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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by Nn2036
I guess if you get your income stream from multiple countries and get your income from investing rather than actually work, it is possible.
If you are a PT, you best have another income source than a J-o-b (you will not be getting ‘work. Permits’ from most countries. ) Thus we barter )to stay out of country for extended duration. But our income stream replaced a salary many yrs ago.
Ideally you want so serve your last day on a payroll about the time you leave home for college, certainly by the time you leave college!
Job = limited vacation... tough to be a PT.
Some jobs pay you to travel, that can work If necessary. But still need to travel around your company schedule.
If you have a job, you are probably not in this discussion, unless you are very creative / solution minded.
Are Americans the only people in the world who have this problem?
My wife and I recently opened a joint bank account. We both had to sign papers from the US government, which stipulated that she has magically become a "United States Person". Now, she is fully obligated to all responsibilities, real or imagined, to allegiance to US law, but has absolutely no benefits derived therefrom. In order to avoid becoming a "rogue bank", our bank is required to subject all "US persons" to every surveillance and enforcement dictated by the USA. My wife, who has never been in the USA, can now have all her worldly assets frozen and/or attached at the whim of the US government, with no effective appeal.
UK have territorial tax. That is why high income people can live in Monaco or Switzerland to avoid paying UK tax.
Are Americans the only people in the world who have this problem?
My wife and I recently opened a joint bank account. We both had to sign papers from the US government, which stipulated that she has magically become a "United States Person". Now, she is fully obligated to all responsibilities, real or imagined, to allegiance to US law, but has absolutely no benefits derived therefrom. In order to avoid becoming a "rogue bank", our bank is required to subject all "US persons" to every surveillance and enforcement dictated by the USA. My wife, who has never been in the USA, can now have all her worldly assets frozen and/or attached at the whim of the US government, with no effective appeal.
My wifes not a US citizen and it’s one of the reasons she may never be. We have incomes from China and the US. Everything in China remains in her name and it’s not taxed by the Chinese government, but would be by the US government.
I don’t think we will ever fit the profile of a perpetual traveler, but we do plan on eventually getting citizenship in a third country and then dropping her Chinese and I’d eventually get dual citizenship. China doesn’t allow dual citizenship, which kind of sucks. We both love Italy and are considering that as our final residency, not necessarily for tax purposes, but for global income it would be a positive.
My wifes not a US citizen and it’s one of the reasons she may never be. We have incomes from China and the US. Everything in China remains in her name and it’s not taxed by the Chinese government, but would be by the US government.
I don’t think we will ever fit the profile of a perpetual traveler, but we do plan on eventually getting citizenship in a third country and then dropping her Chinese and I’d eventually get dual citizenship. China doesn’t allow dual citizenship, which kind of sucks. We both love Italy and are considering that as our final residency, not necessarily for tax purposes, but for global income it would be a positive.
Interesting. What income is not taxed by China but by US?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,918 posts, read 58,711,313 times
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My friends that have Singapore PR, are really doing well on Their investments!
Capital Gains is very. Favorable (as in Zero) on many investments including RE.
My India friends get astonishingly high interest.
I would imagine there is a very Sweet Formula / for best locations to meet your investment strategies.
Wage income is additive (very slow)
Wealth building is critical to meet PT status. Or... you can survive as a local (very cheap).
FinCEN requires all "US Persons", including the overseas spouses and children of US citizens or green card holders, to file an annual declaration, listing in detail all assets they own or have power of attorney over. My wife has POA for three of her sisters, who have investments overseas which total, I don't know, maybe several million dollars. By marrying me, she has placed all these assets in various countries within the grasp (rather, grab) of the long arm of the US Treasury, and subject to arbitrary forfeiture.
The banks in nearly all countries will cooperate fully and unquestioningly, any demand the US treasury makes concerning disclosure or anything else, at the risk of being classified as a rogue bank, and no bank can do business at all in banking treaty countries, without this cooperation. One bank in Canada reported that it costs them billions each year, to police their depositors and identify those who are "US Persons" and file paperwork accordingly, because Canada is signatory to the treaty forced upon them by the Americans as an offer they can't refuse..
Are Americans the only people in the world who have this problem?
Yes, I told you in my reply on page 1 that the US is the worst for taxation.
Quote:
Originally Posted by Nn2036
UK have territorial tax. That is why high income people can live in Monaco or Switzerland to avoid paying UK tax.
Actually according to wikipedia UK is residence-based not territorial. But in either case they should be able to live in other countries and avoid income tax if their earnings are not based in the UK.
Interesting. What income is not taxed by China but by US?
Technically it should probably have taxes paid in China, but China barely enforces its tax codes at all. A lot of Chinese pay no taxes whatsoever. Many Chinese people I’ve talked to don’t even know how to pay income tax plus no property tax in China. Sales tax is very minimal as well, and it’s impossible to say if stores are charging sales tax since it’s always included in the price. The big taxes are on tariffs and corporations.
China is also technically the one of the few countries with a global tax like the US, but it’s not enforced at all.
If China ever starts enforcing its tax policies, that might change what we do as far as citizenship.
FinCEN requires all "US Persons", including the overseas spouses and children of US citizens or green card holders, to file an annual declaration, listing in detail all assets they own or have power of attorney over. My wife has POA for three of her sisters, who have investments overseas which total, I don't know, maybe several million dollars. By marrying me, she has placed all these assets in various countries within the grasp (rather, grab) of the long arm of the US Treasury, and subject to arbitrary forfeiture.
The banks in nearly all countries will cooperate fully and unquestioningly, any demand the US treasury makes concerning disclosure or anything else, at the risk of being classified as a rogue bank, and no bank can do business at all in banking treaty countries, without this cooperation. One bank in Canada reported that it costs them billions each year, to police their depositors and identify those who are "US Persons" and file paperwork accordingly, because Canada is signatory to the treaty forced upon them by the Americans as an offer they can't refuse..
That’s why it probably isn’t worth it for your wife to get a green card, especially if she isn’t coming to the US. You can renounce the green card officially with no negative consequences.
Not entirely accurate. You have to list your non-citizen spouse and file “married filing separately”, but you are exempt from paying taxes on what’s not in the US citizens name. Unless, your spouse spends 31+ days in the US, then they are considered a resident alien and you have to pay global taxes even if they have no US legal status. Otherwise she is a non-resident alien and doesn’t have to pay US taxes, even being married to a US citizen.
Funnily enough, you can still use your non-resident alien children as dependents if they meet all the criteria.
My FinCEN comment has nothing to do with taxes. It is a separate surveillance of assets, not income, and applies to all US persons, without regard to tax liability.
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(you will not be getting ‘work. Permits’ from most countries. ) Thus we barter )to stay out of country for extended duration. But our income stream replaced a salary 
many yrs ago. 
