Citizenship Abroad to Avoid Paying Taxes...

[FatTony21]

Give Croatia a look. You can get permanent residency permit for having a boat docked there. If you file as a professional gambler, you can exclude up to $80,000 of income per year, so long as you stay outside the US for at least 330 days of a 360 day period. Combine that with other deductions, and you'll pay little to no federal income tax (although you will still pay social security). You won't have to give up US citizenship, in case you do change your mind one day and decide to go back. Another option is going to an EU country that borders a non-EU country (Slovenia and Hungary for example, bordering Croatia and Romania) and traveling to the non-EU country for at least 1 day every 90 days. As a US citizen, you can stay in an EU country for 90 days visa free, and when you cross into the non-EU country and return, you get another 90 days (that's not how the law is technically supposed to work, but it's reality of how it's enforced).

If you really think you'd be happy living outside of the US, then you should do it (although I'd recommend doing it for reasons other than income tax deductions). If you do want to travel, and don't have your heart set on visiting Cuba, then a US passport will get you into more countries hassle free than just about any other.

FWIW, I've been living in Europe for the last 2 years, the last 4 months in Hungary as a professional gambler. It's been a great experience, probably the best of my life so far. That said, for a variety of reasons, I've decided to move back to the US next month. I once looked into non-US citizenship to avoid taxes on gambing, and I'm glad I didn't burn any bridges.

[KaneKungFu123]

"If you file as a professional gambler, you can exclude up to $80,000 of income per year, so long as you stay outside the US for at least 330 days of a 360 day period."

have you done this?

the irs rules clearly show this isnt allowed!

[yvesaint]

Everyone who is attacking KKF for wanting to leave the US - shut up. This thread is not about whether or not KKF's beliefs are right. This thread is KKF asking us how he can change his citizenship to another country. So please, spare the 'people like you make me puke comments'.

KKF, I think if you're going to choose a country, the UK would be the best. Same language, modern, well-developed, and no taxes on gambling, whether you're a pro or not.

[cognito20]

[ QUOTE ]
Everyone who is attacking KKF for wanting to leave the US - shut up. This thread is not about whether or not KKF's beliefs are right. This thread is KKF asking us how he can change his citizenship to another country. So please, spare the 'people like you make me puke comments'.

KKF, I think if you're going to choose a country, the UK would be the best. Same language, modern, well-developed, and no taxes on gambling, whether you're a pro or not.

[/ QUOTE ]

Actually, I'd prefer Australia or New Zealand over the UK if I was going to be doing something like this. All the same advantages you mentioned, and the prices and cost of living are much cheaper than in the UK. It is NOT easy to immigrate to Australia though, even if you're married/engaged to an Aussie. Easiest way to get in is to have a skill that they're looking for (computer software engineer, chef, etc. - "professional online poker player" isn't one of them) or bring about $500,000 working capital and agree to set up a business there. Don't know about New Zealand in that regard.

--Scott

[MrMon]

[ QUOTE ]
"If you file as a professional gambler, you can exclude up to $80,000 of income per year, so long as you stay outside the US for at least 330 days of a 360 day period."

have you done this?

the irs rules clearly show this isnt allowed!

[/ QUOTE ]

Gambling has nothing to do with it. If you live abroad, you get the $80K exemption. Of course, you might have to pay local taxes, but that's another story.

[KaneKungFu123]

[ QUOTE ]
[ QUOTE ]
"If you file as a professional gambler, you can exclude up to $80,000 of income per year, so long as you stay outside the US for at least 330 days of a 360 day period."

have you done this?

the irs rules clearly show this isnt allowed!

[/ QUOTE ]

Gambling has nothing to do with it. If you live abroad, you get the $80K exemption. Of course, you might have to pay local taxes, but that's another story.

[/ QUOTE ]

WRONG!!!!

[kagame]

just curious, what are living expenses like in thailand?

you own the appt im assuming?

[MrMon]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
"If you file as a professional gambler, you can exclude up to $80,000 of income per year, so long as you stay outside the US for at least 330 days of a 360 day period."

have you done this?

the irs rules clearly show this isnt allowed!

[/ QUOTE ]

Gambling has nothing to do with it. If you live abroad, you get the $80K exemption. Of course, you might have to pay local taxes, but that's another story.

[/ QUOTE ]

WRONG!!!!

[/ QUOTE ]

I bow to your expertise. Never mind that about three clicks on the IRS website will tell you differently, unless you have something in your background I don't know about.

You live for 330 days outside the U.S. per year, you get the exemption. How hard is that for you to understand? Show us where this isn't true? What's your source?

[KaneKungFu123]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
"If you file as a professional gambler, you can exclude up to $80,000 of income per year, so long as you stay outside the US for at least 330 days of a 360 day period."

have you done this?

the irs rules clearly show this isnt allowed!

[/ QUOTE ]

Gambling has nothing to do with it. If you live abroad, you get the $80K exemption. Of course, you might have to pay local taxes, but that's another story.

[/ QUOTE ]

WRONG!!!!

[/ QUOTE ]

I bow to your expertise. Never mind that about three clicks on the IRS website will tell you differently, unless you have something in your background I don't know about.

You live for 330 days outside the U.S. per year, you get the exemption. How hard is that for you to understand? Show us where this isn't true? What's your source?

[/ QUOTE ]

Maybe i am wrong here, which would be a great thing!

mmcd gave a strong argument in the other thread i created about this!

big thanks to you and kagame and any else who mentioned this exemption!

will look into it and update.

[MrMon]

If we just saved you $20K in taxes, we expect a cut! (Perhaps a donation to the Red Cross? It's tax deductible.)

Keep us updated.