growth of a nation that believes in (to borrow the language of Ronald Reagan) the “freedom and dignity” of all Americans. By “all” Americans, I mean Americans who live inside the United States and those who live outside the United States.
There is definitely at trend toward moving abroad for retirement or other reasons …
I came across this very interesting answer on Quora. There are many people in both the United States and Canada who are looking for a “kinder and gentler nation”. In a Post-Covid world more and more people are realizing that they are not tied to any particular place.
My answer to Why might an American citizen choose to retire outside of America? https://t.co/MBtXfviXfb
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) June 25, 2022
I came across this very interesting answer on Quora. There are many people in both the United States and Canada who are looking for a “kinder and gentler nation”. In a Post-Covid world more and more people are realizing that they are not tied to any particular place.
Answer to What's it like for an American living in Mexico? by Chaz Miller https://t.co/XIoaP9OjM9
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) June 25, 2022
John Richardson – Follow me on Twitter @Expatriationlaw
I am member of the Investment Migration Council. In June of 2018 I was a speaker at the annual Investment Migration Forum in Geneva Switzerland.
A copy of the complete two day program is here:
The slides for my presentation are here:
John Richardson – Follow me on Twitter @Expatriationlaw