i am moving from the USA

[rufus]

Time for me to throw a wet blanket on all this speculation. Even after you leave the US, you have to pay your income tax for ten years.

So, make sure that you go to a country that has a tax treaty with the US. Otherwise, you will be paying double taxes, ie each country would be taking a cut.

Also, if you change your citizenship everything you own and have title to will be considered subject to income tax in the year that you do change citizenship. That can be a very hefty amount.

Some countries require you to post a bond or show that you will have sufficient income to support yourself. No country wants poor people.

The powers that be in the US may possibly cut off social security payments to expatriots. This could leave a lot of people without income. The stimulus checks went to people with addresses in the US. Those with addresses out of the US were out of luck. Who knows what will happen in the future.

There is no medicare for those living abroad.

If you have family roots in some countries, you may still be considered a citizen of that country even though your mother or father left that country years ago. That means that you may suddenly find yourself owning a considerable amount of taxes.

Worse, you could be subject to a military obligation.

Not all that glitters is gold, some of it is poop. My brother retired from the US Navy and settled in Costa Rica. Because he had a retirement check and he could deposit a half million in a Costa Rican bank, he qualified.

However, he could not work. Likewise for retiring in Mexico. You cannot work without a work permit. You have to get your FM3 and then your FM5. Then you can apply for a work permit, but don't expect to make a living.

Adios y buena suerte.

Rufus

 

[deb1]

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I'm in Wayne County, PA - you can't more northeastern than that and the winters here are absolute misery!!! If you can tolerate endless cold that goes on for weeks then great. We had 3 weeks straight below 20 this past January.

PA has no state budget for the last 55 days, is 2 billion in the hole and it seems taxes will continue to rise at a very rapid pace. I find PA penalizes homeowners by forcing us to pay ever increasing school taxes.

Land is now going for $10K++ an acre for any decent size because of the natural gas we are sitting on top of (Marcellus Shale) and the drilling will begin within the next 2 years. We were looking for acreage but the gas drilling speculation has driven prices high. My neighbor has 68 acres with a tiny dilapidated house and little road frontage for sale at $600K and will get it. Who knows what gas drilling will do to our ground water too.

That's my view on PA

Because I spent three years in western Iowa, I don't think that the cold would bother me. Iowa is not only very cold in the winter, it is windy to boot. LOL I like cold better then humid hot summers. yuck.

But the tax rate and cost of acreage is prohibited to me. Darn, anyone else have suggestions for someone that needs four seasons, a cold winter, and less expensive acreage?

 

[deb1]

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Wow. This rules need to be made more public. I had no idea that Mexico was so tough on immigrants.

 

[sparkles2307]

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LOL, sorry but you need to try on 2 weeks straight of 20 mph wind, -25 degrees, and a -45 degree wind chill... then we can talk about enduring cold winters

I intend to live in Greece, preferably on Santorini, from as soon as possible thru the remainder of my days... I hate snow.

 

[NancyDz]

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Wow. This rules need to be made more public. I had no idea that Mexico was so tough on immigrants.

I too seriously looked into moving to Costa Rica a few years ago.... there are so many rules and regulations that it is NOT easy unless you have a HUGE NEST EGG to put in their banks or buy a business.. that is the only way you can work if you own the business but your employees all have to be Costa Rican's . It's a very different lifestyle too.. and if you dont like bugs... I mean HUGE ones... don't bother.. they are in your house. It all sounds cool and great but every country has their rules and regs... do A LOT OF RESEARCH, buy books on it... speak with those that have done it.. lots of info on the internet about doing it... etc etc.... you may change your mind... I did. But not because of the bugs!! LOL It would have tied up too much of my money to live there. My friend sold everything and went... single guy, now married with a costa rican baby... he wants to come back but can't now as his wife wont move from her family. So he's very frustrated. The grass is not always greener. If you are at all uptight .. don't do it. YOu have to be go with the flow... realize that other governments don't afford you the rights you have here and you are low man on the totem pole there.

Good luck

 

[TipsyDog]

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The truth is most countries do not want Americans. You cannot simply move to another country. Our IRS is far reaching and yes, they collect taxes every year even if you no longer live here. They have now even gotten the Swiss banks to fork over names of American account holders.

Any accounts held overseas MUST be disclosed every year on your 1040 form AND every June to the US Treasury Department. You cannot leave the US with more than $10K in currency or value on your person. Failure to disclose will result in confiscation.

You see, we are much less free than most like to think and the noose is closing rapidly!

 

[redhen]

How can they tax us if we dont live here anymore? I dont get it..I'm confused as usual..

 

[TipsyDog]

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If you are an American you will pay for the privilege. It gets more and more with each passing minute!

 

[beak]

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They got all the cheap labor they need down there. Besides do you want to work for 50 cents an hour?

 

[beak]

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I like the clothes part but what is Conch like?