Wealth Actually

Wealth Actually


EP.76 CITIZENSHIP DIVERSIFICATION with DAVID LESPERANCE

February 10, 2021

I see the concept of locating wealth and assets at the state level all the time for a variety of reasons . . . There has been only occasional talk of U.S. citizens exploring other citizenships.

At the federal level, US citizens are taxed on worldwide income no matter where they live. However, with a new regime in Washington (and wealth tax initiatives) , there seems to be more interest in foreign citizenship options.

To help make sense of the myths and the current climate, I spoke with David Lesperance. He is a top International Tax and Immigration Advisor with his Gadanz, Poland based firm, LESPERANCE AND ASSOCIATES.

Citizenship Diversification

-Who should be interested in this and why?

-How prevalent is it?  6045 in 2020 (How many estate tax returns were there?)

Jurisdictional Arbitrage

-Why would you do it?  Taxes, ideology, other reasons?

-If you are a US citizen, what's the process? 

-How much does it cost? (Including the calculation of exit tax of 40 pc of net worth)

-What are the usual places to "go"?

-What are the rules of engagement once you're "out"?

-What is the concept of "back-up citizenship?"

Future legislation-

-Are you putting yourself on "Bad Lists"?

-The Dangers of a Wealth Tax for wealthy people . . .

-Step Up in basis removal?

-The increasing cost of "Citizenship Insurance"

https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/