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Thread: Why You May Want to Make this Your Christmas At Home

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    Administrator shela1153's Avatar
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    Why You May Want to Make this Your Christmas At Home

    By Mark Nestmann, Wealth Preservation and Privacy Expert

    Dear Sovereign Investor,

    “Christmas in the Commonwealth of Dominica is a festive occasion.”

    That’s what my friend and colleague "P. T. Freeman" said after I asked him what it’s like to be an expatriate during the holidays. He obtained citizenship in the Commonwealth of Dominica over 10 years ago and subsequently expatriated from the United States. He now travels the world on his Dominica passport.

    P.T. explains that the only real difference between Dominica and the United States during the holidays is the weather.
    “Here in the tropics, it's warm year-round. I wear a T-shirt and shorts, and go visit family and friends. One of my personal traditions is to go to the beach and take a swim in the sea every January 2nd.”

    P.T. had his own reasons for expatriating more than a decade ago. Like P.T., many Americans today are beginning to realize that expatriating is the only way U.S. citizens and long-term residents can eliminate U.S. tax liability. (And it’s a tax avoidance option that Congress will eventually make much more difficult in the years ahead.)

    A growing number of Americans are trading in their U.S. passports and choosing to celebrate the holidays in a country with lower taxes and less government intervention. The spiraling U.S. debt, coupled with possible higher taxes in 2011, means that you, too, may want to make this your last Christmas at home.

    You Don't Have to Say Goodbye to
    the U.S. Forever
    P.T tells me: “Santa Claus goes around to all the small villages on the island and distributes candy and other treats on Christmas Eve night. Sweets, cakes, and pastries abound.

    The tradition is somewhat similar to the United States, with an island twist. It's a time of religious and family gatherings. Most people in Dominica are Roman Catholic or Anglican, so there's a midnight mass celebration and religious services on Christmas Day. Many residents also decorate their homes with Christmas lights.”

    Of course, even if you expatriate, you can come back to the United States to visit for the holidays. So you don't necessarily need to create your own holiday traditions as an expat – you can celebrate with your loved ones as you always have, should they remain in the United States.

    Should you wish to come back to the U.S. as an expatriate, it's easy. All you need to do is to apply for a visa. P.T., for instance, still has family and business interests in the United States, so his next step was to take his Dominica passport and CLN (or “Certificate of Loss of Nationality,” an official document that proves your ex-citizen status) to the U.S. consulate and apply for a multiple-entry visa to the United States.

    “In a short meeting with a consular officer, I was asked whether I intended to permanently settle in the United States. Of course, I did not intend to once again become subject to the jurisdiction of … the IRS! Once I assured the officer I had no such intention, the visa was issued within a few hours. This visa gives me the right to visit the United States for up to 90 days at a time, although not to reside there.”

    If you have a passport from a "visa-waiver" country, it's even easier. You apply online, and take the resulting "permission slip" to a Customs & Border Protection agent when you arrive.

    The Benefits of Becoming an Expat
    So why become an expat? Here are a few key reasons:

    * It is the only legal way to permanently disconnect from U.S. tax obligations. A U.S. citizen must not only become a non-resident, but also give up U.S. citizenship and your passport. If you're wealthy, giving up U.S. citizenship and residence can save you substantially in future taxes.

    * Equally important, expatriation frees you from the increasing burden of reporting your international investments to the IRS and separately to the U.S. Treasury Department. Indeed, I've calculated that a single offshore investment can require up to seven separate reporting obligations.

    * Expatriation also eliminates the increasing difficulties U.S. citizens face investing or doing business outside the USA. Because of the U.S. government's intensifying crackdown against anything "offshore," most offshore banks now prohibit anyone with any connection to the United States from opening an account. Giving up U.S. citizenship and passport eliminates this problem.

    * You are able to select your new country of citizenship based on what’s important to you. Lower taxes, less restrictive governments, greater freedoms, better business opportunities, better legal system, etc.

    * Finally, expatriation frees you from the possibility of your non-U.S. assets becoming subject to any future exchange or currency controls the U.S. government might impose to protect the value of the dollar or to shore up its shaky finances.

    Taking the First Step Abroad
    The decision to give up U.S. citizenship is a serious one. It requires substantial advance planning, including the acquisition of a second passport, if you don't already have one. So it’s important to consult with your family and professional advisors. They will help guide you through the expatriation process from start to finish. My colleague, Bob Bauman, has authored an extensive guide to obtaining a second passport, and he is giving it away free to all new members. Learn more here.


    Mark Nestmann
    info@nestmann.com
    Wealth Preservation and Privacy Expert
    Blog: http://nestmann.sovereignsociety.com/

    Editor’s Note: If you're interested in expatriation, Mark Nestmann’s firm, The Nestmann Group Ltd., can help at every stage, from obtaining economic citizenship in the Commonwealth of Dominica or several other jurisdiction, to the final step of making an appointment at a U.S. consulate to give up your U.S. passport. You can contact Mark at info@nestmann.com for more information, or pick up a copy of his Billionaire's Loophole report on expatriation.

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  3. #2
    syanardinar
    Guest
    I don't really want to give up my u.s. Citizenship, but that is nice to know! I hope my hubby doesn't read this.... He would be all for it!

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