US Citizens Face Exit Tax

This post is in: Business
No Comments

Depending on who you listen to, the economy has either hit bottom or is still going down. I don’t think anybody is saying that we’re on our way up quickly.

Maybe you’re like thousands of other Americans who are ready to just cash it in and find a cheaper place to live. Or maybe a place that has a little more certainty in economic policy. Or maybe a place a little warmer.

Whatever the reason, there is a steady movement growing of people who want to move out of the US. I’ve heard Panama and Costa Rica kicked around a lot lately as possible destinations.

Before you do anything, make sure you know what the current rules are regarding the US Exit Tax.

Back on June 7, 2008, I blogged about a new Exit Tax that was about to be signed by then President Bush. It did get passed. You can read the highlights here: US Exit Tax

Please read this before you consider moving out of the country!

Then there is a lot of talk that Pres Obama will be quietly pushing one of his pet bills when he was a Senator. Read more here Tax Abuse Havens. Don’t let the heading fool you into thinking I’m talking about foreign islands that base their economy on hiding other people’s money. No! There are some unexpected countries here that if you send money to, you’ll automatically be branded a tax cheat with 150% penalty and up to $1 mill in fines PER OCCURRENCE!

Are there ways to do this legally? Of course. The people who will get caught up are the greedy or the do-it-yourselfers. This is definitely something you need expert help with.

Leave a Comment